Entrepreneur David Bailey, Bitcoin adviser to Trump, aims to raise $200 million for a PAC supporting Bitcoin in the US. Fairshake, a prominent crypto PAC, spent $130 million in the 2024 US elections. Bailey wants to boost BTC to $10 million and focus on key issues like abolishing capital gains tax and self-custody rights.

Bailey’s proposed PAC aims to push for Bitcoin’s price increase and long-term stability. Suggestions from users include legal protections for developers, Bitcoin education, and foreign debt repayment in Bitcoin. Tuur Demeester emphasizes the importance of full reserve banking for Bitcoin’s success, promoting bipartisan support, and funding for education.

Bailey’s Nakamoto Holdings raised $300 million and operates hedge fund 210k Capital. However, concerns arise about potential legal issues if Bailey uses public company funds for political purposes. Cointelegraph reached out to Bailey for further comment and discussed the process of creating a PAC, which involves appointing a treasurer and filing financial reports.

Crypto companies spent over $134 million in the 2024 US elections. Elected officials with pro-crypto views increased, with Democratic candidate James Walkinshaw winning a primary after a crypto-backed PAC’s support. Fairshake holds $141 million for future elections. The political influence of crypto companies is on the rise, with significant funding and support for candidates.

Read more at Cointelegraph: Trump Adviser Eyes $200 Million Bitcoin Focussed PAC