David Bailey, the CEO of Bitcoin Magazine and advisor to Donald Trump on Bitcoin matters, has announced his intention to raise up to $200 million to establish a Political Action Committee (PAC) that will promote initiatives related to the first cryptocurrency.
This is reported by Business • Media
Strategic Goals of the New PAC
Bailey plans to attract investments through his company, Nakamoto Holdings, which specializes in managing Bitcoin reserves. One of the main objectives of the new committee is not only to influence the political agenda but also to develop long-term strategies for the growth of Bitcoin. Among the key goals is to increase the value of Bitcoin to $10 million per coin, as well as to support proposals for the repeal of capital gains tax on cryptocurrency sales, the protection of the right to self-custody of digital assets, and the implementation of “crypto education” in schools.
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.
Expert Feedback and Cautions
Other participants in the crypto industry have also offered their ideas. Alex Gladstein, Director of Strategy at the Human Rights Foundation, emphasized the need to protect open-source software developers and suggested allowing foreign governments to pay off U.S. debts in Bitcoin. Investor Tuur Demeester considers a return to a full-reserve banking system to be important.
Charles Allen, head of BTCS, expressed concerns about the use of company funds for political initiatives, highlighting potential risks for shareholders and the possibility of class-action lawsuits. Bailey acknowledged these concerns as valid but noted that the example of Coinbase and its support for Fairshake demonstrates the feasibility of such practices. He emphasized that the effectiveness of the new committee will depend on its scale and support from the industry.
Experts pointed out that for the PAC to operate legally, a treasurer must be appointed, registration with the Federal Election Commission must be completed, and regular expenditure reports must be submitted.
Earlier, Bo Hines, Executive Director of the Presidential Working Group on Cryptocurrency, confirmed that the White House remains interested in creating a Bitcoin reserve.