David Bailey, a key Bitcoin adviser to the U.S. President Donald Trump and founder of Bitcoin Magazine, is seeking to raise between $100 million and $200 million for a political action committee (PAC) focused on promoting Bitcoin-friendly policies in the United States.
Bailey, also the CEO of Nakamoto Holdings and BTC Inc., shared his intentions in a post on social media platform X on Sunday. He said the proposed PAC would be anchored by Nakamoto Holdings, a Bitcoin treasury firm that previously raised $300 million to launch in May.
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.
I have my own ideas, but what do you think should be part of the Bitcoin voter platform?
— David Bailey🇵🇷 $1.0mm/btc is the floor (@DavidFBailey) August 2, 2025
The initiative mirrors efforts by existing crypto PACs like Fairshake, which is backed by major firms including Coinbase and Ripple Labs. Fairshake reportedly spent around $130 million during the 2024 U.S. elections to support pro-crypto candidates.
Bailey’s vision goes beyond regulatory reform. One of his boldest goals is to help propel Bitcoin’s price to $10 million, aligning with a long-term bullish outlook for the cryptocurrency. He also invited the Bitcoin community to contribute ideas for the PAC’s agenda.
Suggestions from leading figures in the crypto space poured in. Bitcoin podcaster Stephan Livera proposed advocating for the elimination of capital gains tax on Bitcoin and safeguarding users’ right to self-custody. Alex Gladstein of the Human Rights Foundation recommended pushing for legal protections for open-source developers, integrating Bitcoin education into high schools, and allowing foreign debt repayments to the U.S. in Bitcoin.
Tuur Demeester, an investor and adviser to the Texas Bitcoin Foundation, argued the PAC should push for a return to full reserve banking—where banks are required to maintain 100% of customer deposits—calling it vital for “American peace and prosperity.”
Other community-driven suggestions included increasing the number of Bitcoin ATMs, advocating for federal funding of Bitcoin education, and maintaining a non-partisan approach to Bitcoin promotion.
Bailey’s involvement in various Bitcoin-related ventures, including 210k Capital, a hedge fund with investments in public companies holding Bitcoin, has sparked concerns about potential conflicts of interest. Charles Allen, CEO of publicly traded BTCS, warned that anchoring political activities with funds from public companies could risk shareholder lawsuits over fiduciary responsibilities.
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