U.S. Treasury Secretary visits Bitcoin bar! Bessent's visit to Pubkey sparks community celebration

U.S. Secretary of the Treasury Scott Bessent unexpectedly appeared at the opening ceremony of the newly opened Bitcoin-themed bar Pubkey in Washington, causing an instant frenzy in the Bitcoin community. This event took place during a period when Bitcoin had plummeted from its all-time high of $125,100 to $85,500.

Bessent’s Visit to Bitcoin Bar Sparks Community Enthusiasm Interpretation

(Source: Alex Thorn)

On November 20, U.S. Secretary of the Treasury Scott Bessent unexpectedly attended the opening of the new Bitcoin-themed bar Pubkey in Washington, a seemingly simple social event that stirred a major buzz within the Bitcoin community. Ben Werkman, Chief Investment Officer of Bitcoin asset manager Strive, posted on X forum: “The U.S. Treasury Secretary attending the Pubkey DC launch feels like a moment I might look back on and say ‘Wow, this was so obvious in hindsight.’”

Steven Lubka, Vice President of Investor Relations at Satoshi Stacker, described it as “the signal you’ve been waiting for.” This interpretation reflects the Bitcoin community’s desire for support from high-level officials. The Treasury Secretary, as a core figure governing national financial policy, appearing publicly at Bitcoin-related events is seen as an important endorsement for the crypto industry. In traditional finance, every public move by a Treasury Secretary carries policy signals; Bessent choosing to attend a Bitcoin bar opening rather than a traditional financial event sends a clear message.

Many other well-known Bitcoin figures, including Bitcoin analyst Fred Krueger, podcast host Natalie Brunell, and co-founder of the Bitcoin Policy Institute David Zell, also consider Bessent’s appearance a very positive signal for Bitcoin. The collective endorsement from industry leaders amplifies the event’s influence, elevating it from a simple social gathering to a milestone with political and economic significance.

However, not everyone agrees with this interpretation. Some traders attempt to link his appearance to Bitcoin’s recent price plunge. “In this market environment, such signals are not very meaningful. Ultimately, traders will look back and realize its importance,” wrote MacroScope, a cryptocurrency trading platform, on X forum. This cautious perspective reminds investors that political symbolism does not always have a direct causal relationship with market prices.

Three Interpretations of Bessent’s Presence in the Bitcoin Community

Policy Signal: U.S. Treasury Secretary publicly supports Bitcoin culture, hinting at imminent strategic reserves or more crypto-friendly policies

Symbolic Significance: This is a high-level acknowledgment of Bitcoin’s legitimacy, aiding mainstream acceptance

Cautious View: Just a social event, should not be overinterpreted; market performance remains the only truth

This divergence in interpretation itself reflects the current psychological state of the Bitcoin community: under price downward pressure, any support signals from authorities are rapidly amplified and interpreted.

U.S. Treasury Secretary’s Crypto Stance and Strategic Reserves Exploration

Scott Bessent is widely regarded as a supporter of cryptocurrencies. Since his nomination as Treasury Secretary in late 2024, he has been viewed as a crypto-friendly representative. He previously stated that the U.S. should strive to become a global digital asset hub and supported several crypto bills this year, including the GENIUS Act. These public statements have earned him broad support within the crypto community.

It was not until August that Bessent clarified that his department is still exploring ways to purchase Bitcoin for strategic reserves without increasing the budget. This statement is highly strategic. “Not increasing the budget” means the Treasury might consider using existing assets (such as seized cryptocurrencies or part of foreign exchange reserves) to establish Bitcoin reserves, rather than using additional taxpayer funds. This approach can bypass the cumbersome congressional budget approval process, making the creation of strategic reserves more feasible.

The concept of strategic Bitcoin reserves has been a focus of the crypto community since it was proposed during Trump’s campaign. If the U.S. actually establishes Bitcoin reserves, it could generate multiple effects: first, providing sovereign backing for Bitcoin as a store of value; second, potentially triggering a global Bitcoin reserve race among other nations; third, creating long-term structural buy-in as government reserves are typically held for decades.

However, Bessent’s August statement also indicates that the establishment of strategic reserves is still in the exploratory stage and no concrete plan has been finalized. “Still exploring” suggests there may be differing opinions within the Treasury or legal and technical hurdles to overcome. While Bessent’s crypto-friendly stance is clear, the timeline and scale of policy implementation remain uncertain.

Bitcoin Price Plunge and Market Sentiment Divergence

Bessent’s support comes at a time when market sentiment towards Bitcoin is weak. According to CoinMarketCap data, after reaching a record high of $125,100 on October 5, Bitcoin has entered a downtrend, with the current price around $85,500 at press time. From $125,100 to $85,500, Bitcoin has fallen approximately 32% in just six weeks, a rare decline in the mid-bull market, sparking intense debate about whether the bull cycle has ended.

Data from Santiment’s Sanbase shows that on Thursday, social media discussions about Bitcoin were roughly divided into two camps: one predicting a drop to between $20,000 and $70,000, and the other more optimistic, expecting a rebound to between $100,000 and $130,000. This extreme polarization reflects high market uncertainty.

The pessimistic camp’s reasoning is based on technical breakdowns and worsening macro conditions. Bitcoin breaking multiple key support levels, ETF net outflows over consecutive weeks, and collapsing Fed rate cut expectations could trigger deeper corrections. If Bitcoin drops to $70,000 or lower, it would wipe out most of the gains since 2024, causing heavy losses for many high-position investors.

The optimistic camp believes the current decline is a healthy correction and that the long-term bull case remains intact. They point to Bitcoin’s fundamentals—halving, institutional adoption, strategic reserve expectations—which remain strong. Short-term ETF outflows do not change the long-term trend, and the Fed is likely to cut rates eventually to counter economic slowdown. From this perspective, around $85,500 could be a good buying opportunity, with a price recovery above $100,000 just a matter of time.

In this divided environment, Bessent’s appearance at the Bitcoin bar is seen by optimists as a vital confidence boost. They believe that if high-level officials held a pessimistic view, the Treasury Secretary wouldn’t publicly attend such an event. This political signal could indicate a more supportive policy environment ahead, providing fundamental support for Bitcoin’s bottom.

Pubkey Bar’s Political Symbolism and Historical Background

The opening of this venue follows the attention received by its sister location in New York City. The sister venue opened in late 2022 and attracted extensive media coverage locally. In September 2024, then-presidential candidate Donald Trump visited the facility for a campaign event, drawing nationwide attention. Trump’s visit elevated Pubkey from a niche Bitcoin bar to a politically symbolic crypto cultural landmark.

Now, with the opening of Pubkey DC in Washington, and the U.S. Treasury Secretary as a guest, this interaction between political figures and Bitcoin culture is becoming routine. Pubkey is more than just a bar serving beer and wings; it has become an informal space for crypto policy discussions. In Washington, the center of power, the existence of Pubkey DC itself symbolizes Bitcoin’s entry into mainstream politics.

The Treasury Secretary’s choice to attend Pubkey DC instead of many other Washington social venues sends a clear political message. In today’s highly politicized environment, every public appearance by senior officials is carefully planned. Bessent’s team must be aware of how this will be interpreted; their decision to continue attending suggests that the Treasury Secretary is willing to openly support Bitcoin and the crypto industry.

From a broader perspective, the successful expansion of Pubkey reflects the institutionalization of Bitcoin culture. From New York to Washington, from grassroots to political elites, Bitcoin is moving from the periphery toward the center. When the U.S. Treasury Secretary can appear naturally at a Bitcoin bar without controversy, it signifies that Bitcoin has gained a certain level of mainstream acceptance. For long-term holders, this cultural and political progress may be more meaningful than short-term price fluctuations.