The Biden administration is not known for its love of Bitcoin. In particular, Janet Yellen, the head of the U.S. Treasury has repeatedly spoken of her reservations about cryptos. Also, this news has something to please the somewhat anxious crypto fans. For example, recently it was learned that a significant adviser to the White House is also a major crypto investor…
Unless you’re familiar with the Biden administration, the name Tim Wu probably doesn’t ring a bell. Simply put, Tim Wu is President Biden’s Special Advisor to the National Economic Council on all matters related to technology and competitive policy. He took office in March, leaving his position as a law professor at Columbia University in the process. Tim Wu is notably known for his criticism of tech giants.
Last week, the White House transmitted Tim Wu’s financial situation following a request from the Brown Institute for Media Innovation at Columbia University. Politico was able to get hold of this statement… and it shows that Tim Wu has a very significant portfolio in cryptocurrencies.
In his statement, Tim Wu informs that he owns between $1 million and $5 million in Bitcoin (BTC). In addition, he holds between $100,000 and $250,000 of Filecoin (FIL). The latter is a crypto that funds decentralized data storage services.
Even a few years ago, Tim Wu was among the skeptics regarding cryptos. In 2017, he did not hesitate to call Bitcoin a “bubble”. In an article, he had also highlighted the “fake quality” of Bitcoin although he acknowledged it had some potential to become a store of value.
At a time when the Biden administration is dangerously associating cryptos with illicit activities, it is good to know that it has a significant crypto investor among its members. For all that, Tim Wu is not expected to work on the subject of cryptos to avoid potential conflicts of interest. As reported by an official White House source, “Tim has not worked and is not involved in work on Bitcoin and cryptocurrencies because of his financial situation.”