According to reports, a leading adviser to President Biden on technology and antitrust policy keeps much of his wealth in bitcoin and other cryptocurrency assets.
Tim Wu is a leading White House antitrust expert and bitcoin millionaire according to a personal financial disclosure he recently filed.
According to reports, Wu holds between $ 1-5 million in Bitcoin and up to $ 250,000 in Chinese crypto storage platform Filecoin. Politico confirmed that the financial disclosure was provided by Columbia University’s Brown Institute for Media Innovation, which requested the document from the White House.
The advisor hasn’t always been in love with BTC, calling it a bubble and questioning its value in an article he wrote for The New York Times in 2017.
A change of position
It wasn’t clear when Wu made his bitcoin purchases, but anyone who bought before January 2021 would still be a beneficiary.
Wu joined the Biden administration in March as the president’s special assistant for technology and competition policy, but he is not involved in any cryptocurrency policy. A White House official confirmed:
“Tim is recused from any particular bitcoin or cryptocurrency matter, usually because of his financial interest, and has not worked on any of those matters.”
Financial disclosure estimates his holdings at between 29 and 146 BTC. The crypto portion of its portfolio is estimated to be between 25% and 43% of its total assets, the majority of which is tied up in Vanguard mutual funds.
Wu also served in the Obama administration and coined the term “net neutrality” which refers to the principle that Internet service providers should treat all digital communications equally, and not discriminate or charge differently based user, content, website, platform or other criteria. .
The price of Bitcoin continues to fall
A massive sell-off of Bitcoin miners has resulted in a cascade of sales and a massive market collapse in the past few days.
At the time of going to press, BTC was trading at $ 32,720 after briefly dropping to the $ 30,100 level. The move may have been sped up by miners who liquidated up to 5,000 BTC recently, as reported Glass knot.
The dump was worse for the majority of altcoins, as usual, with many higher market cap assets losing double digits.