By Leo Schwartz, Fortune

Compiled by: Felix, PANews

On September 19, Trump bought burgers for supporters at PubKey, a Bitcoin-themed bar in New York City, and paid with Bitcoin. Trump paid $998.7 in Bitcoin through the Strike payment app, which is built on the Lightning Network. The bar uses the Zaprite app to accept Bitcoin.

PubKey is a well-known Bitcoin bar in Manhattan that features Bitcoin payments and has become a gathering place for enthusiasts in this field. "Fortune" conducted an exclusive interview with PubKey boss Thomas Pacchia to give you an in-depth understanding of the story behind Trump's use of Bitcoin to purchase.

Below are the content details.

When Pacchia first proposed PubKey as a campaign site to the Trump team, the campaign’s response was as he expected: “What is a Bitcoin bar?” On September 18, local time, the world (or at least those addicted to it) Anyone on Twitter) will have a chance to find out. At the time, Trump stopped by PubKey on his way to a rally on Long Island and purchased a burger at the bar, which has been called the first transaction made using Bitcoin by a sitting or former president.

Pacchia opened PubKey two years ago, envisioning the West Village bar near Washington Square Park as a civic tavern. He sees his bar as a place where people can stop and discuss monetary policy and political ethics over a beer, just as the Founding Fathers did 250 years ago (PubKey’s menu is inspired by the three-Michelin-starred Eleven Madison Designed by a park-trained chef, but it doesn’t hurt).

PubKey has hosted politicians like Sen. Kirsten Gillibrand in the past, and Pacchia has invited every candidate, including Harris. So a surprise visit from a "future president" (Trump) didn't surprise Pacchia.

However, the details of Trump's visit were even more shocking. Pacchia, who learned of the news only a week before the former president's visit, worked with the Secret Service four hours a day on plans that included closing skylights and placing snipers nearby. "It's crazy," Pacchia said as bar staff worked to get back to business. "It was like a whirlwind."

From Fidelity “Mafia” to Bitcoin Burger

Pacchia is not your traditional Manhattan bar owner. A former lawyer, financial services giant Fidelity hired him to join the company in 2015, becoming its first outside employee with Bitcoin expertise. As Fidelity expands further into cryptocurrencies under Chief Executive Abigail Johnson, Pacchia helped structure its digital assets business, including its custody and trading platform and early mining operations.

While Pacchia's current main venture is PubKey, including an upcoming expansion in Washington, D.C., and soon to other cities with financial backing from the Winklevoss twins, he remains active in the crypto industry, including serving as a board member of Stronghold Digital Mining, and provides consulting services to Luxor, another Bitcoin mining company.

Pacchia used to live a few blocks away from PubKey, which at the time was a bar called Formerly Crow’s, which was, in his words, “an epic, quintessential New York dive bar.” He would gather with friends to talk about Bitcoin, affectionately calling the gathering "Crypto at the Crow." When Formerly Crow’s closed during the pandemic, Pacchia, inspired by Paul Revere and Thomas Paine, decided to take over and create PubKey.

Pacchia said in an interview with "Fortune" magazine: "Bitcoin needs to have its own pub and conference room to promote some of the revolutionary, cultural, economic and technological changes, and Bitcoin has been the catalyst for these changes. "

He teamed up with two veteran restaurateurs and a former Eleven Madison Park chef to design an eclectic menu of burgers, hot dogs and cocktails that would appeal to both residents and crypto believers.

Despite its Bitcoin-themed décor, PubKey still attracts a diverse customer base. Last November, Pacchia noticed a couple in a corner of the bar who appeared to be finishing a long workday. Pacchia went over to strike up a conversation with them, and the couple asked about the odd topic of the bar's theme. The couple looked shocked when Pacchia told them about PubKey's Bitcoin ethos. "Are you kidding us?" the couple asked. Turns out they were New York Post photographers who were shooting Caroline Ellison (former CEO of Alameda Research), who happened to live nearby and testify at the SBF trial. The couple came in by chance.

presidential visit

Trump’s first exposure to cryptocurrencies came in 2022, when he launched a series of NFTs that generated modest returns. Still, his overall attitude toward cryptocurrencies remains tentative, but that's changing as the industry emerges as one of the biggest sponsors of the 2024 elections. Today, Trump enthusiastically embraces blockchain and claims that after taking office, he will deal with important issues that hinder the development of the encryption industry, including releasing Silk Road founder Ross Ulbricht and firing SEC Chairman Gary Gensler.

While Trump has been touting party lines, he hasn't won over everyone, as some remain skeptical of his labeling Bitcoin a "fraud" a few years ago. Meanwhile, he recently announced World Liberty Financial, a so-called DeFi protocol run by the Trump family, and critics blasted him as a moneymaker rather than a true commitment to creating a decentralized product.

During Trump's visit to PubKey, Trump still didn't grasp the "long-popularized" crypto terminology, referring to the food sold at the bar as "crypto burgers," although one customer tried to correct him as Bitcoin - a distinction that is very important to Bitcoin. This is important to loyal fans who view other coins as “junk coins”. Meanwhile, footage of the historic burger deal initially showed the transaction failing, which Pacchia attributed to camera flashes making it difficult to scan the QR code. (Pacchia added that about 5% of PubKey’s sales are paid in Bitcoin)

But Pacchia said in an interview with Fortune magazine: Understanding the difference between (Bitcoin and cryptocurrency) is a long learning process. "It is unrealistic to expect these politicians to become Bitcoin experts."

The emergence of Trump confirmed Pacchia’s decision to start PubKey. Pacchia gave Trump two gifts. The first is a replica of the famous “Buy Bitcoin” sign that one of PubKey’s founding partners held up behind then-Federal Reserve Chair Janet Yellen during a 2017 congressional hearing. The second is the American flag that Senator Elizabeth Warren commissioned from another PubKey patron to be flown over the U.S. Capitol in honor of Bitcoin founder Satoshi Nakamoto (prank).

Despite all the fanfare (visit + gifts), Pacchia insisted that PubKey would not support a presidential candidate, and he held out hope that Harris would come over. "Bitcoin should not be a partisan issue, it belongs to everyone."

(The above content is excerpted and reprinted with the authorization of our partner PANews, original text link )

Statement: The article only represents the author's personal views and opinions, and does not represent the objective views and positions of the blockchain. All contents and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and transactions, and the author and Blockchain Client will not be held responsible for any direct or indirect losses caused by investors' transactions.

"Exclusive interview with the bar owner who used Bitcoin to buy burgers with Trump: From the Fidelity "Mafia" to Bitcoin Burgers" This article was first published in "Blocker".