NEW YORK — Former President Donald Trump recently made waves by becoming the first US president to pay in Bitcoin. This groundbreaking moment occurred at PubKey, a New York City bar renowned for its acceptance of cryptocurrency. Trump utilized Bitcoin to treat patrons to burgers and beers before a campaign rally in Long Island.
The 78-year-old former president, with the assistance of a PubKey employee, completed his Bitcoin transaction using a cellphone and a tablet provided by the bar. After finalizing the payment, Trump received cheers and applause from the enthusiastic crypto-advocating crowd.
Trump’s use of Bitcoin was promptly hailed as a historic moment by PubKey. On social media, the bar described it as “one of the most historic transactions in #Bitcoin history.”
Interestingly, Trump’s public endorsement of cryptocurrency extends beyond this transaction. Speaking at an event for World Liberty Financial—a new crypto venture established by Steve Witkoff and Trump’s sons, Donald Trump Jr., and Eric Trump—he highlighted the influence of his family. Even his youngest son, 18-year-old Barron Trump, plays a role in encouraging Trump’s interest in digital currencies.
Trump’s Vision for the Crypto Future
During a discussion on X Spaces, Trump shared how his sons and Barron helped him grasp the concept of digital wallets. Making it clear that he aims to integrate cryptocurrencies into mainstream financial systems, Trump vowed to make the US the “crypto capital of the planet and the Bitcoin superpower of the world” if re-elected.
Furthermore, Trump promised to dismantle what he sees as the Biden administration’s adverse stance on cryptocurrencies. He committed to terminating SEC Chairman Gary Gensler’s regulatory measures against digital currency, alleging an ongoing “war on crypto.”
The Current State of Bitcoin
With Trump’s endorsement, Bitcoin continues to gain traction. The cryptocurrency has surged over 500% in value in the past five years, currently trading at $61,248.50 for 1 Bitcoin. This increase indicates a growing acceptance and integration of Bitcoin in various sectors of the economy.
Earlier this year, Trump declared himself a “crypto candidate” and his campaign has started accepting donations in cryptocurrency. At the 2024 Bitcoin Conference in Nashville, he encouraged the nation to lead the way in Bitcoin advancements, echoing the sentiment, “If Bitcoin is going to the Moon, I want America to be the nation that leads the way.”
Trump’s move to pay in Bitcoin marks a significant step towards normalizing cryptocurrency transactions, potentially setting the stage for broader adoption and policy changes favoring digital currencies.
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