A bitcoin industry figure predicted that whether it takes 10 years or 20 years, bitcoin (BTC) will ultimately reach a stage where the U.S. government provides the institutional environment needed for success.

Cointelegraph reported on Tuesday that David Bailey, who served as a crypto adviser in the Trump administration, said at the recent Bitcoin Investor Week conference in New York, "In the end, just liking bitcoin is not enough." The remarks were released on YouTube after the event.

Bailey, who is now chief executive and chairman of bitcoin custodian KindleyMD, said the Donald Trump administration took an important first step but there is still a long way to go in actual policy implementation. "The Trump administration was a very important starting point, but more progress is needed not only in words but in action," he said.

Trump repeatedly voiced support for bitcoin and the crypto industry during his election campaign. In March 2025, he also signed an executive order for a strategic bitcoin stockpile. However, the U.S. government is known not to have actively bought bitcoin separately so far, apart from holdings seized in criminal investigations.

Bailey said a year has passed since the executive order was signed, but it is still not clear how the strategic bitcoin reserve is actually being run. He also said it is unclear exactly how much bitcoin the United States holds. Arkham Research estimates the U.S. government currently holds about 378,372 BTC.

Two months after the executive order, David Sacks, the White House AI and crypto czar, said additional bitcoin purchases could be possible if the government can raise funds in a "budget-neutral" way without tax hikes or expanding national debt. He added that the actual accumulation process would not be simple.

The industry is split on the possibility of additional U.S. purchases. Some remain optimistic. Alex Thorn, head of firmwide research at Galaxy Digital, assessed in September last year that there is still a strong chance of meaningful progress before the end of 2025.

Bailey acknowledged that Trump is the first major politician to publicly back a crypto-friendly worldview, but said simple expressions of support would make it difficult for bitcoin to rise to $1 million. "Liking bitcoin does not mean you have invested the political capital needed to make it happen," he said.

Even so, Bailey predicted bitcoin will ultimately succeed regardless of whether the U.S. government acts. "Bitcoin does not necessarily need the government’s help to succeed," he said. "In four years, 10 years or 20 years, we will ultimately have a government that sets rules that are friendly to bitcoin." He added that for progress to continue, more people and more voters must hold bitcoin every year, and that the trend is unavoidable.

Market conditions remain highly volatile. CoinMarketCap puts bitcoin currently trading at about $68,220, about 45 percent below the record high of $126,000 set in October last year.

The market is also watching whether the so-called Digital Asset Market Clarity Act, or CLARITY, passes, beyond the strategic bitcoin reserve, as it would provide a clearer regulatory framework for the crypto industry. Trump recently said on his social media that the United States must improve market structure as soon as possible, stressing the need for institutional reforms.

Debate continues over whether bitcoin’s long-term success depends on government policy or is determined by the market’s organic adoption. Some in the industry put more weight on the view that even if it takes time, entry into the mainstream system will ultimately be an unavoidable step.