On Thursday, the Bitcoin community was abuzz with the sudden appearance of U.S. Treasury Secretary Scott Bessent at the opening event of the new Bitcoin-themed bar, Pubkey, in Washington.
“Welcoming this Treasury Secretary at the opening event of Pubkey in Washington will be a moment that, looking back, will make you think, ‘Wow, everything actually had its signs,’” said Ben Werkman, Chief Investment Officer of Bitcoin Vault Company Strive, in a post on X platform on Thursday.
Steven Lubka, Vice President of Investor Relations at Nakamoto, called it “the signal you’ve been waiting for.”
Many well-known figures in the Bitcoin community, including Bitcoin analyst Fred Krueger, Gemini Chief of Staff Jeff Tiller, Bitcoin podcast host Natalie Brunell, and David Zell, co-founder of the Bitcoin Policy Institute, also viewed Bessent's appearance as an extremely positive signal for Bitcoin.
Since his nomination as Treasury Secretary drew attention at the end of 2024, Bessent has been seen as crypto-friendly. He previously stated that the U.S. should strive to become the global hub for digital assets and supported several crypto bills this year, including the GENIUS Act.
It wasn't until August that Bessent clarified that his department is still exploring ways to purchase Bitcoin for strategic reserves in a budget-neutral manner.
Some traders attempted to link his appearance to Bitcoin's recent price decline. “In this market, such signals have little impact. Ultimately, traders will look back and realize it was important,” said crypto trader MacroScope in a post on X platform on Thursday.
Amid a continued weak sentiment for Bitcoin, Bessent's support for the Bitcoin bar is particularly noteworthy. After hitting a historic high of $125,100 on October 5, Bitcoin entered a downward trend, trading at around $85,500 at the time of writing, according to CoinMarketCap.
Data from Sanbase, a research platform under Santiment, showed that mentions on social media on Thursday were roughly split—one part predicting Bitcoin would drop to the $20,000 to $70,000 range, while the other was more optimistic, believing it would rise to $100,000 to $130,000.
This opening also follows the attention garnered by its sister location in New York, which opened at the end of 2022 and received significant local media hype.
In September 2024, then-presidential candidate Trump made a campaign stop at the venue, bringing national attention to it.
Related: BlackRock's Bitcoin (BTC) ETF saw $2.47 billion in outflows in November, with a record net outflow of $3.79 billion.
Original: “Financial Tycoon Scott Bessent Appears at Bitcoin (BTC) Bar, Sending the Crowd into a Frenzy”
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