- David Bailey, Trump’s Bitcoin adviser, plans a $200M PAC to advance Bitcoin interests.
- Main goal is to push Bitcoin price to $10M and ensure its long-term success.
- Suggestions for PAC include tax exemptions, self-custody rights, and Bitcoin education.
David Bailey, a Bitcoin entrepreneur and adviser to US President Donald Trump, wants to raise $200 million for a political action committee (PAC) to promote Bitcoin in the US. Bailey, who founded Bitcoin Magazine and BTC Inc., played a big role in Trump’s pro-Bitcoin stance during his campaign.
He shared his plan on X, saying the PAC, tied to his company Nakamoto Holdings, will focus on Bitcoin-friendly policies.
Bitcoin Price Goals and Priorities
A key goal is pushing Bitcoin’s price to $10 million and ensuring its long-term success. Bailey asked for ideas on other priorities, and suggestions included removing capital gains tax on Bitcoin, protecting self-custody rights, and teaching Bitcoin in schools. Some even proposed letting countries pay US debts in Bitcoin.
However, BTCS CEO Charles Allen warned Bailey to be careful, as using company funds for the PAC could lead to legal issues. Bailey noted that Coinbase faced no problems backing a similar PAC, Fairshake.
Creating a PAC requires appointing a treasurer and registering with the US Federal Election Commission. With crypto firms spending over $134 million in the 2024 elections, Bailey’s PAC could further boost pro-crypto policies.
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