Bitcoin News Today: Bitcoin PAC Seeks $200 Million to Push Pro-Crypto Legislation

David Bailey, CEO of Bitcoin Magazine and a former financial adviser to U.S. President Donald Trump, has announced a $200 million fundraising initiative for a pro-Bitcoin political action committee (PAC), according to multiple reports [1]. The PAC aims to influence U.S. legislation by promoting Bitcoin-friendly policies, including the potential elimination of capital gains tax on Bitcoin and the enhancement of legal protections for developers and investors [2]. Nakamoto Holdings has been identified as a financial anchor for the initiative, signaling a strong institutional backing to the project [3].

Bailey emphasized the necessity of a collective effort to shape the regulatory landscape, aligning with the decentralized nature of Bitcoin and the interests of its community [3]. The PAC’s proposed focus areas include education funding, legal advocacy, and self-custody rights, all of which are seen as foundational to Bitcoin’s broader adoption and regulatory acceptance [2].

This initiative reflects a growing trend of political engagement in the cryptocurrency sector. Historical precedents, such as the efforts of the Fairshake PAC, which spent over $130 million to promote crypto-friendly policies, suggest that well-funded political action groups can significantly impact legislation [3]. Experts like Stephan Livera have long advocated for the removal of capital gains tax on Bitcoin and the protection of self-custody rights, aligning with the goals outlined by Bailey [3].

The timing of the announcement coincides with a period of market volatility. Recent reports indicate that Bitcoin has rebounded to around $114,916, partly fueled by a weaker U.S. Dollar Index (DXY), which dipped to 98.50 amid mixed economic and political signals [4]. Analysts note that a continued decline in the DXY could further support Bitcoin and other cryptocurrencies, reinforcing the inverse relationship between the U.S. dollar and the digital asset market [4].

Despite the ambitious fundraising goal, the initiative has not yet secured firm financial commitments, and the success of the PAC will depend heavily on political and regulatory responses, as well as the level of community engagement [1]. Observers are closely watching how the project develops, given its potential to reshape the regulatory environment for Bitcoin and influence its long-term price trajectory [2].

The initiative highlights the increasing convergence of political strategy and cryptocurrency advocacy, as high-profile figures and institutions seek to embed Bitcoin into the broader economic and policy framework. While the $10 million long-term price target for Bitcoin has not been officially confirmed by Bailey, the PAC’s stated goals reflect a strong belief in Bitcoin’s future value and utility [3].

As the project moves forward, the industry will be keen to assess its impact on U.S. legislation and the global perception of Bitcoin. The success of this PAC could mark a pivotal moment in the evolution of cryptocurrency policy, potentially setting a precedent for future regulatory advocacy efforts.

Source:

[1] title1.............................(https://cointelegraph.com/news/david-bailey-bitcoin-pac-crypto-political-push)

[2] title2.............................(https://bsc.news/post/bailey-bitcoin-pac)

[3] title3.............................(https://www.ainvest.com/news/bitcoin-news-today-trump-adviser-launches-200m-bitcoin-pac-push-10-million-price-target-2508/)

[4] title4.............................(https://cryptonews.net/news/bitcoin/31375479/)