David Bailey, an entrepreneur and Bitcoin advisor, has announced plans to create a political action committee (PAC) to support Bitcoin's interests in the US, aiming to raise $200 million.
Goals of the New PAC
Bailey plans to raise between $100 million and $200 million for a PAC focused on advancing Bitcoin priorities. One of the key goals is to raise the price of Bitcoin to $10 million.
Expert Suggestions
Bailey reached out to users for ideas, leading to various initiatives, including the abolition of capital gains tax on Bitcoin and protecting the right to self-custody.
Impact of Crypto Companies on Politics
Crypto companies are already actively participating in the political process. In 2024, they spent over $134 million on elections, supporting candidates with pro-crypto views.
Bailey's plan to create a PAC to promote Bitcoin in the US sets new goals for the industry, potentially changing the political and economic landscape.
