Cryptocurrencies is likely to be anathema for sure members of United States President Joe Biden’s administration, however that has not stopped one staffer from proudly owning a small fortune in Bitcoin (BTC).
Based on a report by Politico on Monday, Tim Wu, particular assistant for know-how and competitors coverage to the president on the Nationwide Financial Council, owns over $1 million in Bitcoin.
Wu’s BTC possession got here to mild after a current private monetary disclosure that additionally revealed his possession of Filecoin (FIL). Wu reportedly owns between $1 million and $5 million price of Bitcoin in addition to between $100,001 and $250,000 price of FIL.
The White Home adviser’s Bitcoin pot allegedly constitutes a significant portion of Wu’s monetary portfolio, which is estimated to be between $4 million and $11.5 million in worth. Based mostly on his estimated Bitcoin possession, Wu could maintain between 29 and 146 BTC.
Wu, a distinguished authorized scholar and Columbia College legislation professor, has beforehand argued towards Bitcoin’s worth proposition. Again in December 2018, Wu joined the refrain of critics labeling BTC a bubble because the premier cryptocurrency rallied to a then all-time excessive close to $20,000.
The authorized scholar can also be a famous critic of Massive Tech companies and was accountable for coining the time period “web neutrality” again in 2003. Based on Politico, an nameless supply on the White Home stated Wu has recused himself from coverage issues associated to Bitcoin and cryptocurrency.
Again in August 2017, Wu weighed in on the Bitcoin hard fork saga that led to the emergence of Bitcoin Money (BCH). On the time, Wu criticized Coinbase’s preliminary choice to not help the fork and quickly prevent its users from accessing BCH.
Bitcoin and crypto usually are coming beneath elevated scrutiny beneath the Biden administration, with the brand new anti-BTC narrative seemingly shifting toward ransomware attacks. Both Gary Gensler, chairman of the Securities and Exchange Commission, and Treasury Secretary Janet Yellen have hinted at stricter cryptocurrency regulations.