After surviving an assassination attempt and a glitchy livestream that raised questions about World Liberty Financial, Donald Trump has once again captured the spotlight.
Trump’s Inaugural Bitcoin Transaction
The former U.S. president, and Republican nominee, was seen at a popular restaurant in New York City that embraces Bitcoin [BTC], marking a historic moment as the first ex-president to engage in a BTC transaction.
During the event, Trump utilized the digital currency to buy hamburgers, with Bitcoin advocate and CEO of Professional Capital Management, Anthony Pompliano, also in attendance.
This occurrence, also shared on Trump’s Truth Social platform, represents another significant development in Trump’s evolving connection with cryptocurrencies.
Community Response
The crypto community greeted this event with great enthusiasm, as highlighted by Cash Loren who remarked,
“Trump is gaining support from everyone outside the extreme left.”
Furthermore, another individual noted,
Reports indicate that Trump currently possesses a crypto portfolio exceeding $1 million, underscoring his escalating engagement with digital assets.
Bitcoin and MAGA’s Reaction
In terms of price, BTC has surged past $60,000 and was trading at $62,025 following a 3.04% increase in the last 24 hours—a milestone reached following days of price fluctuations.
At the same time, MAGA, the memecoin inspired by Trump, also experienced a bullish trend and was valued at $2.15 with a 3.12% surge in the same timeframe.
Evaluation of Trump’s Pro-Crypto Position
During this election cycle, Trump emerged as the favorite in prediction markets, largely due to his increasingly favorable stance towards cryptocurrencies.
From attending a major Bitcoin conference in 2024 to unveiling Bitcoin-themed sneakers and pledging to establish the United States as the “crypto capital of the world,” Trump’s strategic adoption of digital currencies has resonated with crypto enthusiasts, positioning him as a key influencer in the changing financial landscape.
However, the narrative took an unexpected turn on September 10th when Trump and Harris clashed in their initial presidential debate, resulting in Trump ceding ground as Harris surged ahead.
As his chances of reclaiming the presidency dwindled, Trump attempted to regain momentum by announcing on September 12th that he would go live on X (formerly Twitter) on September 16th. Despite this endeavor, the impact fell short of expectations.
Concerns Arise from Polymarket Trends for Trump
Despite becoming the first former U.S. president to engage in a cryptocurrency transaction, Trump’s Polymarket odds have been dwindling.
Previously, his support stood at 49% compared to Harris’s 50%, but as of September 19th, Trump has declined to 47% while Harris has surged to 52%.
With just 48 days remaining until the U.S. election, the road ahead for Trump—and its potential impact on the nation—remains uncertain and warrants close observation.