Exclusive Interview with the Bar Owner Who Sold Hamburgers for Bitcoin: From the Fidelity "Mafia" to Bitcoin Hamburgers

Author: Leo Schwartz, Fortune

Compiled by: Felix, PANews

On September 19, Trump purchased hamburgers for supporters at the Bitcoin-themed bar PubKey in New York City, paying with Bitcoin. Trump used the Strike payment app to pay $998.7 in Bitcoin, which is built on the Lightning Network. The bar received Bitcoin through the Zaprite app.

PubKey is a well-known Bitcoin bar in Manhattan, featuring Bitcoin payments and becoming a gathering place for enthusiasts in the field. Fortune conducted an exclusive interview with PubKey owner Thomas Pacchia to delve into the story behind Trump's Bitcoin purchase. Here are the details.

When Pacchia first proposed to Trump's team that PubKey be used as a campaign stop, the campaign team's reaction was as he expected: "What is a Bitcoin bar?" On September 18, the world (or at least those addicted to Twitter) had a chance to find out. At that time, Trump stopped by PubKey to buy hamburgers on his way to a rally in Long Island, marking the first transaction completed with 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 to discuss monetary policy and political ethics over beers, just like the Founding Fathers did 250 years ago (the menu at PubKey is designed by chefs trained at the Michelin three-star restaurant Eleven Madison Park, but that’s neither here nor there).

PubKey has previously hosted politicians like Senator Kirsten Gillibrand, and Pacchia has invited every candidate, including Harris. Therefore, a "future president" (Trump) suddenly visiting was not surprising to Pacchia.

However, the details of Trump's visit were more shocking. Pacchia learned about the visit just a week before the former president arrived, coordinating with the Secret Service for four hours each day to plan, including closing skylights and arranging snipers nearby. "It was crazy," Pacchia said, as the bar staff worked hard to return to normal operations. "It was like a whirlwind."

From Fidelity's "Mafia" to Bitcoin Burgers

Pacchia is not your typical Manhattan bar owner. He was a lawyer, and in 2015, the financial services giant Fidelity hired him to become its first external employee with Bitcoin expertise. Under CEO Abigail Johnson's leadership, Fidelity further ventured into the cryptocurrency space, and Pacchia helped build the framework for its digital asset business, including its custody and trading platform as well as early mining operations.

While Pacchia's primary venture is now the bar PubKey, which is set to expand in Washington D.C. and soon to other cities with funding from the Winklevoss twins, he remains active in the crypto industry, serving on the board of Stronghold Digital Mining and consulting for another Bitcoin mining company, Luxor.

Pacchia used to live a few blocks away from PubKey, which was then a bar called Formerly Crow's, described by him as "an epic, quintessential New York dive bar." He would gather with friends to talk about Bitcoin, affectionately calling the gatherings "Crypto at the Crow." When Formerly Crow's closed during the pandemic, Pacchia was inspired by Paul Revere and Thomas Paine to take over and establish PubKey.

In an interview with Fortune, Pacchia stated, "Bitcoin needs its own tavern and meeting space to foster some revolutionary, cultural, economic, and technological changes, and Bitcoin has always been a catalyst for those changes."

He collaborated with two experienced restaurant owners and a former Eleven Madison Park chef to design an inclusive menu featuring burgers, hot dogs, and cocktails that appeal to both local residents and crypto enthusiasts.

Despite the Bitcoin-themed decor, PubKey attracts a diverse clientele. Last November, Pacchia noticed a couple in a corner of the bar who seemed to have just finished a long day of work. Pacchia had previously chatted with them, and they asked about the bar's unusual theme. When Pacchia explained the Bitcoin spirit of PubKey, the couple looked shocked. "Are you joking with us?" they asked. It turned out they were photographers for the New York Post, covering Caroline Ellison (former CEO of Alameda Research), who happened to live nearby and was testifying in SBF's trial. The couple had stumbled in by chance.

Presidential Visit

Trump's first exposure to cryptocurrency came in 2022 when he launched an NFT series, which garnered moderate returns. However, his overall attitude toward cryptocurrency remained tentative, but this changed as the industry became one of the largest sponsors in the 2024 election. Today, Trump enthusiastically embraces blockchain, claiming he would address significant issues hindering the crypto industry, including releasing Silk Road founder Ross Ulbricht and firing SEC Chairman Gary Gensler.

Although Trump has been reiterating party lines, he has not won everyone's support, as some remain skeptical of his past labeling of Bitcoin as a "scam" years ago. Meanwhile, he recently announced a so-called DeFi protocol called World Liberty Financial, operated by the Trump family, which critics have slammed as a money grab rather than a genuine commitment to creating a decentralized product.

During Trump's visit to PubKey, he still did not grasp the "well-established" crypto terminology, referring to the food sold at the bar as "crypto burgers," despite a customer attempting to correct him to Bitcoin—this distinction is important to Bitcoin's loyal advocates, as they view other tokens as "shitcoins." Meanwhile, the video of this historic burger transaction initially showed the transaction failing, which Pacchia attributed to the camera flash making it difficult to scan the QR code. (Pacchia added that about 5% of PubKey's sales are paid in Bitcoin.)

But Pacchia stated in an interview with Fortune: understanding the distinction between (Bitcoin and cryptocurrency) is a long learning process. "It's unrealistic to expect these politicians to become Bitcoin experts."

Trump's appearance validated Pacchia's decision to establish PubKey. Pacchia gifted Trump two items. The first was a replica of the famous "Buy Bitcoin" sign held by a founding partner of PubKey behind then-Federal Reserve Chair Janet Yellen during a congressional hearing in 2017. The second was an American flag, which Senator Elizabeth Warren commissioned to be flown over the U.S. Capitol in honor of Bitcoin's creator Satoshi Nakamoto (as a prank).

Despite the fanfare (the visit + the gifts), Pacchia insists that PubKey will not support any presidential candidate, and he still hopes Harris will come by. "Bitcoin should not be a partisan issue; it belongs to everyone."