Trump Pays with Bitcoin, Calls for US to Become the "Global Crypto Capital"

Trump Pays with Bitcoin, Calls for US to Become the "Global Crypto Capital"Former US President Donald Trump has once again attracted global attention, not only becoming the first former president in US history to use Bitcoin for payment, but also making a high-profile announcement at PubKey, a cryptocurrency-themed bar in Manhattan, New York. He declared that if he wins the November election, he will push for a series of policies favorable to the cryptocurrency industry

Trump Pays with Bitcoin, Calls for US to Become the "Global Crypto Capital"

Former US President Donald Trump has once again attracted global attention, not only becoming the first former president in US history to use Bitcoin for payment, but also making a high-profile announcement at PubKey, a cryptocurrency-themed bar in Manhattan, New York. He declared that if he wins the November election, he will push for a series of policies favorable to the cryptocurrency industry. These include halting the Federal Reserve's development of a central bank digital currency, firing Gary Gensler, the chairman of the Securities and Exchange Commission, creating a "strategic Bitcoin national reserve," and establishing a dedicated presidential advisory council for cryptocurrencies.

Trump's move has sparked heated discussions, prompting people to ponder why the president, who once labeled Bitcoin a "scam," has suddenly changed his stance and embraced cryptocurrencies wholeheartedly.

The incident stems from Trump's "Bitcoin treat" at the PubKey bar. On Wednesday, Trump arrived at the bar and loudly announced that he would be treating everyone there to a burger. Footage of the event shows Trump attempting to pay using a customized iPhone to scan a QR code, but visibly struggling with modern technology. Ultimately, the payment was completed by the bar owner and an assistant. Surrounded by cheers, Trump flashed his signature smile and exclaimed, "History is being made."

According to reports, Trump's treat cost approximately $950 in Bitcoin, purchasing $17 handcrafted burgers and diet sodas for his fans in attendance. Notably, after completing the Bitcoin transaction, Trump turned to reporters and commented on the Federal Reserve's decision to cut interest rates by 50 basis points. He claimed that unless it was political manipulation, it indicated that the US economy was in dire straits.

Simultaneously with Trump's Bitcoin treat, the Bitcoin market surged past $62,000, bolstered by positive news like the Fed's rate cut.

Although at 78 years old, Trump is unlikely to have a deep understanding of Bitcoin, he has made numerous policy promises regarding the cryptocurrency industry this year. In addition to his statements at the bar, Trump also committed to providing a more favorable regulatory environment at the Nashville Bitcoin Conference. These promises are inextricably linked to Trump's political interests.

On one hand, Trump needs votes and campaign funds. After pledging to provide a more favorable regulatory environment at the Nashville Bitcoin Conference, the Trump campaign has already received millions of dollars in cryptocurrency political donations.

On the other hand, Trump's family interests are also deeply intertwined with the cryptocurrency industry. Trump and his two sons unveiled a new cryptocurrency venture on Monday. They described the project, dubbed "World Freedom Finance," as a means of providing opportunities to individuals who cannot access financing from traditional banks, although details about the project remain limited.

Beyond political and economic interests, Trump is adept at utilizing his campaign persona to sell merchandise, and the crypto market is no exception. According to campaign disclosures, Trump earned nearly $7.2 million in 2023 through licensing agreements with NFT companies. These companies are selling "trading cards" featuring Trump as the subject. Late last year, Trump also launched special edition NFTs based on the red tie and suit he wore during his arrest in Georgia.

Trump's shift in attitude towards cryptocurrencies also reflects the increasing acceptance of these digital assets within American society. More and more Americans are investing in cryptocurrencies and are eagerly awaiting a more comprehensive regulatory environment from the government.

Whether Trump can deliver on his promise to make the US the "global crypto capital" remains to be seen. However, there is no doubt that his actions will have a profound impact on the US cryptocurrency industry.