Trump Bought a Cheeseburger – with Bitcoin!
2024-10-02
Donald Trump became the first former U.S. president to publicly conduct a Bitcoin transaction in September 2024.
During a campaign stop at PubKey, a bar in New York City's Greenwich Village that accepts Bitcoin, Trump used the cryptocurrency to purchase a cheeseburger. This event, which took place on National Cheeseburger Day, September 18, marked a significant shift from his previously skeptical stance on cryptocurrencies.
Previously Strongly Critical of Bitcoin
Trump had previously expressed strong criticism of cryptocurrencies, especially Bitcoin. During his presidency and after, he described Bitcoin as a potential threat to the U.S. dollar, calling it a "scam." He also voiced concerns over its use in illegal activities. In a 2019 interview, he stated his dislike for Bitcoin and other cryptocurrencies, arguing that they were not backed by anything tangible and that their value was highly volatile.
Pro Bitcoin – Personal Gain or Political Strategy?
Trump's shift in attitude towards Bitcoin could be due to several factors. In recent years, Bitcoin has become more accepted by institutions and the public, with major companies like Tesla and PayPal adopting it. This may have influenced Trump, a businessman who likely recognized Bitcoin’s growing role in the global financial system. Increased adoption might lead him to view Bitcoin as part of the future economy, despite his earlier skepticism.
However, Trump’s change in stance may also be strategic. With cryptocurrencies gaining popularity among younger, tech-savvy voters, he might see political advantages in embracing Bitcoin. Additionally, aligning with Bitcoin could position him against the established financial system, fitting his populist rhetoric and opening new business opportunities in a rapidly growing market.
A Historic Event – and a Delicious Cheeseburger!
Regardless of the underlying motivations, Trump’s Bitcoin transaction is historic, as he is the first former U.S. president to conduct a public Bitcoin transaction. His involvement is especially noteworthy considering his prior opposition. Having such an influential political leader engage in a Bitcoin transaction signals a societal milestone in the acceptance of digital currencies, potentially influencing other political and financial actors. The cheeseburger might also have been one of the best in New York! :-)
