david bailey wants to raise $200m pac to push bitcoin to $10 million and abolish capital gains tax on btc sales

david bailey just announced plans to raise a $100m to $200m political action committee focused entirely on advancing bitcoin interests in the us. this is the same guy who advised trump on bitcoin policy and basically orchestrated the entire political pivot that got us a pro crypto administration.

the scope of this pac is massive: bailey wants to anchor it through nakamoto holdings, his $300 million bitcoin treasury company. but the goals he outlined are way more ambitious than typical crypto lobbying. we're talking about fundamentally changing how america treats bitcoin.

primary objectives include:

pushing bitcoin price to $10 million (yes, he actually said this)

positioning bitcoin for long term dominance

abolishing capital gains tax on bitcoin sales

protecting self custody rights

legal protections for open source bitcoin developers

community suggestions are getting wild: stephan livera wants complete elimination of capital gains on btc. alex gladstein from human rights foundation is pushing for bitcoin debt payments from foreign countries, high school bitcoin education funding, and developer protection laws.

tuur demeester went even further, calling for full reserve banking requirements where banks must hold 100% of customer deposits in reserve. that would basically end fractional reserve banking as we know it.

this is different from previous crypto lobbying: fairshake pac spent $130 million in 2024 elections but focused on general crypto friendly candidates. bailey's pac would be bitcoin specific and aims to reshape fundamental economic policy around btc.

the fact that someone with direct trump administration connections is talking about $10 million bitcoin targets through political action tells you how seriously they're taking bitcoin's role in future policy.

potential concerns: charles allen from btcs warned bailey about fiduciary duty issues since he's using public company resources for political efforts. there's a real legal risk if shareholders think corporate funds are being misused for political activism.

bailey's response was that coinbase backed fairshake without issues, but allen pointed out that might not make sense in a pro crypto environment where corporate political spending isn't necessary.

the bigger picture: crypto companies spent $134 million on 2024 elections and won big. now we have elected officials who are actually pro bitcoin instead of just tolerating crypto. bailey sees this as the moment to push for structural changes while we have political momentum.

fairshake still has $141 million ready for future elections, but bailey's pac would be laser focused on bitcoin specific policy changes rather than general crypto acceptance.

what this could mean: if bailey successfully raises $200m and focuses it entirely on bitcoin policy priorities, we could see actual legislation around capital gains elimination, self custody protection, and bitcoin reserve banking requirements.

the $10 million price target isn't just speculation anymore when someone with this level of political access is building a war chest specifically to make it happen through policy changes.

anyone else thinking this might be the moment when bitcoin transitions from alternative asset to actual monetary policy tool?