Washington signed the paperwork and then did nothing with it. David Bailey, a former crypto advisor to the Trump administration, took the stage at Bitcoin Investor Week in New York and delivered a sharp message: enthusiasm without action is worthless.
“At the end of the day, liking Bitcoin is not enough,” Bailey told attendees at the conference, which was later streamed on YouTube. He warned that the Trump administration’s early moves, while being significant, represent only a fraction of what the industry needs to grow.
Reserve Order Signed, But Wallets Remain Empty
Trump signed an executive order establishing a Strategic Bitcoin Reserve in March 2025, generating enormous excitement across the crypto sector. But more than a year on, the U.S. government has not purchased a single Bitcoin beyond what law enforcement already seized from criminal operations.
Bailey pointed out that the government cannot even confirm exactly how much Bitcoin it holds—a striking fact for the world’s largest economy. Data from Arkham Research puts the figure at roughly 378,372 Bitcoin, valued at approximately $22.48 billion.
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White House AI and crypto czar David Sacks previously explained that any new purchases would need to happen in a “budget-neutral” way—meaning no new taxes and no additions to the national debt. That caveat effectively halted the plan.
Bitcoin Will Win, With or Without Washington
Despite his frustration, Bailey stopped short of pessimism. He argued that Bitcoin does not ultimately need government backing to survive. It only needs time and a growing number of voters who own it.
“Whether it’s four years from now or 10 years from now, we will get to the point where we have a government that is conducive to the rules we need,” he said.
Bailey urged the industry to keep expanding ownership, framing voter adoption as the most reliable path to lasting policy change. Bitcoin currently trades around $68,220, roughly 45% below its all-time high of $126,000 reached in October.
