Former President Donald Trump made history this week by becoming the first U.S. president to conduct a Bitcoin transaction. On September 18, 2024, visiting PubKey-a Bitcoin-themed bar here in New York City-Trump paid for burgers and beers using Bitcoin. The moment was monumental because Trump finally adopted cryptocurrency, an effect likely to ripple out toward his supporters and the general public, at least the influential circles.
With Trump’s utilization of Bitcoin, a decentralized digital currency, he has opened himself to different payment methods. It’s further believed that such a development might encourage other individuals and organizations to think twice about the benefits derived from digital currencies, instilling greater confidence in mainstream adoption.
Trump was excited during the transaction and reportedly said, “I just made the first transaction in Bitcoin,” which moved the crowd of crypto fans present. Assisted by a PubKey employee, he used a cellphone and a tablet to make a transaction, which Trump described as “very easy.” An ecstatic patron shouted, “Make Bitcoin great again,” as Trump paid his tab.
PubKey celebrated it on social media as “one of the most historic transactions in #bitcoin history.” Bitcoin has increased over 500% in the past five years. One Bitcoin currently trades at $61,248.50.
This historic payment raises the question of how such actions might affect Trump’s voter base, primarily the young and tech-savvy demographics with a growing interest in cryptocurrencies. While Trump cements his status as a pro-crypto candidate, this is another factor shaping his campaign narrative in this year’s 2024 presidential election.
Taking center stage at the 2024 Bitcoin Conference in Nashville, Trump spoke of his vision for America’s leadership in the crypto space. “If Bitcoin is going to the Moon-as we say going to the Moon, I want America to be the nation that leads the way,” he asserted. He also promised to end what he called a “war on crypto” by President Biden and Vice President Kamala Harris and pledged to terminate Securities and Exchange Commission Chairman Gary Gensler, who has led the regulatory charge against digital currencies.
More businesses are starting to take on Bitcoin today. By 2024, more and more companies of major and smaller scales began adopting cryptocurrency for paying either goods or services. For instance, AMC Theatres and Quiznos have already integrated Bitcoin into their operations, enabling this form of cryptocurrency to pay for customer transactions.
The trend is not only in large companies but also very prevalent among small and medium-scale businesses. One reason is that Bitcoin opens up avenues for tech-savvy people who can become potential customers. It also offers seamless cross-border payments. This move is indicative of the greater assimilation of digital currencies into retail as the business struggles to develop more effective means of payment and to please all types of customers.
Further, the process of accepting Bitcoin has been flaunted as easier, with various payment processors ready to assist businesses in integrating this cryptocurrency into their operations with much ease. This increasing adoption shows how much meaning there is in the change of approach by businesses toward the perception and utilization of digital currencies for more financial inclusions and innovations in the market.
By using Bitcoin publicly, Trump has shown the currency’s viability in everyday transactions. However, using Bitcoin in a big voting area also signals to potential voters that cryptocurrencies are becoming increasingly legitimate. When people become more aware of it, then more and more people will be involved in cryptocurrencies, especially the young generation, who is already fascinated by digital assets.
Interest in cryptocurrencies is evident in larger trends: the recent approval by the U.S. SEC of Bitcoin Spot ETFs, for example, which has lured institutional investors that were originally hesitant due to regulatory concerns.
This points to the regulatory progress, supplemented by high-profile endorsements from the likes of Trump, that could further accelerate adoption rates as more people feel confident in engaging with cryptocurrencies.
