David Bailey is a well-known supporter of Bitcoin and has provided cryptocurrency policy advice to U.S. President Trump. He recently announced plans to buy $762 million worth of Bitcoin as early as Tuesday.
“Since I got into Bitcoin, I've dreamed of buying $1 billion worth of Bitcoin all at once,” he said on Monday, “Tomorrow, that dream will come true.”
At current market prices, this amount can buy approximately 6,400 Bitcoins (BTC).
Bailey stated that the purchase will use a volume-weighted average price (VWAP) strategy, breaking up large orders into smaller trades to reduce market slippage and disruption, rather than buying directly in the market.
Bailey is the CEO of Satoshi Nakamoto Company, which is related to Bitcoin, and co-founded BTC Inc., the parent company of Bitcoin Magazine.
“We are building a Bitcoin giant.”
Increase awareness of Bitcoin in the U.S.
Bailey served as an advisor in Trump's presidential campaign and is considered a key figure in the president's shift in Bitcoin policy. Earlier this month, he expressed a desire to raise $200 million to establish a political action committee (PAC) to promote Bitcoin's interests in the U.S.
Satoshi Nakamoto Company has adopted the bullfrog as its mascot.
On Monday, Satoshi Nakamoto Company changed its mascot to a bullfrog, with Bailey explaining that it represents “the legendary treasure raider, the top predator of the ecosystem, willing to consume anything that can enhance the per-share Bitcoin yield.”
In June, the company raised $51.5 million through public equity trading.
Corporate holdings continue to increase.
Last month, at least 17 institutions included Bitcoin in their finances, with a total of 221 public and private companies now holding Bitcoin, totaling over 1.24 million BTC.
