David Bailey, founder of Bitcoin Magazine and BTC Inc., is planning to raise up to $200 million for a political fund focused on supporting Bitcoin
Bailey stated in an August 3 post on X that he is considering setting up a political action committee (PAC) backed by Nakamoto Holdings, a Bitcoin treasury company he manages, with a fundraising goal of $100 to $200 million.
In recent years, several crypto-related PACs have become more active. One of the largest, Fairshake, received backing from firms like Coinbase
$1.78B
and Ripple Labs and spent around $130 million during the 2024 elections.
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According to Bailey, one goal of the proposed PAC is to help raise Bitcoin’s value to $10 million over time, but he also emphasized a goal of supporting long-term progress in the Bitcoin community.
He also asked for feedback from the community. Alex Gladstein of the Human Rights Foundation recommended pushing for legal safeguards for developers working on open-source Bitcoin tools, expanding Bitcoin education to high schools, and giving countries that owe the US money the option to repay in Bitcoin.
Additionally, Stephan Livera, who hosts a Bitcoin podcast, suggested the group focus on removing capital gains tax for Bitcoin transactions and protecting the ability of users to hold their own assets.
Recently, Robert “Bo” Hines confirmed that the Trump administration still plans to build a national Bitcoin reserve. What did he say? Read the full story.
