Bitcoin is up over 9% since the former US President used the crypto to make a payment at the PubKey bar in New York during a campaign stop.
Donald Trump made a crypto payment for food while visiting supporters during a campaign stop in New York, and this has impacted the Bitcoin price today.
Bitcoin is up over 9% after the former US President used the crypto to make a payment at the PubKey bar in New York during a campaign stop. Trump bought almost $1,000 worth of burgers and drinks for the supporters at the bar.
The moment was historic as Donald Trump became the first president to transact in BTC. As such, this explains why the BTC price has surged following this event. Nate Geraci, the President of the ETF Store, highlighted how “highly noteworthy” this was for the cryptocurrency. He claimed that this shows that Bitcoin now matters.
Earlier this year, Trump declared his support for Bitcoin and other cryptocurrencies. He has gone as far as calling himself the ‘Crypto President.’ His newfound love for crypto is also believed to have led him to launch his DeFi crypto project – World Liberty Financial.
Based on Trump’s pro-crypto stance, experts like Bernstein analysts have projected that the flagship crypto could rise to as high as $90,000 if he wins the November elections. The Bitcoin price today proves that these analysts might have a point, seeing how it has surged since Donald Trump’s crypto payment in New York.
Specifically, Trump’s victory could spark a bullish sentiment towards BTC, just like it did following his payment. A crypto community member, known as ‘Chairman’ on the X platform and with over 800,000 followers, stated that Bitcoin would hit $100,000 if Trump wins. Jake Gagain, a crypto influencer, remarked this was “so bullish.”
Meanwhile, although Trump’s crypto payment could have impacted the Bitcoin price today, it is also worth mentioning the Fed rate cut, which has also provided bullish momentum for the flagship crypto.
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