Cryptocurrency founder David Bailey aims to establish a powerful political machine to promote Bitcoin's interests in the U.S. His ambitions focus on reshaping legislation and influencing public opinion about digital currencies.
Bailey's Ambitious Plan
David Bailey, with a history of engaging high-profile politicians, is drafting plans for a $200 million PAC to shift Bitcoin from the blockchain to the ballot box. He hinted, 'We’re not here to play defense anymore.'
PAC Strategy and Goals
Bailey plans to crowdsource the PAC's agenda, focusing on eliminating capital gains tax on Bitcoin, protecting open-source developers, and safeguarding self-custody rights. The strategy is to find pressure points in the system, akin to lobbying.
Potential Risks and Current Realities
Some industry figures warn against blending political efforts with public company funds, citing legal ramifications. Nonetheless, Bailey points to other PACs' successful backing of pro-crypto legislators.
The development of PAC and Bailey's heightened political activism could significantly alter the landscape of cryptocurrency policy in the U.S., transforming Bitcoin from a financial exchange tool into an active influence component.
