David Bailey Launches $200M Bitcoin PAC for Tax Reform & Self-Custody
David Bailey, founder of Bitcoin Magazine and manager at Nakamoto Holdings, is raising up to $200 million to establish a Bitcoin PAC in Washington, D.C. The PAC will lobby for pro-Bitcoin policies, including abolishing capital gains tax on BTC, securing self-custody rights and introducing crypto education in schools. It also incorporates community proposals such as open-source developer protections, allowing foreign debt repayments in Bitcoin and debating a return to full-reserve banking. Bailey aims for long-term Bitcoin price growth toward $10 million and cites Coinbase’s Fairshake — which spent over $130 million in the 2024 cycle — as proof of concept. Legal requirements include FEC registration, appointing a treasurer and reporting expenditures. Critics warn of shareholder backlash and lawsuits over corporate political funding. If successful, this Bitcoin PAC could significantly influence U.S. crypto regulation and market trajectories.
Bullish
The launch of a dedicated Bitcoin PAC by David Bailey and Nakamoto Holdings signals heightened political advocacy for pro-Bitcoin policies, including capital gains tax repeal, self-custody protections, and crypto education. These measures, if enacted, would lower regulatory barriers and expand institutional and retail adoption of BTC, supporting demand. Historical PAC spending like Fairshake’s $130M in 2024 demonstrates that targeted lobbying can influence regulation. In the short term, announcements may boost market sentiment and trading volume, while long-term legal safeguards and improved infrastructure could underpin sustained price appreciation. Potential legal challenges over corporate political funding introduce some uncertainty, but the overall trajectory favors a bullish outlook for Bitcoin.