In a historic move, former US president Donald Trump recently made a purchase using Bitcoin to buy burgers ahead of a campaign rally in New York City. This marked the first incident of a US president using cryptocurrency as a medium for exchange. Trump’s transaction took place in the Bitcoin-friendly bar, PubKey, and amounted to $998.70, processed through the Strike app which works on Bitcoin’s layer-2 Lightning Network.
This surprising transaction signifies a larger shift in Trump’s view of cryptocurrency. Trump, who during his presidency criticized Bitcoin for being “based on thin air” and its high volatility, now seems to embrace the digital currency, even accepting cryptocurrency donations for his 2024 campaign.
Trump’s newfound enthusiasm for cryptocurrency extends beyond acceptance as he envisions new initiatives in the cryptocurrency space. Most notably, he plans to launch World Liberty Financial (WLFI), a decentralized finance (DeFi) project led by his sons Donald Trump Jr. and Eric Trump. While some critics speculate if Trump’s actions are more politically-motivated stances than genuine support for the emerging technology, his involvement has undoubtedly attracted attention.
Big names in the cryptocurrency space, including the Winklevoss twins and economist Peter Schiff, endorse Trump’s new ventures. However, skepticism exists due to a lack of clarity and transparency surrounding Trump’s DeFi project, resulting in some investors waiting for further details.
Despite the skepticism, Trump’s engagement with cryptocurrency is a definite sea change. By executing a transaction with Bitcoin and showing continued interest in the digital asset space, he continues to remain relevant in a rapidly transforming financial landscape. Whether his actions will strengthen his acceptance within the cryptocurrency community is yet to be seen, but it has certainly piqued the interests of investors and crypto fans.