David Bailey, who advised the Trump administration on crypto and now leads Bitcoin treasury firm KindlyMD as CEO and chairman, told attendees at Bitcoin Investor Week in New York that warm words from government won’t be enough to broaden Bitcoin’s adoption.
“Liking Bitcoin is not enough,” Bailey said, arguing that symbolic endorsements must be followed by concrete steps and the political will to make policy and market shifts. He praised early pro-Bitcoin gestures from the administration but warned those gestures require follow-through.
Bailey cited the Strategic Bitcoin Reserve executive order from March 2025 as an example of limited implementation. The order instructed the government to create a reserve, yet public purchases beyond law-enforcement seizures have not been reported. According to Arkham Research, the U.S. presently holds 378,372 BTC—about $22.48 billion at the time of reporting—mostly accumulated through seizures.
Bailey noted both practical and political constraints on further accumulation. White House technology adviser David Sacks has said additional purchases would have to be “budget-neutral,” avoiding higher taxes or added national debt. Market analysts remain split: Galaxy Digital’s research chief Alex Thorn said in September there was a “strong chance” the government could still buy Bitcoin before the end of 2025, while others are more skeptical.
“Just because you like Bitcoin doesn’t mean that you’ve invested the political capital necessary for things to happen,” Bailey said, urging policymakers to accept the political costs required to “mobilize the different gears necessary to move the ball forward.”
Still, Bailey expressed confidence that Bitcoin’s long-term trajectory does not depend solely on immediate government action. “It’s not like we need the government to cater for us for Bitcoin to be successful,” he said, predicting that regulatory regimes will evolve in Bitcoin’s favor over years rather than months. He recommended broader retail ownership and engagement by voters, arguing that wider public ownership would make pro-Bitcoin policies more likely.
Market backdrop: Bitcoin was trading near $68,220, roughly 45% below its October all-time high of about $126,000, per CoinMarketCap at the time of reporting. Beyond the Strategic Bitcoin Reserve, industry watchers are monitoring potential legislation such as the U.S. CLARITY Act for clearer regulatory rules. President Trump has also pressed for action on “Market Structure” via social media, signaling that crypto policy remains on the political agenda.
Bailey’s message was straightforward: favorable rhetoric from officials helps, but meaningful change will require policy execution and political courage—and broader public ownership could be the catalyst that makes sustained government support inevitable.