Bescent appears at the "Bitcoin-themed bar": The crypto industry is "overjoyed"

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2 hours ago

Author: Ye Huiwen

Source: Wall Street News

U.S. Treasury Secretary Bessent unexpectedly appeared at a Bitcoin-themed bar in Washington on Thursday, a move that quickly sparked strong reactions in the cryptocurrency community and was widely interpreted by market participants as a clear signal of the federal government's supportive stance towards the digital asset industry.

At the opening event of the bar named Pubkey, Bessent showed up without prior announcement. Several industry executives, including Strive Chief Investment Officer Ben Werkman and Nakamoto Vice President of Investor Relations Steven Lubka, quickly responded, describing the event as a decisive "bullish signal" that investors had been waiting for, believing it marks a substantial shift in the regulatory attitude.

The location of Bessent's visit itself carries certain political symbolism. This Pubkey in Washington is a sister store to the New York location of the same name, where presidential candidate Trump made a campaign stop, making the brand a unique node connecting politics and cryptocurrency culture.

This high-level endorsement comes at a time when Bitcoin is experiencing significant price adjustments. Although Bitcoin's price has fallen from a historic high of over $125,000 in early October to around $85,000, and market sentiment is in a downturn, analysts believe that the Secretary's personal appearance transcends the impact of short-term price fluctuations, highlighting the U.S. commitment to integrating digital assets into the mainstream financial system as part of a long-term strategic commitment.

This visit further solidifies Bessent's reputation as a Treasury Secretary with a friendly attitude towards cryptocurrency. He has previously publicly advocated for the U.S. to become a global digital asset hub and actively promoted related policy explorations, including strategic Bitcoin reserves, with this appearance seen as a continuation and confirmation of his policy stance.

Industry Views It as a Key Turning Point

The cryptocurrency community reacted enthusiastically to Bessent's appearance. Ben Werkman, Chief Investment Officer of Bitcoin financial company Strive, posted on X platform on Thursday that the Secretary's attendance at the Pubkey Washington store launch is a historically significant moment, and future reflections will reveal everything to be "obvious."

Nakamoto Vice President of Investor Relations Steven Lubka more directly referred to it as "the signal you have all been waiting for." Additionally, several well-known industry figures, including Bitcoin analyst Fred Krueger, Gemini Chief of Staff Jeff Tiller, podcast host Natalie Brunell, and Bitcoin Policy Institute co-founder David Zell, all believe that Bessent's appearance is a greatly positive signal for Bitcoin.

Policy Consistency and Strategic Reserve Plans

Since being nominated for the Treasury Department at the end of 2024, Bessent has been viewed as an ally in the cryptocurrency space. He has previously stated that the U.S. goal should be to become the global center for digital assets and has expressed support for several cryptocurrency bills, including the "Genius Act."

More substantively, in August of this year, Bessent clarified that his department is exploring the purchase of Bitcoin in a "budget-neutral" manner to establish a strategic Bitcoin reserve. This public appearance has been interpreted by the market as evidence that discussions on the aforementioned policy are ongoing and receiving high-level attention.

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