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US President Donald Trump's Bitcoin advisor David Bailey announced his new Bitcoin ($BTC) move.
Accordingly, David Bailey aims to raise $200 million to establish a political action committee to advance Bitcoin's interests in the United States.
Bailey, who is also the founder of Bitcoin Magazine and $BTC Inc., served as an advisor during Trump's presidential campaign and is considered a key supporter of the president's transition to Bitcoin.
“I've learned a lot this year about politics and how the game is played,” Bailey said, referring to his Bitcoin treasury company, Nakamoto Holdings. “I'm considering raising a $100-200 million PAC under Nakamoto's leadership to advance the Bitcoin cause.”
Bailey added that one of the PAC's main priorities will be to increase the price of Bitcoin to $10 million and strengthen its long-term position.
Charles Allen, CEO of publicly traded company BTCS, said Bailey should proceed with caution due to his connections to other Bitcoin companies.
Bailey founded Nakamoto Holdings, a Bitcoin holding company that raised $300 million to launch in May, and 210k Capital, a hedge fund focused on Bitcoin investments.
“Be careful, your duty is to shareholders. If you fund your political efforts with public company funds, you could find yourself facing a class action lawsuit for breach of fiduciary duty,” Allen warned Bailey.
*This is not investment advice.