Bitcoin advocate David Bailey, who previously provided cryptocurrency policy advice to former U.S. President Donald Trump, announced plans to purchase $762 million worth of Bitcoin as early as Tuesday.
"Since I got into Bitcoin, I've had a dream of making a crazy single purchase of $1 billion in Bitcoin," he stated on Monday. "Tomorrow, that dream will come true."
At current market prices, this amount would buy approximately 6,400 Bitcoins.
Bailey added that the purchase will use a volume-weighted average price (VWAP) strategy, breaking large orders into smaller trades to minimize slippage and market disruption, rather than buying at the market price directly.
Bailey is the CEO of Bitcoin-native holding company Nakamoto Inc. and a co-founder of BTC Inc., the parent company of Bitcoin Magazine.
"We have a unique strategy at Nakamoto; once you see it in action, you'll understand why we will become one of the top Bitcoin holders in the world," he stated in another post, adding:
Bailey served as an advisor during Donald Trump's presidential campaign and is considered a key figure in the president's pivot towards Bitcoin.
Earlier this month, he expressed ambitions to raise $200 million for a political action committee (PAC) to advance Bitcoin's interests in the U.S.
"I've learned a lot this year about politics and the rules of the game. I'm considering raising $100 million to $200 million for a PAC, led by Nakamoto, to advance Bitcoin priorities," he said at the time.
On Monday, Nakamoto changed its mascot to a bullfrog, which Bailey explained represents "the legendary treasure hoarder, top predator, invasive species, and willing to eat anything that can grow our Bitcoin per share."
In June, according to a statement from merger partner KindlyMD, the company raised $51.5 million in new capital through a public equity private placement.
According to BitcoinTreasuries.NET, at least 17 organizations have added Bitcoin to their treasuries in the past month.
The total number of public and private companies holding the asset has now reached 221, collectively holding over 1.24 million BTC.
Related: Strategy increases BTC holdings by $18 million on the fifth anniversary of Bitcoin strategy
Original article: “Trump's Crypto Advisor David Bailey to 'Crazy Buy' $762 Million in Bitcoin (BTC) This Week”
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