David Bailey, Bitcoin advisor to U.S. President Donald Trump, is seeking to raise $200 million for a political action committee to advance the interests of Bitcoin in the United States.
Bailey is a serial entrepreneur and the founder of Bitcoin Magazine and BTC Inc. He served as an advisor during President Trump's campaign and is considered a key figure in the president's pivot to Bitcoin.
"This year I learned a lot about politics and the rules of the game. I am considering raising $100 million to $200 million for a political action committee focused on Nakamoto to advance Bitcoin priorities," he stated in a post on the X platform, referring to his Bitcoin treasury company, Nakamoto Holdings.
Political action committees in the U.S. raise funds through donations and then donate those funds to specific political candidates, parties, and causes.
Fairshake is one of the most well-known cryptocurrency-related political action committees, supported by cryptocurrency companies including Coinbase and Ripple Labs. It is estimated to have spent $130 million during the 2024 U.S. elections supporting candidates with pro-cryptocurrency positions and opposing those with anti-cryptocurrency stances.
According to Bailey, one of the key priorities of the proposed platform is to push the price of Bitcoin to $10 million and to position it "long-term."
Bailey also invited users to brainstorm additional priorities that the proposed political action committee should focus on. Bitcoin podcast host Stephan Livera suggested focusing on eliminating capital gains tax on Bitcoin sales and protecting self-custody rights.
Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation, also had a series of suggestions, including that the political action committee should advocate for legal protections for open-source developers, incentivize Bitcoin education in high schools, and allow foreign entities indebted to the U.S. to repay their debts in Bitcoin.
Bitcoin investor, research analyst, and advisor to the Texas Bitcoin Foundation Tuur Demeester stated, "The most important thing for peace and prosperity in the U.S. related to Bitcoin will be a return to a full-reserve banking system," which requires banks to hold 100% of customer deposits as reserves.
Other user suggestions included nonpartisan promotion of Bitcoin, pushing for more funding for Bitcoin ATMs, and federal funding for Bitcoin education.
Bailey founded the Bitcoin treasury company Nakamoto Holdings, which raised $300 million in startup capital in May, along with other ventures like the hedge fund 210k Capital. Bloomberg reported on July 18 that the fund heavily invests in publicly traded companies that hold Bitcoin treasuries.
However, Charles Allen, CEO of publicly traded company BTCS, stated that due to these affiliations, Bailey needs to "proceed with great caution."
"I would be careful; your duty is to the shareholders, and if you use public company funds to support political activities, you could face a collective lawsuit for breach of fiduciary duty," he said.
Bailey called this "good feedback," but argued that it "is not an issue" for Coinbase, which supports Fairshake.
"Shareholders might ask, given that we are now in an environment supporting cryptocurrency, whether this practice still makes sense. Is this really a good use of corporate funds? It really depends on the scale. My two cents of advice is to proceed with caution," Allen added.
Cointelegraph has reached out to Bailey for further comment.
In general, creating a political action committee involves appointing a treasurer to handle funds, registering with the U.S. Federal Election Commission, and submitting financial reports to the agency.
Cryptocurrency companies spent over $134 million in the 2024 U.S. elections. The elections concluded with a significant number of elected officials supporting pro-cryptocurrency views.
In a recent example, Democratic candidate James Walkinshaw, seeking to replace the late Congressman Gerry Connolly, won the party primary after spending over $1 million from a cryptocurrency-supported political action committee to support his campaign.
Meanwhile, Fairshake reported holding $141 million in assets specifically for the upcoming elections.
Related: Grayscale founder Barry Silbert returns as chairman, adding Wall Street veterans.
Original article: “Trump Bitcoin (BTC) Advisor David Bailey Seeks to Raise $200 Million for Political Action Committee (PAC)”
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