David Bailey, an entrepreneur and Bitcoin adviser to US President Donald Trump, is seeking to raise $200 million for a political action committee (PAC) to advance Bitcoin's interests in the United States. Bailey, who is also the CEO of Bitcoin Magazine and BTC Inc., has been credited as a central figure in Trump's pro-Bitcoin pivot.
In a post on the social media platform X, Bailey stated, “I've learned a lot about politics and how the game is played this year. I'm thinking about raising a $100m-$200m PAC, anchored by Nakamoto, to advance Bitcoin priorities.” Nakamoto Holdings is his Bitcoin treasury company. US PACs raise funds through donations to support specific political candidates, parties, and causes.
One of the key priorities of the proposed platform is to send the Bitcoin price to $10 million and position it for the long term. Bailey also invited the community to brainstorm other priorities. Bitcoin podcaster Stephan Livera suggested a focus on abolishing capital gains tax on Bitcoin sales and protecting the right to self-custody. Alex Gladstein, chief strategy officer of the Human Rights Foundation, suggested legal protections for open-source developers and incentivizing Bitcoin education for high schools.
This initiative is part of a growing trend of political advocacy in the crypto space. Fairshake, one of the most prominent crypto-related PACs, backed by companies like Coinbase and Ripple Labs, spent an estimated $130 million during the 2024 US elections. However, Bailey's move is not without scrutiny. Charles Allen, CEO of the publicly traded company BTCS, warned that using corporate resources for political efforts could raise legal and fiduciary concerns for shareholders.
The Trump administration has already signaled a friendly stance toward digital assets, with an executive order issued in January 2025 on “Strengthening American Leadership in Digital Financial Technology.” This order identifies the crucial role of digital assets in innovation and economic development. The formation of a powerful PAC by Bailey could further amplify the Bitcoin industry's influence in shaping future legislation.