Photo: Joshua Sukoff / Shutterstock.com
The American bitcoin community was briefly turned on its head on Thursday. Scott Bessent, the U.S. Secretary of the Treasury and one of the most outspoken proponents of crypto in Washington, unexpectedly walked in at the opening of a new bitcoin bar in the capital.
His presence was immediately seen by many bitcoiners as a sign that the coin is stronger in the long term than the current price suggests.
Unexpected Appearance at Bitcoin Bar #
The opening of Pubkey was already drawing attention, but when Bessent stepped in unannounced, the atmosphere completely shifted. According to Ben Werkman, the ICT manager at Strive, it felt like a clear moment of confirmation for bitcoin’s future.
Galaxy Digital researcher Alex Thorn shared photos from the evening where Bessent is clearly visible. He has not yet officially explained his visit, but it is precisely that informal character that makes it interesting in Washington. Various well-known figures within the bitcoin community, including analyst Fred Krueger and Gemini executive Jeff Tiller, saw Bessent’s arrival as a confirmation of his crypto-friendly stance.
Political Significance #
The bar itself had already received attention due to the success of its New York location. As reported in the Bitcoin news in September 2024, the bar made national headlines when Donald Trump visited during his campaign. The American president even made a purchase and paid with bitcoin.
That Pubkey is now receiving high-profile visitors again confirms the special place the café occupies within American bitcoin culture. With the Secretary of the Treasury now also stepping inside, the café is seen as a kind of meeting point between crypto culture and politics.
Pro-Crypto Stance #
Since his nomination in 2024, Bessent has been known as someone who takes digital currencies seriously. He previously indicated that the United States should strive for a leading role within the crypto market, supported legislation like the GENIUS Act, and considers bitcoin a robust system.
In August, he even stated that his department is investigating how it can buy bitcoin for the Strategic Bitcoin Reserve without additional costs. Such statements make him popular within the sector, making his visit to Pubkey feel especially symbolic.
Market Remains Uncertain #
However, Bessent’s visit contrasts with the lack of clear policy. The Strategic Bitcoin Reserve, announced by the American president in March, was intended to provide insight into how much bitcoin the government owns and how it can acquire more without additional costs.
Deadlines for reports have now passed, but the Treasury Department has not made anything public. This leaves it unclear how much bitcoin is still in American hands and whether a concrete strategy will emerge to expand the reserve.
Due to this uncertainty, the market is struggling to maintain confidence. After a record price of €108,000 earlier in October, bitcoin is now hovering around €71,500. The fact that Bessent is now visibly present is seen by some as a signal that ultimately carries more weight than the current price fluctuations.