- David Bailey, an entrepreneur and Trump’s Bitcoin adviser, has shared his interest in starting a $200 million PAC focused on pushing Bitcoin price.
- So many people in the crypto space have shared their thoughts and perspectives regarding the matter, with some emphasizing the areas that still need to be worked on and others showing their full wing of support.
We’ve seen that since the re-election and inauguration of President Trump, there has been a significant increase in crypto interests and advocacy. A few days ago, David Bailey, Trump’s Bitcoin adviser, suggested that he would raise a $100 million to $200 million PAC with the sole aim of pushing the BTC price to $10 million.
Who is David Bailey? What is a PAC, and why does it matter?
David Bailey is an entrepreneur and the founder of BTC Inc., a Bitcoin magazine company. BTC Inc. is the parent company. David purchased the magazine publication company from Mihai Alisie and Vitalik Buterin, who is now well-known for creating Ethereum. BTC Inc. has acted as a parent company that runs on several brands, and so far, they’ve successfully raised over $40 million.
The company also organizes the biggest BTC event in the crypto industry. Above all, David is now Trump’s Bitcoin adviser, showing his strong political connections and networks.
According to the post shared by David Bailey, he plans to raise between $100 and $200 million to push the price of Bitcoin. He intends to make this raise through a PAC, or what is called a Political Action Committee. Basically, a PAC is an organization or group set up in order to raise and spend money to elect or take out a political candidate. In this case, David intends to use his own political connections to organize a PAC that would help push the king coin’s price.
Last year, Fairshake managed to carry out a successful PAC that raised $130 million to support political candidates with a pro-crypto agenda. In David’s post, he shares that the sole objective of doing this PAC is to drive Bitcoin to $10 million/BTC.
Community Reaction to the Bitcoin Proposition
Many have shared their different views on David’s proposition. Stephan Livera, a Bitcoin podcaster, suggested that there should be an end to capital gains tax on BTC sales, while Alex Gladstein, chief strategy officer at the Human Rights Foundation, shared that there should be legal support for open-source developers, the promotion of Bitcoin lessons in high schools, and letting foreign nations repay U.S. debts using BTC.
Also Read: US CFTC Kicks Off Crypto Sprint to Advance Trump’s Vision With SEC Support
