David Bailey, who previously served as a cryptocurrency advisor during the Trump administration, believes that the US government could enhance its efforts to promote Bitcoin adoption.
“Ultimately, simply expressing a fondness for Bitcoin isn’t sufficient,” Bailey remarked at the Bitcoin Investor Week Conference held in New York, with his comments shared on YouTube this past Tuesday.
Bailey, now the CEO and Chairman of KindlyMD—a company focused on Bitcoin treasury—stated that while the Trump administration took significant initial steps towards supporting cryptocurrency, there remains much more work to be done beyond mere discussions; actual implementation is crucial.
Concerns Over Delayed Strategic Bitcoin Reserve Initiative
Throughout his presidential campaign appearances, Trump consistently expressed his support for both Bitcoin (BTC) and the wider cryptocurrency sector.
Although he signed an executive order in March 2025 establishing a Strategic Bitcoin Reserve, it appears that progress has stalled as no significant accumulation of Bitcoin has occurred outside of assets seized from illegal activities.
“A year has passed since we signed off on this Strategic Bitcoin Reserve via an executive order,” Bailey pointed out.
David Bailey addressing attendees at the February conference in New York City. Source: Anthony Pompliano
“As far as I know, we still lack clarity on how much Bitcoin we actually possess,” he continued. According to Arkham Research data available at publication time, it shows that approximately 378,372 Bitcoins are currently held by authorities—valued around $22.48 billion.
A couple of months after Trump’s executive order was issued, David Sacks—the White House’s AI and crypto lead—indicated that acquiring more Bitcoins would not be straightforward unless funding could be secured without increasing taxes or adding to national debt burdens.
The industry became increasingly divided regarding this potential acquisition throughout the year. Some remained hopeful; Alex Thorn from Galaxy Digital’s research team mentioned in September there was still a “strong chance” such purchases might occur before 2025 concludes.
Baily emphasized that while Trump was one of the first politicians to endorse their perspective on cryptocurrencies—notably advocating for “our worldview”—mere opinions won’t suffice to elevate BTC prices towards $1 million levels.
“If you’re not prepared to invest political capital necessary for advancing initiatives surrounding cryptocurrencies then regardless if you like or dislike them you will see similar outcomes,” said Bailey.
The Future Success of Bitcoin Remains Promising According to Bailey
No matter what actions—or lack thereof—from US governmental bodies transpire moving forward; according to him success awaits all cryptocurrencies including bitcoin eventually.”We don’t require government assistance for our success,” he asserted confidently during discussions about future prospects within various timelines ranging from four years up until two decades down road.”
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Baily conveyed optimism regarding achievable milestones under current leadership stating “For sustained progress each passing year must witness increased ownership among voters” stressing inevitability tied into broader public acceptance over time.”
The price tag associated with bitcoin stands presently around $68k which marks roughly forty-five percent drop compared against previous peak recorded earlier October hitting approximately $126k based upon CoinMarketCap statistics provided today!
PApart from focusing solely upon Strategic reserves advocates are also closely monitoring developments surrounding proposed legislation known as CLARITY Act aimed clarifying regulatory frameworks impacting industry operations overall! Recently Donald trump commented via Truth Social platform urging prompt action concerning market structure improvements required ASAP!”
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