Bitrabo Editorial
Donald Trump has made history as the first former President of the United States to utilize Bitcoin (BTC) for a commercial transaction. He used cryptocurrency to pay for hamburgers at a bar in New York City before attending a rally for his campaign.
Trump Purchases Food with Bitcoin
The 2024 candidate for the Republican presidential nomination was seen at PubKey, a bar in Manhattan that focuses on cryptocurrency. He bought several hamburgers with BTC, and a video shared by Fox News depicts Trump receiving help from the bar staff to navigate the Bitcoin transaction.
In the video, it is shown that the Strike app was used to complete the payment, utilizing the Lightning Network, which is a layer-2 solution for Bitcoin. The transaction amounted to $998.70 and was recorded at block height 861871. Additionally, Trump reportedly possesses more than $1 million in various cryptocurrencies.
To finalize the purchase, Trump attempted to scan a QR code presented on PubKey’s payment tablet. When his first attempt was unsuccessful, an employee at the bar helped him by rescanning the code, ultimately allowing the BTC payment to go through.
Trump referred to this moment as ‘history in the making’ and engaged with other patrons who are fans of cryptocurrency. Thomas Pachhia, one of PubKey’s co-owners, described the sale as a significant milestone for Bitcoin. Trump then addressed the crowd, stating:
Everyone involved in crypto, what I call the crypto maniacs, needs to vote because if you do, we will not lose. We want to rally everyone who supports your efforts. Many feel mistreated by the SEC, but we will ensure fair treatment.
His comments were directed at the U.S. Securities and Exchange Commission (SEC), criticizing what he sees as excessive regulation targeting the cryptocurrency sector. Trump has also expressed plans to remove the current SEC Chair, Gary Gensler, if he returns to the White House.
Shift in Trump’s View on Cryptocurrency
During his presidency, Trump was critical of Bitcoin’s price fluctuations; however, his stance has transformed significantly in the lead-up to the 2024 election. Now, he openly supports digital currencies and accepts crypto donations for his campaign.
Meanwhile, Kamala Harris, the Democratic presidential candidate and Vice President, seems determined to counter Trump’s appeal to crypto-supporting voters. She is reportedly using the Coinbase Commerce platform to collect crypto donations for her campaign.
Recently, Trump announced the creation of a new decentralized finance (DeFi) project called World Liberty Financial, which is part of his vision to establish the U.S. as the ‘crypto capital of the world.’ As of now, Bitcoin is priced at $62,918, reflecting a 4.8% increase over the past 24 hours.