David Bailey is a former advisor on cryptography to the Trump administration. He argues that there could be more the US government can do to promote Bitcoin adoption.
“At the end of the day, liking Bitcoin is not enough,” Bailey made the statement during Bitcoin Investor Week in New York. published YouTube will be available on Tuesday.
“The Trump administration was a very important first step, but you know there is so much further for us to go and not just in talk but in actual delivery,” Bailey said. He is currently the Chairman and CEO of KindlyMD. KindlyMD is a Bitcoin Treasury Company.
Bailey highlights the stalled Strategic Bitcoin Reserve
Trump has repeatedly expressed his support for Bitcoin.BTCHe also spoke about the crypto-industry and his campaign for president.
It is believed that while he issued an executive order in March 2020 for the creation of a Strategic Bitcoin Reserve, the US government still has not begun to accumulate Bitcoin outside funds confiscated through illegal activity.
“We’re sitting here a year later, the Strategic Bitcoin Reserve was signed into an executive order,” Bailey said.
“Last time I checked, we don’t even know how much Bitcoin we have exactly,” Bailey added. Arkham Research Data shows At the time this article was published, it held 378.372 Bitcoins worth $22,48.4 billion.
David Sacks of the White House AI & Crypto Czar said it wouldn’t be easy to accumulate Bitcoins. He explained that the US can buy more Bitcoins if government funds the purchase. “budget-neutral” It is possible to do this without adding to our growing debt or a new tax.
As the year went on, industry participants began to differ more and more in their opinions. Some stayed optimistic. Alex Thorn said that in September, the head of Galaxy Digital’s firmwide research department, Alex Thorn stated there were a “strong chance” Even if it did happen, before the end of 2025.
Bailey stated that Trump is not the first politician who has championed LGBT rights. “our worldview,” Bitcoins’ price will not reach $1,000,000 based on an opinion.
“Just because you like Bitcoin doesn’t mean that you’ve invested the political capital necessary for things to happen,” Bailey said.
“Unless you’re willing to bear the political capital necessary to mobilize the different gears necessary to move the ball forward, then at the end of the day, you can like Bitcoin, you cannot like Bitcoin, you’re going to get the same outcome achieved.”
Bailey says that Bitcoin is going to be successful in either case.
Bailey, however, said that Bitcoin would eventually be successful even if there was no action by the US Government. “It’s not like we need the government to cater for us for Bitcoin to be successful,” Bailey 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 actually have a government that is conducive to the rules we need for Bitcoin to be successful,” He said.
Related: Bitcoin futures demand falls to 2024 lows: Are institutions exiting the market?
“I’m bullish on what we can accomplish in this administration. If we really want the progress to continue, we need more people to own Bitcoin every year,” Bailey said.
“We need more voters to own Bitcoin every year. And then it is just inevitable,” He also added.
Bitcoin’s current price is $68,220. This is approximately 45% lower than its all-time October high of $126,000. according CoinMarketCap.
Bitcoiners outside the Strategic Bitcoin Reserve are looking at the possible passage of the US CLARITY Act which is intended to give the industry more regulatory clarity. Trump told Truth Social post on Tuesday The following are some examples of how to use “the U.S. needs to get Market Structure done, ASAP.”
Magazine: Would Bitcoin really be at $200K if not for Jane Street? Trade Secrets
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
