The U.S. Treasury Secretary's appearance at the opening of a Bitcoin-themed bar is seen by the Bitcoin community as a positive sign.

According to Cointelegraph, U.S. Treasury Secretary Scott Bessent's unexpected appearance at the opening night of Pubkey, a newly opened Bitcoin-themed bar in Washington, D.C., has sparked a strong reaction from the Bitcoin community, with many viewing it as "a signal" for Bitcoin.

Ben Werkman, chief investment officer of Bitcoin reserve firm Strive, wrote on the X platform that the Treasury Secretary's attendance at the Pubkey DC launch event was a moment that, in retrospect, would make "everything seem so obvious." Steven Lubka, vice president of investor relations at Nakamoto, called it "the signal you've been waiting for."

Scott Bessent is widely regarded as a cryptocurrency sympathizer. He garnered attention when he was nominated for Treasury Secretary in late 2024 after stating that the U.S. should strive to become a global hub for digital assets and supporting several cryptocurrency bills, including the GENIUS Act. Bessent clarified in August that his department was still exploring purchasing Bitcoin for strategic reserves in a budget-neutral manner.

Scott Bessent's support for Bitcoin comes at a time when bearish sentiment is spreading in the market. After reaching an all-time high of $125,100 on October 5, Bitcoin has entered a downtrend and was trading at approximately $85,500 at the time of the report.