Bitcoin Frenzy Erupts After Treasury Chief Scott Bessent’s Pubkey Visit
A surprise appearance by US Treasury Secretary Scott Bessent at the grand opening of Washington’s Bitcoin-themed bar...
Quick overview
- US Treasury Secretary Scott Bessent's surprise appearance at the grand opening of Pubkey, a Bitcoin-themed bar, sparked speculation about increased digital-asset adoption.
- Industry leaders, including Ben Werkman and Steven Lubka, viewed Bessent's visit as a significant sign of confidence in the crypto space.
- Bessent, known for his crypto-friendly stance, has previously supported legislation aimed at positioning the US as a hub for digital-asset innovation.
- The visit comes amid a challenging period for Bitcoin, which has seen a significant price correction after reaching an all-time high earlier in October.
A surprise appearance by US Treasury Secretary Scott Bessent at the grand opening of Washington’s Bitcoin-themed bar, Pubkey, ignited a wave of speculation across the crypto community on Thursday. Many longtime Bitcoin supporters interpreted the visit as an encouraging signal for broader digital-asset adoption.
Ben Werkman, chief investment officer at Bitcoin treasury firm Strive, called the moment striking, noting on X that it could be one of those events that “looks obvious in hindsight.” Steven Lubka, Nakamoto’s vice president of investor relations, described the appearance as “the sign you have been waiting for,” echoing a sentiment widely shared by prominent industry voices.
Several well-known Bitcoin advocates—including analyst Fred Krueger, Gemini Chief of Staff Jeff Tiller, podcaster Natalie Brunell, and Bitcoin Policy Institute co-founder David Zell—also praised the visit, framing it as a rare show of confidence from one of the most influential figures in US economic policy.
A Crypto-Friendly Treasury Chief
Bessent has long been viewed as one of the more crypto-open policymakers in Washington. His nomination in late 2024 drew attention after he publicly expressed support for positioning the United States as a global hub for digital-asset innovation. He has backed multiple pieces of crypto legislation this year, including the widely watched GENIUS Act.
In August, he hinted that the Treasury was studying “budget-neutral” mechanisms for acquiring Bitcoin as part of a potential Strategic Bitcoin Reserve. That comment alone triggered market debate about the federal government’s long-term posture toward the asset.
While some traders tried to link Thursday’s appearance to Bitcoin’s recent downturn, others warned against reading too much into short-term price moves. “Signals like this don’t matter in this kind of market—until they suddenly do,” trader MacroScope wrote on X.
Visit Comes as Bitcoin Trades Sharply Lower
Bessent’s cameo comes during a challenging period for Bitcoin sentiment. After hitting an all-time high of $125,100 on Oct. 5, the cryptocurrency has fallen into a deep correction. It was trading near $85,500 at the time of publication, according to CoinMarketCap.
Market chatter reveals a wide split in expectations. Data from Santiment’s Sanbase platform showed social media forecasts evenly divided between bearish predictions of a slide toward $20,000–$70,000 and bullish scenarios projecting a rebound toward $100,000–$130,000.
Pubkey DC’s launch arrives two years after its New York sister venue opened to substantial media attention in late 2022. That location entered the national spotlight in September 2024 when then-presidential candidate Donald Trump made a campaign stop at the bar.
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