US Treasury Secretary Scott Bessent made a surprise visit to the grand opening of the Bitcoin bar PubKey in Washington, DC, yesterday. This visit has sparked optimism in the crypto community, even as Bitcoin (BTC) experienced a significant slump, falling more than 9% to below $83,000. The presence of such a prominent government official is being viewed as a substantial boost for Bitcoin, reflecting a growing mainstream acceptance of the digital asset.
Steve Lubka, the president of investor relations at Nakamoto, commented on the significance of the Treasury Secretary’s appearance at the bar, stating it is the "sign" that traders and investors "have been waiting for." Similarly, Strive CIO Ben Werkman shared his perspective on X, adding that the Secretary of the Treasury's attendance at the Pubkey DC launch feels like a moment he will look back on and recognize as "obvious."
Had to do a second buy today using my “it was so obvious” framework.
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”.
Stack Sats and chill.
Other notable figures in the Bitcoin community, including analyst Fred Krueger, Gemini Chief of Staff Jeff Tiller, Bitcoin podcaster Natalie Brunell, and Bitcoin Policy Institute co-founder David Zell, also weighed in on Bessent’s visit. They collectively viewed it as a positive development for the leading cryptocurrency.
Bitcoin Under Pressure
However, Bessent’s visit occurred during a period of significant pressure on the cryptocurrency market. Bitcoin has fallen more than 33% from its all-time high reached in early October. The market was further impacted by over $1.92 billion in liquidations, according to CoinGlass.
Bullish bets on Bitcoin experienced the most severe impact, with more than $508 million wiped out from these positions in the last hour alone. Bitcoin's price dropped to a low of $82,082.84 earlier today, although it has since pared some losses and was trading at $82,342.37 as of 4:26 a.m. EST. The broader cryptocurrency market mirrored Bitcoin's decline, with the overall market capitalization slipping over 7% in the past 24 hours.
Bessent Seen As Pro-Crypto
Scott Bessent has been perceived as crypto-friendly by the digital asset community since his nomination for Treasury Secretary in late 2024. He has previously aligned with remarks made by President Donald Trump, advocating for the United States to become the world's crypto capital. Bessent has also expressed support for several crypto-related bills introduced this year, including the GENIUS Act.
In August, Bessent confirmed that the Treasury was exploring budget-neutral mechanisms for the potential purchase of Bitcoin for a strategic BTC reserve proposed by President Trump. More recently, on October 31, Bessent lauded the Bitcoin network's resilience, marking 17 years since Satoshi Nakamoto published the white paper.
17 years after the white paper, the Bitcoin network is still operational and more resilient than ever. Bitcoin never shuts down.
@SenateDems could learn something from that.
He emphasized that "Bitcoin never shuts down," suggesting that Senate Democrats could draw inspiration from this characteristic.