In a significant turn of events, former U.S. President Donald Trump made headlines by conducting a public Bitcoin transaction, which not only garnered political attention but also sent Bitcoin's price soaring. The New York restaurant, PubKey, reported that Trump used Bitcoin during a campaign stop, marking the first time a former U.S. president has publicly completed a crypto transaction.
Trump’s First Public Bitcoin Transaction
During the campaign event at PubKey, a New York City bar known for accepting Bitcoin, Trump reportedly purchased over a dozen hamburgers, which he jovially referred to as “crypto burgers.” A video of the event circulated widely, showing Trump handing out the burgers to his supporters, marking a pivotal moment where cryptocurrency and politics crossed paths in a very public setting. According to PubKey’s social media posts, the transaction, which took place on September 18th, drew substantial attention from both the media and the cryptocurrency community.
Notably, Anthony Pompliano, a prominent Bitcoin advocate and CEO of Professional Capital Management, was present during the event, further boosting its visibility. The transaction was later featured on Trump’s Truth Social account, showcasing the increasing significance of Bitcoin in mainstream culture.
A Surprising Shift in Trump’s Stance on Bitcoin
What makes this event particularly intriguing is Trump’s historical stance on cryptocurrencies. In the past, he had referred to Bitcoin as a "scam" and dismissed cryptocurrencies as being "based on thin air." However, recent actions suggest a change in attitude. Just two days before the event at PubKey, Trump announced plans to launch a token through the crypto platform World Liberty Financial, a company associated with his family.
This surprising pivot to embracing cryptocurrency may be linked to his re-election campaign, as Trump has begun to advocate for Bitcoin mining and broader crypto adoption. He even made an appearance at the Bitcoin 2024 Conference in Nashville, Tennessee, where he expressed support for the crypto industry. This shift is particularly noteworthy, given his previous skepticism toward digital currencies.
Bitcoin Price Reaction to Trump’s Crypto Move
The market quickly responded to Trump’s high-profile Bitcoin transaction. Following the news of Trump’s purchase at PubKey, Bitcoin surged by over 9%. The former president’s transaction, which totaled nearly $1,000 worth of food and drinks for supporters, has been credited with catalyzing the price spike. While it's difficult to attribute the entire market movement to this single event, Trump's involvement in a Bitcoin transaction has undeniably brought more attention to the cryptocurrency sector.
With Trump continuing to incorporate crypto into his campaign activities, the event highlights the growing role of Bitcoin in both political and financial landscapes.
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