The Bitcoin community buzzed with excitement on Thursday after the unexpected appearance of US Treasury Secretary Scott Bessent at the launch of Pubkey, a Bitcoin-themed bar in Washington.
“Having the Secretary of the Treasury at the Pubkey DC launch seems like a moment I could easily look back on and say ‘wow, it was all so obvious,” said Ben Werkman, Chief Investment Officer at Strive, via an X post.
Translation: Having the Secretary of the Treasury at the Pubkey DC launch seems like a moment I could easily look back on and say ‘wow, it was all so obvious.
Steven Lubka, Vice President of Investor Relations at Nakamoto, also stated it was ’the sign you have been waiting for.'
Many influential figures in the Bitcoin world, such as Fred Krueger, Jeff Tiller, Natalie Brunell, and David Zell, considered Bessent’s visit a significant positive indicator for Bitcoin.
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Source: Alex Thorn
Bessent has been recognized as supportive of cryptocurrency since his nomination, advocating for the US to become a global hub for digital assets. He has expressed support for several crypto regulations, such as the GENIUS Act. Recently, he commented that the Treasury is still investigating budget-neutral options for purchasing Bitcoin for a Strategic Reserve.
As Bitcoin recently experienced significant price fluctuations—hitting a peak of $125,100 before falling to around $85,500—some traders found it challenging to relate the Secretary’s appearance to the cryptocurrency’s ongoing market trends. MacroScope, a crypto trader, noted,
“In this type of market, signals like this don’t matter much. Eventually, traders look back and realize it mattered.”
Translation: In this type of market, signals like this don’t matter much. Eventually, traders look back and realize it mattered.
Bessent’s appearance comes during a challenging time for Bitcoin, following its recent peak and subsequent decline. The venue’s launch garnered media attention stemming from its sibling site in New York City, which received widespread coverage after its opening in late 2022 and a notable visit from Donald Trump during his presidential campaign in September 2024.
