David Bailey, a Bitcoin adviser to former President Donald Trump, is aiming to raise $200 million for a political action committee (PAC) to promote Bitcoin's interests in the US. A seasoned entrepreneur and founder of Bitcoin Magazine, Bailey intends to establish a PAC anchored by Nakamoto Holdings. Among the priorities is a significant increase in Bitcoin value, targeting a price of $10 million. He invites the Bitcoin community to suggest additional goals, including the protection of open-source developers and increased education on Bitcoin. Concerns have been raised regarding potential fiduciary issues, particularly relating to Bailey's other business connections, suggesting he should exercise caution in aligning political efforts with public company funds. Established PACs like Fairshake, supported by major crypto players, are active in backing pro-crypto candidates. Bailey's efforts reflect a growing trend of crypto engagement in US politics, particularly ahead of the 2024 elections, as companies seek to influence the political landscape in favor of cryptocurrency.

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