Entrepreneur David Bailey, a former Bitcoin adviser to US President Donald Trump, is launching a political action committee (PAC) aimed at advancing Bitcoin interests in Washington. Bailey, who played a pivotal role in the Trump administration’s early Bitcoin advocacy, announced plans Sunday to raise $100 million to $200 million for the effort.
A serial entrepreneur and founder of Bitcoin Magazine and BTC Inc., Bailey leveraged his connections during Trump’s presidency to secure support for cryptocurrency adoption. The new PAC, he stated, would be “anchored by Nakamoto” – a reference to Nakamoto Holdings, his Bitcoin-focused treasury company.
U.S. PACs raise funds through individual donations and deploy them to support or oppose political candidates, parties, or ballot measures. Fairshake, a prominent crypto-related organization, spent an estimated $130 million during the 2024 cycle supporting pro-crypto candidates, highlighting the growing influence of digital assets in political funding.
Targeting Long-Term Bitcoin Growth
Bailey’s proposed platform prioritizes significant Bitcoin price appreciation, with a stated goal of reaching $10 million per Bitcoin. Longer-term objectives include fostering pro-Bitcoin policy environments. The vision gained traction during an open Q&A on social media, with Bitcoin podcaster Stephan Livera advocating for policies such as eliminating capital gains tax on Bitcoin sales and safeguarding the right to self-custody.
Human Rights Foundation’s Alex Gladstein suggested a comprehensive approach, including legal protections for open-source developers, incentivizing Bitcoin education for high schools, and allowing debtors to repay foreign debts in Bitcoin. The Bitcoin investor and Texas Bitcoin Foundation adviser Tuur Demeester prioritized returning to “full reserve banking,” a system requiring banks to retain 100% of customer deposits.
Context and Concerns
Bailey established Nakamoto Holdings, raising $300 million for its launch last May. He also founded 210k Capital, a hedge fund focused on Bitcoin treasuries, according to a Bloomberg report. Charles Allen, CEO of public company BTCS, issued a cautionary note, warning Bailey of potential legal exposure by potentially directing public company funds toward political initiatives.
Bailey defended the approach, arguing Allen’s concerns should be acknowledged but perhaps less pressing “now that we’re in a pro-crypto environment.” Establishing a PAC requires meeting specific financial thresholds, designating a treasurer, registering with the Federal Election Commission, and submitting regular financial disclosures.
CoinTelegraph attempted to reach Bailey for further comment.
Meanwhile, cryptocurrency political spending surged during the 2024 election cycle, exceeding $134 million. Organizations like Fairshake managed significant assets ($141 million), demonstrating the growing political clout of the crypto sector.
