Trump’s First Public Bitcoin Purchase Draws Attention as BTC Rallies

Key Takeaways:

• Former U.S. President Donald Trump made his first public Bitcoin transaction on September 18.
• Trump purchased a dozen hamburgers with Bitcoin at a New York City restaurant, sparking a 2.75% rise in BTC prices within 24 hours.
• The move highlights Trump's evolving stance on crypto as he gears up for the 2024 election campaign.

Former President Donald Trump made his first-ever public Bitcoin transaction on September 18. He visited Pubkey, a trendy New York City eatery, and used Bitcoin to buy a dozen hamburgers, a transaction worth $998.70.

Trump’s BTC Burger Purchase Goes Viral

Pubkey highlighted the transaction as it was revealed that Trump humorously dubbed the purchased items “crypto burgers” before distributing them to attendees. 

One of the most historic transactions in #bitcoin history was just made.

President @realDonaldTrump buying burgers at @PubKey_NYC with @tpacchia.

Block height: 861871

You saw it here first. pic.twitter.com/moHUIKDxej

— PUBKEY (@PubKey_NYC) September 18, 2024

Anthony Pompliano, a prominent Bitcoin advocate and CEO of Professional Capital Management, attended the event, further amplifying its reach in the crypto community. 

Trump also shared the moment on his Truth Social account, where the announcement gained significant attention.

This marked a new chapter in Trump’s relationship with crypto, particularly following the launch of the World Liberty Financial (WLFI) token, a crypto project run by his family. Although WLFI’s market release date and value remain undisclosed, it will initially be available only to accredited investors under the Regulation D exemption.

Trump’s Bitcoin purchase coincided with a noticeable rise in the price of Bitcoin (BTC). 

Within 24 hours of the transaction, BTC saw a 2.75% increase, rising from $60,500 to $61,982 before peaking at $62,500. 

Analysts suggest that the former president’s endorsement of the cryptocurrency could drive further positive sentiment among investors, especially given his previous critical remarks about Bitcoin.

BlackRock's new report on #Bitcoin says adoption will be driven by concerns over:

– Global monetary stability
– Geopolitical stability
– U.S. political stability
– U.S. fiscal sustainability

i.e. the OPPOSITE of "risk assets"

‼️Do you get it yet?

— Radar🚨 (@RadarHits) September 18, 2024

The broader crypto market has responded well to this development, with some seeing it as a sign of the growing acceptance of digital currencies in mainstream U.S. politics.

Growing Political Influence of Bitcoin

The timing of Trump’s Bitcoin transaction is also significant, as it comes during a crucial phase of his 2024 election campaign. 

With just 48 days remaining until the U.S. election, Trump is actively campaigning in New York, where Vice President Kamala Harris holds a 16-point lead, according to an August ActiVote poll.

Though Harris has not made crypto a focus of her campaign, her policy framework has signaled support for the growth of the blockchain and cryptocurrency industry. 

Notably, the Future Forward political action committee, which backs Harris, announced that it now accepts crypto donations.