Bitcoiners lose their mind after Scott Bessent walks into a Bitcoin bar

The Bitcoin assemblage lit up connected Thursday aft US Treasury Secretary Scott Bessent made an unannounced quality astatine the motorboat of Washington’s caller Bitcoin-themed bar, Pubkey.

“Having the Secretary of the Treasury astatine the Pubkey DC motorboat seems similar a infinitesimal I could easy look backmost connected and accidental ‘wow, it was each truthful obvious,” Bitcoin (BTC) treasury institution Strive main concern serviceman Ben Werkman said successful an X station connected Thursday.

Steven Lubka, Nakamoto’s vice president of capitalist relations, called it “the motion you person been waiting for.”

Scott Bessent is wide seen arsenic pro-crypto 

Many different salient Bitcoiners, including Bitcoin expert Fred Krueger, Gemini Chief of Staff Jeff Tiller, Bitcoin podcaster Natalie Brunell, and Bitcoin Policy Institute co-founder David Zell, besides viewed Bessent’s quality arsenic a hugely affirmative motion for Bitcoin. 

Source: Alex Thorn

Bessent has been seen arsenic crypto-friendly since his Treasury information drew attraction successful precocious 2024. He has antecedently said that the US should purpose to beryllium a planetary halfway for integer assets and has backed respective of this year’s crypto bills, including the GENIUS Act.

It was lone successful August that Bessent clarified that his department was inactive exploring budget-neutral ways to bargain Bitcoin for the Strategic Bitcoin Reserve.

Some traders tried to necktie his quality to Bitcoin’s caller terms slump. “In this benignant of market, signals similar this don’t substance much. Eventually, traders look backmost and recognize it mattered,” crypto trader MacroScope said successful an X station connected Thursday.

Bessent’s quality comes amid Bitcoin slump

Bessent’s amusement of enactment for the Bitcoin barroom comes amid a agelong of anemic sentiment astir Bitcoin. After reaching an all-time precocious of $125,100 connected Oct. 5, Bitcoin has slipped into a downtrend, trading astatine astir $85,500 astatine the clip of publication, according to CoinMarketCap.

Related: Bitcoin hits ‘most bearish’ levels: Is the bull rhythm ending?

Data from Santiment’s probe platform, Sanbase, recovered that societal media mentions connected Thursday were astir evenly split betwixt predictions of Bitcoin dropping to betwixt $20,000 and $70,000 and much bullish takes of betwixt $100,000 and $130,000.

The motorboat of the venue follows the attraction it received from its sister venue successful New York City, which launched successful precocious 2022 to important hype from section media.

It received nationalist spotlight successful September 2024 erstwhile then-presidential hopeful Donald Trump made a run stop astatine the establishment.

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