Bitcoiners Celebrate ETF Approvals at NYC’s Bitcoin Bar

To celebrate the regulatory approval of spot Bitcoin ETFs in the U.S., fans of crypto’s most iconic coin flocked to Pubkey this week. Just outside the subterranean dive bar in Manhattan’s Greenwich Village, a sign bearing a rocket and four green candlesticks ushered people into the neon-cloaked venue. 

“ETF PARTY. LFG,” it read.

While analysts had penciled in a 95% chance the Securities and Exchange Commission would give spot Bitcoin ETFs a regulatory thumbs-up that Wednesday, the sign was set up before the official word. As rumors of ETF approval intensified after the stock market’s close, a handful of workers and regulars hung toward one side of the bar. Crowded around a TV blaring CNBC, anticipation permeated some patrons. Others appeared stoic.

“I’m a Bitcoiner, and I don’t really care about the ETF,” said New York-based photographer and self-described regular Steve Ferdman. “It’s definitely not a substitute for actually holding Bitcoin, and people will learn that. [...] There’s no way to replace holding your own keys.”

As he sat at the bar, another Bitcoiner approached him with good news. Apparently, an Irishman from Pubkey’s Telegram channel wanted to gift someone a pint of Guinness using Bitcoin’s Lightning Network. Ferdman, who also built a wifi-enabled, pseudo-scoreboard for Bitcoin’s price at the bar, volunteered as tribute.

“I will take a hit for the team, and I will drink that Guinness proudly today,” he joked. In total, it cost $12.89.

That night, Ferdman’s flickering green scoreboard wasn’t needed. News broke of an official approval, yet Bitcoin’s price barely budged. Still, people cheered, raising glasses high at the confirmation of Bitcoin’s true Wall Street debut. At the back of the bar, one of those ETF applicants, Hashdex, was throwing its own party.

Marcelo Sampaio, CEO and co-founder of Hashdex, which had applied for its own Bitcoin ETF, called the approvals a watershed moment for Bitcoin on its path to maturity. For him, it’s an indication crypto regulation from Congress could soon come, too. Efforts to regulate crypto on Capitol Hill have fizzled so far.

“A way bigger number of people will have simple access to Bitcoin,” he said, referencing retail traders and financial institutions once sidelined. “One of the most important things here is everything that comes after.”

While Crypto Twitter’s jubilation was reflected online in mostly memes and one-liners, some strangers commiserated over what a wild year it had been for digital assets, between Bitcoin's bounce-back of over 150% in 2023 and the tribulations of convicted fraudsters like FTX founder Sam Bankman-Fried.

As the night dragged on, more people poured into the Manhattan dive bar. Fox Business reporter Eleanor Terrett and Bloomberg ETF Analyst James Seyffart popped in, not long after Silicon Valley star T.J. Miller threw open the doors and screamed, “We did it!”

The environment for anyone to engage in free flowing conversations about Bitcoin is the brainchild of Pubkey owner Thomas Pacchia, who opened the bar with a few friends during the pandemic.

“Socio-economic barriers melt away at a dive bar, which I think is really important and underappreciated,” he said, adding that the dive bar focuses on regular educational events. “I think alcohol and pubs and taverns have been tremendously important in just about any revolution, just think about Roman Soldiers being paid in wine. [In] Massachusetts, a lot of the revolutionary war activity was pamphlets being handed out in bars.”

When it comes to how information spreads within Bitcoin’s community, Pacchia said social media platforms like Reddit and Twitter are “terrible places to have a conversation.” The hope is that in-person interactions can bring a human touch to how Bitcoiners engage. 

While spirits were high at Pubkey, a few Bitcoiners were aware of the irony of celebrating an added layer of centralization to the Bitcoin mix. But as the drinks flowed, the energy focused on what the ETFs might do for adoption. As podcaster and Real Bedford Football Club owner Peter McCormack said, more people could become interested in understanding why self-custody is fundamental to Bitcoin.

“The amount of money these ETF issuers are going to be spending on marketing, it’s only going to be good for Bitcoin,” he predicted. “What you can only hope is that people who buy Bitcoin, maybe through an ETF, they then go, ‘Okay, what? I need to learn about this.’”

Pubkey might be just the place.

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