A new venue has made its debut in Washington D.C.’s Penn Quarter, attracting both Bitcoin aficionados and those skeptical of cryptocurrency. Dubbed a “Bitcoin bar” by some media outlets, PubKey has ambitions that extend beyond just serving drinks.
Co-founder and CEO Thomas Pacchia emphasizes that PubKey is not simply a themed bar. “I bristle a little bit whenever we’re described as a ‘Bitcoin-themed bar.’ Bitcoin is much more so in the DNA of the organization,” he stated. Rather than fitting neatly into a niche, Pacchia describes the venue as a media company with a hospitality aspect.
PubKey marks the second location for the startup, the first being in New York City’s Greenwich Village, which has been operational for over three years. The D.C. establishment significantly outgrows its NYC counterpart, encompassing around 12,000 square feet, complete with a glass-enclosed podcast and video studio, a stage for live events, and private karaoke rooms. Additionally, the Bitcoin Policy Institute, a nonprofit organization dedicated to researching Bitcoin and other emerging monetary networks, has its headquarters at this location.
One of PubKey’s key features is its inclusive atmosphere; customers need not own Bitcoin to enjoy the space. In fact, the bar’s design offers a nostalgic ambiance harking back to dive bars, with wood paneling, vintage portraits, and beer advertisements, complemented by a neon sign.
However, Bitcoin isn’t far from the radar. The establishment prominently features an LED display that shows the real-time price of Bitcoin in U.S. dollars, and there are elements that nod to the cryptocurrency’s political context, including a framed tweet from former President Donald Trump.
The menu adds a playful twist with items like the “Orange Pill Whale” cocktail, named for people who hold significant amounts of Bitcoin and advocate for its value. This concoction is only available to customers who can pay $100 worth of Bitcoin. Pacchia employs the Square point-of-sale system to facilitate Bitcoin transactions, which have recently been integrated. While cash and card payments are accepted, patrons opting for Bitcoin enjoy a 21% discount.
Pacchia reiterates that while PubKey serves as a cultural hub for cryptocurrency enthusiasts, it remains open to everyone. Currently, Bitcoin transactions account for about 7% of sales at the New York location, with projections suggesting a surge in cryptocurrency payments in the U.S. by 82% from 2024 to 2026.
Despite growing interest, the volatility of Bitcoin remains a concern for some, such as Senator Elizabeth Warren, who argues that the unpredictability of cryptocurrencies increases risks for investors, particularly those lacking the means for large losses.
Pacchia, however, believes in Bitcoin’s long-term potential. He acknowledges the apprehension some may feel toward cryptocurrency but strives to foster constructive dialogue among various viewpoints within PubKey. He envisions a future where Bitcoin becomes as commonplace as the internet or electricity.
“Our aim is to create a light-hearted, accessible space for discussions,” Pacchia asserts, inviting critics and advocates alike to engage over drinks, continuing the spirit of open debate.
