Former US President Donald Trump recently made headlines when he purchased burgers using Bitcoin at PubKey, a bar in Greenwich Village, New York City. Trump claimed this was the historic first time any US president had used cryptocurrency for a transaction.
The event, held before a campaign rally, highlights Trumpâs recent shift toward embracing digital assets as part of his 2024 campaign strategy.
PubKey Co-Owner Sees Trumpâs Transaction as Bitcoinâs âComing of Ageâ Moment
Trump completed the transaction, totaling $998.70, using a payments app called Strike. This platform operates on the Bitcoin layer-2 Lightning Network. According to PubKey, this purchase was completed at block height 861871.
PubKey holds a special place in the Bitcoin community. The bar has become a focal point for Bitcoin enthusiasts and is popular for its events that educate the public about it. The barâs Bitcoin-themed atmosphere includes a âshrineâ dedicated to the digital asset, making it a fitting backdrop for Trumpâs notable transaction.
Read more: How To Accept Crypto Payments: A Brief Guide
Thomas Pacchia, PubKeyâs co-owner, commented on the significance of the transaction. He noted that having a high-profile figure like Trump engage with Bitcoin in this manner highlights the digital assetâs growing acceptance and visibility.
âA former president, a potential future president, this is a real coming of age for the Bitcoin community,â Pacchia said, as reported by Bloomberg.
This transaction adds to Trumpâs growing list of attempts to show support for the crypto industry. In this election cycle, Trump has been consistently demonstrating a departure from his previously critical stance on cryptocurrency.
During his tenure as the 45th president, Trump had openly denounced Bitcoin. In 2019, he called it âbased on thin airâ and expressed concerns about its volatility. However, his recent actions, including accepting cryptocurrency donations for his 2024 presidential campaign, suggest a change in attitude.
Trump also extended his interest in decentralized finance (DeFi). BeInCrypto reported that earlier this week, he announced the launch of a DeFi project called World Liberty Financial (WLFI). Donald Trump Jr. and Eric Trump will spearhead this project.
While some view these moves as strategic, others remain skeptical of Trumpâs true intentions in the crypto space. Critics argue that Trumpâs actions may be more about gaining political traction than genuinely supporting the technology.
Many from the crypto community questioned WLFIâs viability and transparency. Some crypto investors also shared concerns about the lack of clarity on how WLFI would function and its restrictive investment conditions.
Read more:Â Top 11 DeFi Protocols To Keep an Eye on in 2024
Despite these concerns, Trumpâs continued engagement with the crypto space has gained support from public figures, including Geminiâs Winklevoss twins and economist Peter Schiff. Whether this support will translate into broader acceptance of Trumpâs role in the crypto community remains to be seen.
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