The US Treasury Secretary's visit to a Bitcoin bar has caused a stir in the community.
Bitcoin community members reacted enthusiastically Thursday to the unannounced appearance of US Treasury Secretary Scott Bessent at the opening of the new Pubkey-themed bar in Washington.
“The fact that the Treasury Secretary showed up to the Pubkey launch in Washington seems like the kind of event where we'll later say, 'Why didn't we see this?'” Ben Workman, chief investment officer at treasury firm Strive, wrote in a post on X on Thursday.
Stephen Lubka, vice president of investor relations at Nakamoto, called it “the signal everyone was waiting for.”
Scott Bessent is considered a cryptocurrency proponent.
Many other prominent members of the community, including analyst Fred Krueger, Gemini chief of staff Jeff Tiller, Bitcoin podcast host Natalie Brunell, and Bitcoin Policy Institute co-founder David Zell, also viewed Bessent's appearance as a highly positive sign for Bitcoin.
Source: Alex Thorne.
Bessent has been considered a cryptocurrency advocate since his appointment to the Treasury Department in late 2024. He has previously stated that the US should strive to become a global hub for digital assets and supported several cryptocurrency bills this year, including the GENIUS Act.
It wasn't until August that Bessent clarified that his agency was still exploring budget-neutral ways to purchase bitcoin for the Strategic Bitcoin Reserve.
Some traders have attempted to link its emergence to the recent drop in the price of Bitcoin.
“In a market like this, signals like these mean little. Ultimately, traders look back and realize they mattered,” crypto trader MacroScope said in a post on X on Thursday.
Bessent's appearance came amid a Bitcoin decline
Bessent's demonstration of support for the Bitcoin bar occurred during a period of weak sentiment around Bitcoin. After reaching an all-time high of $125,100 on October 5th, Bitcoin began to decline and, at press time, was trading around $85,500, according to CoinMarketCap.
Data from Santiment research platform Sanbase showed that in the quarter, social media mentions were roughly evenly split between predictions of Bitcoin falling to levels between $20,000 and $70,000 and more optimistic predictions of a range between $100,000 and $130,000.
The launch follows the attention received by its sister location in New York City, which opened in late 2022 to considerable local media buzz.
It came into the national spotlight in September 2024 when then-presidential candidate Donald Trump made a campaign stop there.
Source: cryptonews.net
