Ex-Trump Advisor Urges US to Act on Bitcoin Adoption
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David Bailey, a previous advisor on cryptocurrency during the Trump administration, is calling for a more proactive stance from the U.S. government regarding Bitcoin’s integration into the economy. At the recent Bitcoin Investor Week Conference in New York, he expressed that mere endorsement of Bitcoin is insufficient for fostering its growth.
Bailey highlighted that the former administration laid the groundwork for cryptocurrency acceptance, but emphasized the need for substantial actions beyond verbal support. He pointed out that more than just appreciation is necessary for Bitcoin to thrive.
Referring to the stalled Strategic Bitcoin Reserve initiative, Bailey noted that while the executive order was signed back in March 2025, tangible progress has been lacking. According to him, the government has not initiated Bitcoin purchasing outside of assets taken from unlawful activities.
He remarked on the current situation, indicating the significant gap between intent and action: there remains uncertainty about how much Bitcoin the U.S. truly possesses. As it stands, data suggests that the country holds approximately 378,372 Bitcoin, totaling around $22.48 billion.
After the executive order, officials, including David Sacks, who oversees AI and cryptocurrency efforts at the White House, explained that acquiring Bitcoin would require navigating financial constraints. Sacks indicated that any purchases need to occur in a manner that doesn’t contribute to the national debt.
Within the industry, opinions have diverged regarding the feasibility of the Bitcoin Reserve. Some remain optimistic, such as Alex Thorn from Galaxy Digital, who believes there’s a strong likelihood that action will be taken by the end of 2025.
Bailey underscored that while Trump played a pivotal role in bringing Bitcoin into broader political discourse, support must translate into meaningful political action. He noted that simply expressing approval for Bitcoin does not equate to mobilizing the necessary political will to foster real change.
Despite the hurdles, Bailey is confident about Bitcoin’s prospects. He stated that government support is not a prerequisite for the cryptocurrency’s success, asserting that a conducive regulatory environment will eventually materialize.
Bailey forecasted that regardless of governmental initiatives, Bitcoin is poised to reach a point of acceptance and utility within a decade or two. He believes an increase in Bitcoin ownership among voters will inevitably lead to greater momentum for the cryptocurrency.
Currently, Bitcoin’s trading price stands at approximately $68,220, which is about 45% lower than its peak of $126,000 reached in October. In addition to the Strategic Bitcoin Reserve, the U.S. CLARITY Act is also under consideration to provide clearer regulations for the cryptocurrency sector.
Overall, Bailey’s remarks underline the necessity for substantive governmental engagement to harness the full potential of Bitcoin, suggesting that a strong and active approach to cryptocurrency could yield significant benefits for the economy.
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