Bitcoin News Today: David Bailey Launches $100M–$200M Bitcoin PAC for Policy Push

David Bailey, a prominent Bitcoin strategist and former adviser to U.S. President Donald Trump, has announced plans to raise between $100 million and $200 million for a Political Action Committee (PAC) aimed at advancing Bitcoin-related policy goals. In a post on X on July 27, Bailey outlined the initiative, which he said would be anchored by Nakamoto, a reference to his Bitcoin treasury company, Nakamoto Holdings. The PAC is intended to support political candidates and legislative efforts that align with pro-Bitcoin positions, reflecting an increasing push by crypto advocates to influence U.S. political processes [1].

Bailey, who played a pivotal role in shaping Trump’s Bitcoin strategy during the 2024 election, emphasized the need for institutional-level political engagement to secure a favorable regulatory and economic environment for Bitcoin. He noted that one of the PAC’s primary objectives would be to drive the price of Bitcoin to $10 million, though he stressed that this should be done with a long-term vision. Other suggested priorities included abolishing capital gains tax on Bitcoin sales, protecting the right to self-custody, and promoting Bitcoin education in high schools [1].

Crypto firms have already demonstrated the political power of blockchain-backed PACs. Fairshake, a major crypto-aligned PAC supported by companies like Coinbase and Ripple, spent an estimated $130 million in the 2024 election cycle to back pro-crypto candidates. It currently holds $141 million in assets for future use. Bailey’s PAC would enter a growing field of politically active crypto organizations, with the aim of further cementing Bitcoin’s place in national policy discussions [1].

However, the proposal has drawn caution from some within the industry. Charles Allen, CEO of a major crypto firm, warned Bailey to tread carefully, citing potential legal risks if public company funds were used to support political efforts. Allen noted that such actions could expose a company to class-action lawsuits for breaches of fiduciary duty. Bailey responded by referencing Coinbase’s support for Fairshake, suggesting that such efforts could be justified under the right circumstances [1].

The move by Bailey comes at a time of heightened uncertainty in financial markets, with recent changes at the Federal Reserve and the Bureau of Labor Statistics creating volatility. The U.S. Dollar Index (DXY) has weakened to around 98.50, a level that historically supports Bitcoin’s price. Bitcoin has recently rebounded to approximately $114,916, closing in on the 50-period exponential moving average (EMA) at $115,672. Analysts are watching to see whether BTC can break above this level, a key technical indicator for sustained bullish momentum [2].

The PAC initiative highlights the growing political influence of the crypto industry and signals an effort to institutionalize Bitcoin advocacy through elected office. If successful, the PAC could become a major player in shaping future regulatory and legislative landscapes, particularly if Trump returns to the White House. As the U.S. political environment continues to shift, the alignment between Bitcoin’s price movements and the dollar’s strength suggests that crypto-backed political efforts could gain even more traction in the months ahead [2].

Sources:

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

[2] Crypto News, [https://cryptonews.net/news/bitcoin/31375479/](https://cryptonews.net/news/bitcoin/31375479/)