David Bailey, a former crypto advisor to the Trump administration, said the US government needs to move from pro-Bitcoin rhetoric to concrete action.
He made the comments during the Bitcoin Investor Week Conference in New York, in remarks later published to YouTube.
Strategic Bitcoin Reserve still unclear
Bailey pointed to President Donald Trump’s March 2025 executive order establishing a Strategic Bitcoin Reserve, arguing the US has not shown evidence of accumulating bitcoin beyond coins seized in criminal cases.
Bailey said from the stage:
“At the end of the day, liking Bitcoin is not enough.”
He also questioned the government’s transparency around its holdings.
Bailey said:
“Last time I checked, we don’t even know how much Bitcoin we have exactly.”
The US government has been estimated to hold 378,372 BTC, worth about $22.48 billion at the time of publication.
Budget-neutral buying and a $1 million target
Bailey argued that political follow-through matters if policymakers want to influence outcomes like a $1 million bitcoin price.
Bailey said:
“Unless you’re willing to bear the political capital necessary to mobilize the different gears necessary to move the ball forward, then at the end of the day, you can like Bitcoin, you cannot like Bitcoin, you’re going to get the same outcome achieved.”
Bitcoin price and regulation in focus
Bailey said Bitcoin does not need the government to succeed, but expects a future US government to create conditions Bitcoin needs.
Bitcoin was trading around $68,220, about 45% below its October all-time high near $126,000.
