Tim Wu, the Biden administration’s top adviser on technology and competition policy, holds more than $1 million in cryptocurrency, a recently filed financial disclosure reveals. The antitrust expert, known to be a prominent big tech critic, has questioned the value of bitcoin in the past.
Top Biden Advisor Tim Wu is a Bitcoin Millionaire
US President Joe Biden’s technical adviser, Tim Wu, is a millionaire in bitcoin, Politico wrote in an article this week, citing his personal financial disclosure. The announcement has been provided to the publication by the Brown Institute for Media Innovation at Columbia University, which requested the document from the White House.
According to the disclosure Wu owns between $1 million and $5 million in bitcoin (B T c) as well as between $100,000 and $250,000 in Filecoin (FIL), a . cryptocurrency of Forum Which provides decentralized crypto storage services. Official information also reveals that Wu’s bitcoin investments constitute the largest share in his financial portfolio.
Wu now serves as a Special Assistant for Technology and Competition Policy to the President at the National Economic Council. In March, he went on leave from his position as a law professor at Columbia University to join the White House. He is considered a strong critic of the growing power of large tech corporations.
Timothy Wu has not been involved in shaping the Biden administration’s cryptocurrency policy. Speaking on condition of anonymity, a White House official told politician:
Tim has generally been removed from any particular case involving bitcoin or cryptocurrency due to his financial interest, and has not acted on any such case.
Bitcoin Skeptic Becomes Cryptocurrency Investor
University professors have not always been optimistic on bitcoin. Questioning its value, Tim Wu called it a “bubble” in 2017.
“Bitcoin is not backed by any sovereign, and unlike stocks or bonds, it gives you a claim to be nothing but bitcoin,” said Wu. wrote In an article acknowledging that this “illusory quality” describes most other forms of wealth as well. He recognized bitcoin’s ability to “work fine” as a store of value, though doubted its usefulness for everyday payments.
on the basis of a B T c Priced at around $34,000 at the time of writing, Politico estimates Wu’s holdings to be between 29 and 146 actual bitcoins. However, the publication notes that the leading cryptocurrency is now down more than 40% in value from its highs earlier this year. The White House adviser’s bitcoin investments account for between 25 and 43% of his wealth, roughly between $4 million and $11.5 million.
The Biden administration recently made cryptocurrencies a key point in a new presidential directive on fighting corruption, such as bitcoin. Reported. A White House official stressed that the US government will focus on modernizing existing anti-corruption laws to address cryptocurrencies and cybercrime, adding that Washington’s executive power is “to treat crypto as a means of illicit finance”. I’m looking.”
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