Fri. Sep 9th, 2022
Tim Wu, a White House technology advisor, has at least $1 million in bitcoin.

Tim Wu, a White House technology advisor, has at least $1 million in bitcoin.

According to a recently filed financial statement, Tim Wu, the Biden administration’s senior counselor on technology and competition policy, owns more than $1 million in Bitcoin. The antitrust expert, who is renowned for being a vocal opponent of big tech, has previously questioned bitcoin’s worth.

Top Biden Advisor Tim Wu Is a Bitcoin Millionaire

Tim Wu, US President Joe Biden’s tech advisor, is a bitcoin billionaire, according to a Politico piece published this week, citing his personal financial statement. The declaration was handed to the newspaper by Columbia University’s Brown Institute for Media Innovation, which had sought it from the White House.

Wu holds between $1 million and $5 million in bitcoin (BTC) and between $100,001 and $250,000 in filecoin (FIL), the cryptocurrency of a company that provides decentralized crypto storage services, according to the declaration. According to the official information, Wu’s bitcoin investment is the greatest in his financial portfolio.

Wu is presently a special assistant to the president for technology and competition issues in the National Economic Council. He took a leave of absence from his job as a law professor at Columbia University in March to join the White House. He is a vocal opponent of the rising influence that huge IT businesses possess.

Timothy Wu is not a part of the Biden administration’s bitcoin policymaking process. A White House official, speaking on the condition of anonymity, told Politico:

Tim is recused from any particular matters involving bitcoin or cryptocurrency generally because of his financial interest, and has not worked on any such matters.

Tim Wu, a White House technology advisor, has at least $1 million in bitcoin.

Bitcoin Skeptic Turned Cryptocurrency Investor

The university professor hasn’t always been a bitcoin believer. Tim Wu, who questioned its value in 2017, labeled it a “bubble.”

Bitcoin isn’t backed by any sovereign, and unlike a stock or a bond, it provides you a title to nothing other than Bitcoin itself,” Wu said in an article, conceding that most other types of money had the same “illusory characteristic.” He accepted bitcoin’s capacity to “function properly” as a store of value, but questioned its suitability for everyday transactions.

Politico estimates Wu’s holdings to be between 29 and 146 real bitcoins, based on a BTC price of roughly $34,000 at the time of writing. However, the top cryptocurrency’s value has dropped by more than 40% from its highs earlier this year, according to the magazine. Bitcoin investments account for 25 to 43 percent of the White House advisor’s holdings, which range from almost $4 million to $11.5 million.

According to Bitcoin.com News, the Biden administration has lately made cryptocurrencies a prominent issue in a new presidential decree on battling corruption. The US government will focus on upgrading current anti-corruption legislation to accommodate cryptocurrencies and cybercrime, according to a White House official, who stated that the executive branch in Washington is “looking at crypto as a way of unlawful activity.”

 

  1. Thousands of MIT students received free bitcoin in 2014, and those who held it for six years saw gains of 13,000 percent.

  2. This year, the G7 Finance Ministers will publish Common Rules for State-Issued Digital Currencies.

  3. Localbitcoins Expands Payment Options to Include Bitcoin Cash and Other Cryptocurrencies

  4. Steve Wozniak Can’t Stop Scams Using His Name to Give Away Bitcoins – Federal Law Protects Youtube

Leave a Reply

Your email address will not be published.