David Bailey, a former crypto advisor to the Trump administration, argues that the US authorities may very well be doing extra to assist Bitcoin adoption.
“On the finish of the day, liking Bitcoin will not be sufficient,” Bailey stated in the course of the Bitcoin Investor Week Convention in New York, which was revealed to YouTube on Tuesday.
“The Trump administration was a vital first step, however there may be a lot additional for us to go and never simply in discuss however in precise supply,” stated Bailey, who now serves as CEO and Chairman of KindlyMD, a Bitcoin treasury firm.
Bailey factors to stalled Strategic Bitcoin Reserve plan
Trump repeatedly voiced his assist for Bitcoin (BTC) and the broader crypto business throughout his presidential marketing campaign appearances.
Whereas he signed an government order for a Strategic Bitcoin Reserve in March 2025, it’s understood that the US authorities has but to start accumulating Bitcoin outdoors of the funds seized by means of illicit exercise.
“We’re sitting right here a yr later, the Strategic Bitcoin Reserve was signed into an government order,” Bailey stated.
“Final time I checked, we don’t even know the way a lot Bitcoin we’ve got precisely,” Bailey added. Knowledge from Arkham Analysis reveals it presently holds 378,372 Bitcoin, price roughly $22.48 billion on the time of publication.
Simply two months after Trump signed the chief order, White Home AI and crypto czar David Sacks stated the method of accumulating wouldn’t be so easy, explaining that the US may purchase extra Bitcoin if the federal government may fund the acquisition in a “budget-neutral” manner, with no tax or including to the rising nationwide debt.
Trade contributors grew to become extra divided on the chance because the yr progressed. Some stayed optimistic. Galaxy Digital’s head of firmwide analysis, Alex Thorn, stated in September that there was a “robust probability” it will nonetheless occur earlier than the tip of 2025.
Bailey stated that whereas Trump has been the primary politician to champion “our worldview,” an opinion alone isn’t sufficient to drive Bitcoin’s worth to $1 million.
“Simply since you like Bitcoin doesn’t imply that you just’ve invested the political capital essential for issues to occur,” Bailey stated.
“Except you’re keen to bear the political capital essential to mobilize the totally different gears essential to maneuver the ball ahead, then on the finish of the day, you’ll be able to like Bitcoin, you can’t like Bitcoin, you’re going to get the identical consequence achieved.”
Bitcoin will succeed both manner, says Bailey
Nonetheless, even with out motion from the US authorities, Bailey stated Bitcoin will ultimately succeed. “It’s not like we’d like the federal government to cater for us for Bitcoin to achieve success,” Bailey stated.
“Whether or not it’s 4 years from now, or 10 years from now, or 20 years from now, we’ll get to the purpose the place we even have a authorities that’s conducive to the foundations we’d like for Bitcoin to achieve success,” he stated.
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“I’m bullish on what we will accomplish on this administration. If we actually need the progress to proceed, we’d like extra individuals to personal Bitcoin yearly,” Bailey stated.
“We want extra voters to personal Bitcoin yearly. After which it’s simply inevitable,” he added.
Bitcoin is presently buying and selling at $68,220, roughly 45% under its October all-time excessive of $126,000, in accordance to CoinMarketCap.
Outdoors the Strategic Bitcoin Reserve, Bitcoiners are eyeing the potential passage of the US CLARITY Act, which goals to supply the business with extra regulatory readability. Trump stated in a Reality Social submit on Tuesday that “the U.S. must get Market Construction performed, ASAP.”
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