Tim Wu, a leading White House adviser on competition technology and policy, reportedly holds a significant portion of his cryptocurrency wealth, according to a recent personal financial revelation revealed by Politico.
Bitcoin is the largest holding in its portfolio, with U owning a coin worth between $ 1 million and $ 5 million, Politico reported. He also owns between $ 100,001 and $ 250,000 filecoin, the home cryptocurrency for a decentralized storage platform. Wu̵
Wu did not immediately respond to CNBC Make It with a request for comment.
In March, Wu joined the Biden administration as an antitrust expert at the National Economic Council and was fired for investing in cryptocurrency policy.
Known as a great technical critic, Wu is a proponent of “free and open internet.” In 2002, he specifically coined the term “net neutrality”. He has worked on competition policy for the Obama administration and has also worked on antitrust enforcement in the Federal Trade Commission.
Although his investment was recently unveiled, Wu has publicly shared his thoughts on bitcoins before. In 2017, he wrote an article for The New York Times about his thoughts and prospects for bitcoin.
“Bitcoin may be in a bubble,” he writes, “but it’s part of a much bigger trend that needs to stay: a change in government confidence in technology.”
Although bitcoin is not backed by any government or reserve assets, it “may work well as a stock of value you can sell,” Wu also wrote.
Recently, senior US government officials and central bankers have seemed very wary of bitcoins and cryptocurrencies in general, calling for tighter regulations. Finance Minister Janet Yellen had previously called bitcoins “highly speculative” and “an extremely inefficient way to conduct transactions.”
Although the potential for the central bank’s digital currency has been mentioned and the Federal Reserve has noted its research into its development, President Jerome Powell says the central bank is in no hurry.
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