David Bailey, a former crypto advisor to the Trump administration and current CEO of Bitcoin treasury company KindlyMD, is urging the U.S. government to move beyond merely expressing support for Bitcoin and take concrete steps to foster its adoption.
“At the end of the day, liking Bitcoin is not enough,” Bailey said at the Bitcoin Investor Week Conference in New York, emphasizing that while the Trump administration laid the groundwork, more needs to be done to translate support into tangible action.
Stalled Strategic Bitcoin Reserve Plan
Despite President Trump’s vocal support for Bitcoin and the broader crypto industry, the Strategic Bitcoin Reserve plan, signed into an executive order in March 2025, has yet to see significant progress. According to Bailey, the government has not yet begun accumulating Bitcoin outside of funds seized through illicit activities.
“We’re sitting here a year later, the Strategic Bitcoin Reserve was signed into an executive order, but last time I checked, we don’t even know how much Bitcoin we have exactly,” he said. Data from Arkham Research shows the current holdings stand at 378,372 Bitcoin, worth approximately $22.48 billion at the time of publication.
Political Capital and Budget Neutrality
The process of accumulating Bitcoin for the reserve has faced significant hurdles, including the need to fund the purchase in a budget-neutral manner without raising taxes or adding to the national debt. White House AI and crypto czar David Sacks highlighted these challenges, noting that the government must find a way to make the acquisition financially viable.
Industry experts remain divided on the feasibility of the Strategic Bitcoin Reserve. Alex Thorn, head of firmwide research at Galaxy Digital, remains optimistic, suggesting a strong chance of the plan’s implementation by the end of 2025.
Bitcoin’s Inevitable Success
While Bailey acknowledges the importance of government support, he believes Bitcoin will ultimately succeed regardless of official backing. “It’s not like we need the government to cater for us for Bitcoin to be successful,” he said. “Whether it’s four years from now, or 10 years from now, or 20 years from now, we will get to the point where we have a government that is conducive to the rules we need for Bitcoin to be successful,” he added.
Despite the current challenges, Bailey remains bullish on Bitcoin’s future. “If we really want the progress to continue, we need more people to own Bitcoin every year. We need more voters to own Bitcoin every year, and then it is just inevitable,” he said.
Looking Ahead
Bitcoin’s price currently stands at $68,220, approximately 45% below its October all-time high of $126,000. The crypto community is also closely watching the potential passage of the U.S. CLARITY Act, which aims to provide more regulatory clarity for the industry.
While the path forward may be uncertain, Bailey’s insights underscore the need for continued advocacy and grassroots support to drive Bitcoin’s adoption and success. The future of Bitcoin, he believes, lies in the hands of its growing community of users and investors.
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