David Bailey, Bitcoin advisor to U.S. President Donald Trump and CEO of Bitcoin Magazine, has announced plans to raise up to $200 million to establish a political action committee (PAC) aimed at promoting the interests of Bitcoin in the United States.
This is reported by Finway
The Initiative’s Goal — Political Support for Bitcoin
According to Bailey, his investment company, Nakamoto Holdings, which specializes in Bitcoin reserve management, will participate in the implementation of this project. The entrepreneur emphasized that the committee should not only influence the political agenda but also ensure the long-term positioning of Bitcoin as a key financial asset.
“I have learned a lot about politics and how the game is played this year. I am thinking about raising $100 million to $200 million for the PAC (led by Nakamoto) to promote Bitcoin priorities.”
Key Goals and Ideas of the Committee
Among the main tasks of the newly established committee, Bailey highlighted the ambition to raise the price of Bitcoin to $10 million per coin. He also called on the crypto community to contribute to the development of a platform of initiatives, proposing the abolition of capital gains tax on Bitcoin trading, the protection of the right to self-custody of crypto assets, and the implementation of crypto education in school curricula.
Other industry representatives also expressed their own proposals. Alex Gladstein, Director of Strategy at the Human Rights Foundation, suggested protecting open-source software developers and allowing foreign governments to pay off U.S. debts in Bitcoin. Investor Tuur Demeester emphasized the importance of returning to a full-reserve banking system.
However, the initiative has raised concerns among some experts. In particular, Charles Allen, CEO of BTCS, stressed that using funds from public companies for political purposes could create conflicts of interest with shareholders and lead to the risk of lawsuits.
Bailey acknowledged these concerns but noted that the previous experience of Coinbase, which supported the Fairshake PAC, demonstrates the feasibility of such practices. He emphasized that the effectiveness of such a committee would depend on the level of support from the crypto industry and the organizational structure of the future initiative.
Experts point out that the creation of a PAC will require the mandatory appointment of a treasurer, registration with the Federal Election Commission, and regular reporting on the use of the funds raised.
At the same time, Bo Hines, Executive Director of the Presidential Cryptocurrency Working Group, confirmed that the White House remains interested in forming a Bitcoin reserve.