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Former Trump Advisor: U.S. Authorities Are Not Doing Enough to Strengthen Bitcoin, 2026/03/04 11:48:31
David Bailey, the chairman of KindlyMD and a former advisor to U.S. President Donald Trump, stated that American authorities could enhance their efforts to support Bitcoin.
Speaking at the Bitcoin Investor Week conference in New York, Bailey emphasized that Donald Trump’s favorable view of Bitcoin is insufficient. He pointed out the lack of advancement in the implementation of a plan to establish a strategic reserve in Bitcoin.
In March 2025, Donald Trump signed an executive order to create such a reserve; however, the U.S. government has yet to initiate additional Bitcoin purchases beyond assets seized during criminal investigations.
Two months following the signing of the order, White House advisor on cryptocurrencies and artificial intelligence David Sacks cautioned that the accumulation of Bitcoin could prove challenging. He indicated that the government could only increase purchases under “budget-neutral” financing—without raising taxes or increasing national debt.
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According to analytics firm Arkham Research, the U.S. currently holds 378,372 BTC, valued at approximately $22.48 billion.
Bailey remarked that the Trump administration took the initial step toward enhancing Bitcoin’s significance, but the president’s positive stance on cryptocurrencies alone is not enough to drive BTC’s price to $1 million.
“The Trump administration’s support for Bitcoin is insufficient. If the U.S. is not prepared to invest the political capital necessary to advance cryptocurrencies, then regardless of whether you favor Bitcoin or not, there will be no significant outcomes,” Bailey stated.
He added that even in the absence of proactive measures from the U.S. government, Bitcoin has the potential to achieve long-term success.
Previously, two economic advisors from former President Joe Biden’s administration expressed skepticism about Donald Trump’s ability to significantly influence the development of the crypto market, despite discussions surrounding legislation on the regulation of digital assets.
