David Bailey, a prominent figure in the Bitcoin space and an advisor to former U.S. President Donald Trump, is planning to launch a political action committee (PAC) with a fundraising target of $200 million. The aim of this PAC is to promote Bitcoin's interests within the United States and create a platform for Bitcoin voters.
Bailey, known for founding Bitcoin Magazine and BTC Inc., played an advisory role during Trump's presidential campaign and is considered a key influence in the former president's favorable stance on Bitcoin. He announced his plans for the PAC on X, stating his intention to raise between $100 million and $200 million, with Nakamoto Holdings, his Bitcoin treasury company, as a primary supporter. Nakamoto currently holds 21 BTC but intends to acquire hundreds of millions more as early as August 11. Bailey has already raised around $1 billion.
The primary function of US PACs is to raise funds through donations, which are then used to support specific political candidates, parties, and causes. One of the most well-known crypto-related PACs, Fairshake, spent an estimated $130 million during the 2024 US elections to back candidates who support crypto and oppose those who are against it.
Bailey has been actively involved in Washington D.C. since the spring of 2024, when he endorsed Donald Trump's candidacy. By July 2024, Trump spoke at Bailey's conference in Nashville and expressed gratitude for Bailey's efforts. Bailey also attended White House events and received recognition from the Trump administration during Trump's term.
One of the main goals of Bailey's proposed PAC is to drive the price of Bitcoin to $10 million and ensure its long-term stability. He has also invited suggestions for other priorities the PAC should focus on. Stephan Livera, a Bitcoin podcaster, suggested abolishing capital gains tax on Bitcoin sales and protecting the right to self-custody. Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation, proposed advocating for legal protections for open-source developers, incentivizing Bitcoin education in high schools, and allowing foreign countries to repay debts to America in Bitcoin. Tuur Demeester, a Bitcoin investor and advisor to the Texas Bitcoin Foundation, emphasized the importance of energy independence and fiscal responsibility.
If Bailey succeeds in raising $200 million, his PAC's budget for 2026 would be approximately 4% of total Super PAC expenditures. Spending $100 million on the 2026 US mid-terms would exceed the median PAC expenditures, which are typically in the low single-digit millions, even during presidential elections. It is not yet clear whether Nakamoto will make any corporate donations to the PAC, but Bailey intends for it to be anchored by the company.
David Bailey is among several BTC treasury executives who are becoming increasingly involved in politics. Michael Saylor, Executive Chairman of MicroStrategy, has been actively meeting with lawmakers and advocating for the protection of Bitcoin as a strategic national asset. Jack Dorsey, co-founder of Block (formerly Square) and Twitter, has also supported pro-Bitcoin and libertarian candidates. Public and private treasury executives manage over 1.2 million BTC, giving them substantial wealth to contribute to US elections.
