Tim Wu, a senior adviser to Biden’s government on technology and competition policy, holds more than $1 million in cryptocurrency, showing a recently filed financial disclosure. This antitrust expert, known as a well-known large-scale technology critic, has questioned the value of Bitcoin in the past.
Biden’s top consultant Tim Wu is a Bitcoin millionaire
US President Joe Biden’s technical adviser Tim Wu is a millionaire in the Bitcoin field. Politico cited his personal financial disclosures in an article this week. The statement has been provided to the publication by the Brown Institute of Media Innovation at Columbia University, which requested the White House to provide the document.
According to reports, Wu owns 1 million to 5 million U.S. dollars in Bitcoin (BTC) and 100,001 to 250,000 U.S. dollars in Filecoin (FIL), which is a cryptocurrency that provides a platform for decentralized encrypted storage services. Official information also shows that Wu’s Bitcoin investment is the largest holding in his financial portfolio.
Wu now serves as the Special Assistant to the Chairman of the National Economic Council for Technology and Competition Policy. In March, he resigned as a professor of law at Columbia University and joined the White House. He is considered a strong criticism of the growing power of large technology companies.
Timothy Wu was not involved in shaping the cryptocurrency policy of the Biden administration. A White House official who asked not to be named told Politico:
Tim is usually avoided for any specific affairs involving Bitcoin or cryptocurrency because of his financial interests, and is not involved in any such affairs.
Bitcoin skeptics turn into cryptocurrency investors
The university professor is not always optimistic about Bitcoin. When questioning its value, Tim Wu called it a “bubble” in 2017.
Wu wrote in an article: “Bitcoin is not supported by any sovereign country. Unlike stocks or bonds, it allows you to have no requirements on Bitcoin itself,” while also acknowledging this “illusory quality”. So are most other forms of money. Although he doubts the usability of Bitcoin in daily payments, he recognizes the potential of Bitcoin to “work well” as a store of value.
According to the price of BTC at the time of writing this article is approximately $34,000, Politico estimates that Wu’s actual holdings are between 29 and 146 bitcoins. However, the publication noted that the value of the leading cryptocurrency is now down more than 40% from its high earlier this year. The White House adviser’s Bitcoin investments accounted for 25% to 43% of his assets and were valued between nearly US$4 million and US$11.5 million.
As reported by Bitcoin.com News, the Biden administration recently made cryptocurrency a key point in a new presidential directive on the fight against corruption. A White House official emphasized that the U.S. government will focus on modernizing existing anti-corruption laws to address the issue of cryptocurrency and cybercrime, noting that Washington’s executive power “is treating crypto as a means of illegal financing”.
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