The Bitcoin community received positive sentiment on Thursday after US Treasury Secretary Scott Bessent made an unannounced appearance at the launch of a new Bitcoin-themed bar in Washington, known as Pubkey.
The presence of the high-profile figure in the US government was seen as a symbolic gesture that reinforced confidence in Bitcoin’s mainstream acceptance, particularly from a policy and institutional legitimacy perspective.
Many prominent figures in the crypto ecosystem interpreted the appearance as a positive sign for the future of Bitcoin.
Bessent has also been known as a crypto-friendly individual since his nomination for Treasury Secretary in late 2024, when he repeatedly expressed support for the United States to become a global hub for digital assets.
He has also supported several crypto-related bills, including the GENIUS Act, and announced that his department is exploring a budget-neutral approach to acquiring Bitcoin as part of the Strategic Bitcoin Reserve.
However, there are also investors who believe that the emergence has no direct impact on the current price movement, as the market is currently in a sensitive phase and is more driven by macro factors and ongoing selling pressure.
This open support for Bitcoin bars comes at a time when market sentiment is still weak, after Bitcoin declined from an all-time high of $125,100 recorded on October 5 to around $85,500 at the time of this report’s publication.
Data from the Santiment platform shows a split in sentiment on social media, with some expecting Bitcoin to fall to a range of $20,000 to $70,000, while others remain optimistic with a target of $100,000 to $130,000.
This situation reflects the still high uncertainty of the market direction.
Pubkey’s launch in Washington also follows the success of its original location in New York, which opened in late 2022 and received extensive local media coverage. The venue also gained national attention in September 2024 when then-presidential candidate Donald Trump stopped by during a campaign stop, raising his profile in the Bitcoin-related cultural and political landscape.
Overall, Bessent's appearance at the event represented an important symbolic development, although the direction of Bitcoin's price will still depend on larger market sentiment and fundamental factors.
