David Bailey, a former crypto adviser to the Trump administration and now CEO and chairman of Bitcoin treasury firm KindlyMD, told attendees at Bitcoin Investor Week in New York that government approval alone won’t drive wider Bitcoin adoption.
“At the end of the day, liking Bitcoin is not enough,” Bailey said during his appearance. He acknowledged the Trump administration’s early steps toward a pro-Bitcoin stance but argued those gestures must be matched by concrete action and political investment to move policy and markets.
Bailey pointed to the Strategic Bitcoin Reserve executive order signed in March 2025 as an example of limited follow-through. While the order directed the government to establish a reserve, the administration has not publicly begun accumulating Bitcoin beyond amounts seized in law enforcement actions. Arkham Research data shows the U.S. currently holds 378,372 BTC, roughly $22.48 billion at the time of publication.
Bailey noted the practical and political hurdles. White House technology adviser David Sacks later said additional purchases would need to be “budget-neutral” so as not to raise taxes or increase national debt. Market observers split on the likelihood of further accumulation; Galaxy Digital research head Alex Thorn said in September there was a “strong chance” purchases could still occur before the end of 2025.
“Just because you like Bitcoin doesn’t mean that you’ve invested the political capital necessary for things to happen,” Bailey said, adding that policymakers must be willing to bear the political costs to “mobilize the different gears necessary to move the ball forward.”
Despite his critique, Bailey expressed confidence in Bitcoin’s long-term prospects independent of near-term government action. “It’s not like we need the government to cater for us for Bitcoin to be successful,” he said, predicting that whether in four, ten, or twenty years, regulatory environments will evolve to support Bitcoin. He urged more ownership among the public and voters, saying wider retail ownership will make pro-Bitcoin policy inevitable.
Market context: BTC traded near $68,220, about 45% below its October all-time high of roughly $126,000, according to CoinMarketCap at the time of reporting. Beyond the Strategic Bitcoin Reserve, industry participants are also watching potential legislation such as the U.S. CLARITY Act for regulatory clarity. Trump urged action on “Market Structure” on social media, underscoring ongoing political focus on crypto policy.
