Big Tech Critic at the White House is Revealed to Be A Bitcoin Millionaire
Tim Wu, who called Bitcoin a “bubble” at the height of the 2017 bull market while seeing its potential as a “store of value,” currently has Bitcoin as the largest holding in his financial portfolio.
Top antitrust expert at the White House Tim Wu has been revealed to be a Bitcoiner, according to a personal financial disclosure he recently filed.
A leading critic of Big Tech, Wu joined the Biden administration in March as a special assistant for technology and competition policy to the president at the National Economic Council.
While Wu has not been involved in the policy matters of cryptocurrency, this disclosure is a big support for the leading cryptocurrency and the market, which continues to see an increase in its adoption. An unnamed official White House official 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.”
Wu owns somewhere between $1 million and $5 million in Bitcoin, which is currently trading under $33k, down about 50% from its all-time high of nearly $65k two months back.
Besides Bitcoin, he also owns between $100,001 and $250,000 in FIL tokens, the native crypto of the storage platform Filecoin. FIL -6.33% Filecoin / USD FILUSD $ 4.57
-$0.29-6.33% Volume 150.65 m Change -$0.29 Open $4.57 Circulating 428.04 m Market Cap 1.95 b 1 y Crypto Market Tanks: Bitcoin Correlation with S&P 500 Reaches 2021 High & USD Longs at Highest Level since June 2019 1 y Grayscale Adds Avalanche (AVAX) and Terra (LUNA) to its Investment Product Consideration List 1 y Australia's Largest Bank to Allow its 6.5 Million Users to Buy, Sell, & Hold 10 Cryptocurrencies via its App
Bitcoin is the largest holding in his financial portfolio, between 25% to 43%, while much of the rest of his holdings are in Vanguard mutual funds. He is also an investor in a traditional store of value, owning between $15,001 and $50,000 in gold bars.
Wu actually called Bitcoin a “bubble” at the height of the 2017 bull market in December and questioned, “is it really worth anything at all?”
“Bitcoin isn’t backed by any sovereign, and unlike a stock or a bond, it gives you a claim to nothing other than Bitcoin itself,” he wrote at the time, although he added that that “illusory quality” describes most forms of money.
While its volatility makes its practical use in everyday purchases doubtful, Wu said the cryptocurrency “might work fine as a store of value that you can sell.”