Key Takeaways
As Bitcoin gains political ground, David Bailey eyes a $200M PAC to solidify its role in U.S. policy, with backing from Trump’s camp and major voices in the space.
David Bailey, a key figure in the Bitcoin [BTC] ecosystem and adviser to President Donald Trump, is aiming to raise $200 million for a political action committee (PAC) dedicated to championing BTC’s role in the United States.
David Bailey’s PAC idea to boost Bitcoin
Bailey has long been a prominent voice in the crypto space, but now, he’s taking his advocacy to Washington, leveraging his insider influence to shape pro-Bitcoin policy in the political arena.
He said,
“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.”
Bailey has made it clear that the proposed PAC’s ambitions go far beyond mere political influence, as it aims to send Bitcoin’s price to $10 million and establish its dominance for the long haul.
In a post on social media, he invited the broader Bitcoin community to contribute ideas on what the PAC’s priorities should be.
Bailey added,
“I have my own ideas, but what do you think should be part of the Bitcoin voter platform?”
Suggestions quickly poured in.
Alex Gladstein, the Human Rights Foundation’s chief strategy officer, suggested expanding the PAC’s mission to include safeguarding open-source developers.
Additionally, he spoke about introducing Bitcoin education in high schools and allowing foreign governments to settle U.S. debts using Bitcoin.
Source: Alex Gladstein/X
Critics are not on board with the idea
However, not everyone sees the PAC’s direction without concern.
Charles Allen, CEO of the publicly traded firm BTCS, warned that Bailey must “tread very cautiously,” especially given his close ties to Trump’s Bitcoin advocacy and the volatile intersection of politics and crypto.
He said,
“I’d be careful, your duties are to shareholders; if you anchor political efforts with public company funds, you may find yourself staring down the barrel of a class-action lawsuit for breach of fiduciary duty.”
Bailey acknowledged the community feedback, noting it was “good,” but pointed out that similar strategies had already been used by major players like Coinbase through its support of the Fairshake PAC.
Still, questions remain about the effectiveness of such political spending.
Politics and Bitcoin — A good duo?
That being said, crypto firms poured over $134 million into the 2024 U.S. elections, helping usher in a wave of pro-crypto lawmakers.
One such example is James Walkinshaw, a Democratic candidate who won his primary with over $1 million in backing from a crypto-aligned PAC.
Meanwhile, Fairshake is gearing up for more influence, reporting $141 million in reserves to shape upcoming elections.
This coincided with Trump Media & Technology Group [DJT], the company behind Truth Social and a supporter of Bitcoin as part of its treasury strategy, reported a $20 million net loss in Q2.
Its stock fell nearly 4% on 4 August, closing at $16.92.
Needless to say, the drop added to growing scrutiny around the financial performance of politically active, crypto-aligned firms, even as the push for stronger Bitcoin advocacy continues to gather steam.