When I told my friends there was a new Bitcoin-themed bar in DC a mile from the White House, the typical response was: “Yeah, that tracks,” or, “That was bound to happen sooner or later.”
I wasn’t surprised either. Nor were people at the opening party.
PubKey is the latest addition to Penn Quarter, serving Bitcoin-themed drinks and hot dogs, plus hosting events focused on the pioneering digital currency (it’s very specific, not about crypto in general, cofounder Thomas Pacchia clarified).
I stopped by the launch to check out the self-proclaimed “dive bar.” I don’t think a place serving elaborate cocktails is really a dive, but we can brush past that.
It was a very flashy event, to be expected for that Northwest area, complete with an open bar, a Chinese dragon dance and live painting projected on the ceiling.
PubKey’s original NYC location opened 3 years ago in Greenwich Village. This second location is a whopping 12,000-sq.-ft. space.
Only a portion was accessible on this freezing January night, but there was still access to two bars topped with an ever-changing display of the current value of Bitcoin. There’s a podcast studio, plenty of room for events and even a karaoke room.
After walking through the space and taking in the decor, including a framed Trump tweet somewhat hidden on a storage shelf and a gag pair of genitalia that enlarges with water, I ordered the turmeric gin drink “SBR.” The name is a reference to the Strategic Bitcoin Reserve, a designated accumulation of the currency as a financial stability measure by institutions and the US government.
During typical nights, drinks and food can be purchased through Bitcoin, cash or card.
Bitcoin vocabulary, which Thomas says is unique from general crypto lingo, is embedded through the menu.
The “Orange Pill Whale,” a tiki drink that comes in a memecoin Pepe-inspired frog mug, is the only item that must be purchased with Bitcoin — $100 worth. You don’t get to keep the mug, but you do get a sweatshirt and hat, some nice built-in advertising for the bar.
Bitcoin purchases happen thanks to the point-of-service system, Square, which was cofounded by noted Bitcoin fan Jack Dorsey (who also cofounded Twitter, now X).
As for the drink’s name, a “whale” in the Bitcoin world refers to someone with a tremendous amount of investment, Thomas told me at the party.
“It’s kind of like our version of champagne and sparklers in a nightclub,” he said.
Bitcoin fans and first-timers amid wood-paneled walls
Josh Lopez, a DC native and 12-year Bitcoin investor, stumbled upon PubKey earlier in January while walking down 7th Street. He knew about the New York location and was hyped to see it come to the city, he said.
He purchased the “whale” the first time he was there and is having a get-together for his birthday this week. “This is going to be my new home,” Lopez told me.
Throughout the roughly 2.5 hours I was there, I searched for Bitcoin lovers like Josh. But he was one of the only ones I could find.
I approached nearly two dozen people to find out who exactly was in the crowd. There were lots of friends who’d apparently tagged along to see what all of the fuss was about, plus people who randomly got an invite and decided an open bar was good enough reason to swing through.
As might be expected at a bar with this theme (or pretty much any bar in Penn Quarter), there were many, many suits. Bravely, I walked up to a group of young, finance-bro types, hoping to talk about Bitcoin. I introduced myself, and asked what brought them here.
Radio silence. Except the guy next to me, who awkwardly responded, saying he came because his friends were going. I got the hint and continued to make the rounds.
Hopes to attract the ‘plebs’
Yes, there is a $100 drink purchasable only in Bitcoin, but founder Thomas wanted to make sure the average end user was also represented.
That’s where the “Pleb” menu item comes in. It’s a $7 Miller High Life with Campari. Thomas said he’s been told it’s the “worst drink in Manhattan,” but he thinks it’s not so bad.
I ended the evening with one, and I agree. Could’ve been worse.
Thomas is drawn to Bitcoin because of the currency’s model and its emphasis on the average participant, or the “pleb.”
Bitcoin was launched in 2009 by Satoshi Nakamoto, considered a pseudonym for a person or group. With no clear leader, it’s a decentralized network that relies on consensus among miners and users to make changes, like updates to its supply limit, Thomas explained.
“There are no kings in Bitcoin,” he said. “It cannot be changed by an individual, a company or corporation.”
PubKey should reflect that in being a gathering place for the “plebs,” he said. Policymakers are also very welcome, especially in how cryptocurrency broadly has become a priority during this presidential administration, but those leaders should be talking to the end users — not necessarily lobbyists, he said.
He also believes Bitcoin regulation and rulemaking should be seen as a bipartisan issue. There has been some work across parties but stalled talks on Capital Hill.
“I find it fundamentally silly that Bitcoin becomes a partisan issue,” Thomas said. “It’s a tool. It’s a communication protocol. It would be like calling a hammer Republican or Democrat.”
