Former Trump advisor calls for action beyond Bitcoin support
David Bailey, who served as a cryptocurrency advisor during the Trump administration, thinks the US government needs to do more than just express support for Bitcoin. He made these comments at the Bitcoin Investor Week Conference in New York, and the recording was published on YouTube this Tuesday.
“At the end of the day, liking Bitcoin is not enough,” Bailey said. He acknowledged that the Trump administration represented an important first step, but emphasized that there’s still a long way to go. “Not just in talk but in actual delivery,” he added. Bailey now leads KindlyMD, a company focused on Bitcoin treasury management.
Strategic Bitcoin Reserve remains inactive
Bailey pointed to the stalled Strategic Bitcoin Reserve plan as a key example of inaction. Former President Trump signed an executive order for this reserve back in March 2025, but according to Bailey, the government hasn’t actually started accumulating Bitcoin beyond what’s been seized from illegal activities.
“We’re sitting here a year later, the Strategic Bitcoin Reserve was signed into an executive order,” Bailey noted. He expressed frustration about the lack of progress, saying, “Last time I checked, we don’t even know how much Bitcoin we have exactly.”
Current data shows the US holds about 378,372 Bitcoin, valued at roughly $22.48 billion. But that’s mostly from seizures, not from active purchases through the reserve program.
The challenges became apparent just two months after Trump signed the order. David Sacks, who served as White House AI and crypto czar, explained that buying more Bitcoin wouldn’t be straightforward. He said the government could only proceed if it could fund purchases in a “budget-neutral” way—without raising taxes or adding to the national debt.
Mixed reactions and continued optimism
As 2025 progressed, opinions within the industry became more divided. Some remained hopeful. Alex Thorn from Galaxy Digital said in September there was still a “strong chance” the reserve would happen before year’s end.
Bailey acknowledged Trump’s role as the first major politician to champion the Bitcoin worldview, but stressed that political support alone won’t drive Bitcoin’s price to $1 million. “Just because you like Bitcoin doesn’t mean that you’ve invested the political capital necessary for things to happen,” he argued.
Bitcoin’s path forward
Interestingly, Bailey believes Bitcoin will succeed regardless of government action. “It’s not like we need the government to cater for us for Bitcoin to be successful,” he said. He thinks it’s inevitable that governments will eventually adapt to support Bitcoin properly, whether that takes four, ten, or twenty years.
Still, he remains optimistic about what can be achieved in the current administration. “I’m bullish on what we can accomplish,” Bailey said. He emphasized the importance of increasing Bitcoin ownership among voters, suggesting that broader adoption would naturally lead to more supportive policies.
Bitcoin currently trades around $68,220, which is about 45% below its October peak of $126,000. Beyond the reserve issue, the cryptocurrency community is watching the potential passage of the US CLARITY Act, which aims to provide clearer regulations for the industry.
Trump recently posted on Truth Social that “the U.S. needs to get Market Structure done, ASAP,” indicating continued interest in cryptocurrency policy matters. The question remains whether words will translate into concrete actions that satisfy critics like Bailey.
