David Bailey, an entrepreneur and Bitcoin advisor, announced plans to create a political action committee (PAC) aimed at supporting Bitcoin-friendly policies in the U.S.
Plans for the PAC
David Bailey, founder of Bitcoin Magazine, revealed his intention to raise $200 million for a PAC focused on promoting policies that support Bitcoin growth. In his post on X (formerly Twitter), Bailey emphasized the need for a powerful PAC anchored by Nakamoto, his Bitcoin treasury firm. A priority for the PAC will be to support Bitcoin prices, aiming to reach $10 million.
Industry Support
Among the thought leaders supporting Bailey's initiative are podcaster Stephan Livera and Alex Gladstein from the Human Rights Foundation. They proposed a range of ideas, including incentivizing Bitcoin education in schools and allowing foreign nations to repay debt in BTC. Tuur Demeester highlighted the importance of full reserve banking as a cornerstone for Bitcoin-related economic reform.
Limitations and Issues
However, not all feedback was positive. Charles Allen, CEO of BTCS, raised concerns about mixing public company resources with political fundraising, warning that this could raise legal and fiduciary issues. He noted that if political efforts are financed with public company funds, it may result in a class-action lawsuit.
Bailey's initiative highlights the growing involvement of cryptocurrency companies in U.S. politics. The active interest in creating a PAC to support Bitcoin may significantly influence the future adoption of various policies and regulations concerning cryptocurrencies.
