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The U.S. Treasury Secretary Scott Bessent set the Bitcoin community abuzz on Thursday after making an unannounced appearance at the grand opening of Pubkey DC, a newly launched Bitcoin-themed bar in Washington.
His presence, unusual for a sitting Treasury chief at a crypto-centric venue, quickly fueled speculation that the administration may be warming to Bitcoin at a time when market sentiment remains fragile.
Strive Chief Investment Officer Ben Werkman said that the appearance of the Secretary of the Treasury at the Pubkey DC launch felt like a moment that could later be viewed as an obvious turning point, as he noted in an X post on Thursday.
Another person to weigh in on Bessent’s participation is Steven Lubka, Vice President of Investor Relations at Nakamoto. Lubka referred to the participation as the sign he had been waiting for.
Many other prominent figures in the Bitcoin ecosystem considered Bessent’s visit a significant boost for the cryptocurrency. This group comprised Bitcoin analyst Fred Krueger, Gemini Chief of Staff Jeff Tiller, Bitcoin podcaster Natalie Brunell, and David Zell, co-founder of the Bitcoin Policy Institute.
Bessent’s participation in the Pubkey launching event sparked excitement in the crypto world
Regarding his decision to attend the launching event of Pubkey, analysts noted that Bessent has been perceived as crypto-friendly since his nomination to the Treasury drew attention in late 2024.
Additionally, he urged the U.S. to strive to become a global center for digital assets. Bessent also backed several cryptocurrency bills, such as the GENIUS Act, this year.
Concerning the contribution to the Strategic Bitcoin Reserve, the Secretary of the Treasury highlighted last August that his department was still exploring budget-friendly options to buy BTC for the Reserve.
Interestingly, some traders tried to connect Bessent’s visit with Bitcoin’s recent price decrease. In an X post dated Thursday, November 20, crypto trader MacroScope mentioned that in this type of market, signals like this are not viewed as very important. However, MacroScope expressed optimism that traders will eventually recognize their value.
Bessent’s support for BTC comes when there is low confidence surrounding the cryptocurrency. This was noted after Bitcoin recorded an all-time high of $125,100 on October 5, then declined to trade at around $82,000 for the first time since mid-April, as the world’s most valuable cryptocurrency continued to be hit by a selloff that has tanked its price by around 25% since the start of November.
Since hitting an all-time high early last month, the cryptocurrency market has faced continued decline following a record single-day liquidation event on October 10.
Social media presents divided predictions on the future price of Bitcoin
On Thursday this week, research from Santiment’s platform, Sanbase, revealed that social media discussions around BTC’s price were evenly divided.
On the market today, more people predict the Bitcoin price will drop to between $20,000 and $70,000, while others forecast a rise to somewhere between $100,000 and $130,000.
As for launching a BTC-themed bar in Washington, this decision was reportedly made based on the venue’s popularity at its sister location in New York City, which led its owners to open the new spot.
Focused operations began at this sister site in late 2022, generating great excitement among local outlets. It drew national headlines in September 2024 when the U.S. President Donald Trump, then a candidate for president, visited PubKey near New York University, where his youngest son, Barron, was studying, with one simple goal: to purchase a few dozen smash burgers and pay the tab with the original cryptocurrency.
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