Trump’s Bitcoin transaction earns thumbs up from crypto community: What was it?

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  • Trump’s pro-crypto stance gained attention but struggled to impact his declining election odds.
  • Trump’s Bitcoin transaction highlighted his evolving involvement in the cryptocurrency space.

As a seasoned researcher with a keen interest in politics and technology, I find myself intrigued by the evolving narrative of Donald Trump’s involvement in the cryptocurrency space. Having closely followed his career, it’s fascinating to see him making history as the first former U.S. president to conduct a Bitcoin transaction, a move that not only showcases his adaptability but also underscores the growing acceptance of digital currencies.

After a failed assassination attempt and a live broadcast with technical issues that left people wondering about World Liberty Financial, Donald Trump is back in the news again.

Trump’s first Bitcoin transaction

It was noted that the Republican candidate for president, who previously held the presidency of the United States, was recently seen dining at a famous NYC eatery known for accepting Bitcoin [BTC]. This marks a historical moment as it is the first time a former U.S. president has made a Bitcoin transaction.

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As a researcher, I found that I personally utilized cryptocurrency to acquire some delicious hamburgers during the recent gathering, an occasion graced by Anthony Pompliano – a notable Bitcoin proponent and the CEO of Professional Capital Management.

The instance, likewise posted on Trump’s Truth Social platform, signified another significant turn in Donald Trump’s ongoing journey involving digital currencies.

Community reacts

This was met with a lot of excitement from the crypto community as noted by Cash Loren who said, 

“Trump is winning everyone over who is not far left.” 

Adding to the fray was another X user who noted, 

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It’s been reported that Donald Trump’s cryptocurrency holdings are worth more than a million dollars, indicating his growing interest and investment in the digital currency market.

Impact on Bitcoin and MAGA

Bitcoin (BTC) has breached the $60,000 mark and is currently being traded at $62,025, representing a 3.04% rise over the previous 24-hour period. This significant milestone was reached following several days of volatile price movements.

During that time, the digital currency MAGA, modeled after Donald Trump, experienced an upward trend as well. It was priced at around $2.15, marking a 3.12% increase in value over the same duration.

Trump’s pro-crypto stance analysed

During this recent electoral period, Donald Trump gained a significant advantage in forecasting markets primarily because of his growing support for cryptocurrencies.

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In 2024, Trump participated in a significant Bitcoin conference, launched Bitcoin-themed shoes, and pledged to turn the U.S. into a leading crypto hub. This strategic approach towards digital currencies has struck a chord with cryptocurrency supporters, elevating him as a significant player in the rapidly changing financial sphere.

On September 10th, an unforeseen change occurred during the presidential debate between Trump and Harris, as they engaged in a heated exchange. This confrontation seemed to have a significant impact, with Trump appearing to lose momentum while Harris seized the lead.

In an attempt to revive his flagging presidential prospects, Trump announced on September 12th that he would hold a live broadcast on X (previously known as Twitter) on the 16th. However, this move did not have the intended effect.

Polymarket trend is concerning for Trump

Although Trump made history by using cryptocurrency for a transaction, his chances (odds) of winning on Polymarket have been decreasing.

Previously, Trump’s backing was at 49%, slightly higher than Harris’s 50%. However, by the 19th of September, Trump’s approval rating fell to 47%, while Harris gained ground, rising to 52%.

With only 48 days remaining until the U.S. election, the trajectory of the Trump administration’s future – and its possible repercussions for our country – continues to be unpredictable and merits careful observation.

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2024-09-19 14:16