Bitcoin News and Finance
White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin Skip to main content

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

Tim Wu, top advisor to the Biden administration on technology and competition policy, holds more than $1 million in cryptocurrency, shows a recently filed financial disclosure. The antitrust expert, who is known as a prominent big tech critic, has in the past questioned the value of bitcoin.

Top Biden Advisor Tim Wu Is a Bitcoin Millionaire

U.S. President Joe Biden’s tech advisor, Tim Wu, is a millionaire in bitcoin, Politico wrote in article this week, quoting his personal financial disclosure. The declaration has been provided to the publication by the Brown Institute for Media Innovation at Columbia University, which requested the document from the White House.

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin
Timothy Wu, Columbia University.

According to the disclosure Wu owns between $1 million and $5 million in bitcoin (BTC) as well as between $100,001 and $250,000 in filecoin (FIL), the cryptocurrency of a platform that offers decentralized crypto storage services. The official information also reveals that Wu’s bitcoin investment is the largest holding 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 large tech corporations wield.

Timothy Wu is not involved in shaping the Biden administration’s cryptocurrency policy. Speaking on condition of anonymity, a 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.

Bitcoin Skeptic Turned Cryptocurrency Investor

The university professor hasn’t always been bullish on bitcoin. Questioning its worth, Tim Wu called it a “bubble” back in 2017.

“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,” Wu wrote in an article while also admitting that this “illusory quality” describes most other forms of money as well. He recognized bitcoin’s potential to “work fine” as a store of value although doubting its usability for everyday payments.

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

Based on a BTC price of around $34,000 at the time of writing, Politico estimates Wu’s holdings at between 29 and 146 actual bitcoins. The publication notes, however, that the value of the leading cryptocurrency is now more than 40% down from its highs earlier this year. The White House advisor’s bitcoin investment accounts for 25 to 43% of his assets worth between almost $4 million and $11.5 million.

The Biden administration has recently made cryptocurrency a key point in a new presidential directive on fighting corruption as Bitcoin.com News reported. A White House official emphasized that the U.S. government will focus on modernizing existing anti-corruption laws to address cryptocurrencies and cybercrime, stating that the executive power in Washington is “looking at crypto as a means of illicit finance.”

What do you think of White House advisor Tim Wu’s bitcoin investment? Share your thoughts on the subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory