The U.S. government holds approximately 378,372 Bitcoin, valued at over $24 billion. Despite a presidential executive order establishing a Strategic Bitcoin Reserve, no new Bitcoin has been purchased beyond assets seized from criminal activities.
David Bailey, a former crypto advisor to the Trump administration, stated at the Bitcoin Investor Week Conference in New York City that political goodwill is insufficient for market or policy advancement. He emphasized that the administration's support for Bitcoin, while real, requires more than just endorsements to translate into tangible action.
Bailey described the current situation as symbolic, noting that without overcoming resistance from budget hawks and skeptical lawmakers, the reserve order remains largely on paper. Reports indicate that the White House's AI and crypto coordinator, David Sacks, acknowledged the challenge, suggesting that expanding Bitcoin holdings would need a "budget-neutral" approach.
Bailey stressed that without a willingness to expend political capital and mobilize necessary gears, progress is stalled. He differentiated between voicing support and actively working to back it up.
Despite these criticisms, Bailey expressed optimism, asserting that Bitcoin can thrive independently of government action. He believes that eventually, a government conducive to Bitcoin's success will emerge. Bailey now leads KindlyMD, a Bitcoin treasury company, focusing on expanding ownership rather than waiting for Washington's policy shifts, arguing that increased ownership will inevitably drive pro-Bitcoin policies.