Trump Advisor Proposes to Eliminate Bitcoin Profit Tax

Bitcoin Magazine CEO David Bailey plans to push for the removal of capital gains tax on BTC. He will create a $200M PAC and allow countries to repay debt in crypto.

$200M PAC to Fight for Crypto Tax Reform

David Bailey, CEO of Bitcoin Magazine and advisor to Donald Trump, has announced a bold initiative. He plans to launch a political action committee (PAC) with a $200 million budget aimed at eliminating capital gains tax on Bitcoin.

To fund this effort, Bailey intends to use resources from his investment firm Nakamoto Holdings, which manages substantial BTC reserves. His long-term vision includes making Bitcoin a mainstream financial instrument in the U.S.

Vision Includes $10M BTC and Crypto Debt Repayment

In addition to tax reform, Bailey outlined three more goals for his PAC:

• Drive Bitcoin’s price to $10 million per coin;
• Introduce Bitcoin education in schools and universities;
• Allow nations to repay debt obligations using Bitcoin.

However, his plan sparked concerns. BTCS CEO Charles Allen warned that using company capital for political purposes could result in shareholder lawsuits.

Bailey acknowledged the risks but said success would depend on support from other crypto leaders. He hopes the industry will unite around this ambitious vision to redefine Bitcoin’s role in global finance.