Tim Wu, a high expertise and competitors coverage advisor for the White Home, is reportedly holding a good portion of his wealth in cryptocurrency, in keeping with a current private monetary disclosure Politico found.
Bitcoin is the biggest holding in his portfolio, with Wu proudly owning between $1 million and $5 million value of the coin, Politico reported. He additionally owns between $100,001 and $250,000 of filecoin, the native cryptocurrency for a decentralized storage platform. Wu’s whole internet value is between $4 million and $11.5 million, Politico reported.
Wu didn’t instantly reply to CNBC Make It is request for remark.
In March, Wu joined the Biden administration as an antitrust knowledgeable on the Nationwide Financial Council, and due to his funding, is recused from involvement in coverage surrounding cryptocurrency.
Referred to as a big tech critic, Wu is an advocate for a “free and open internet.” In 2002, he notably coined the term “net neutrality.” He labored on competitors coverage for the Obama administration and likewise labored on antitrust enforcement on the Federal Commerce Fee.
Although his funding was just lately disclosed, Wu has publicly shared his ideas on bitcoin earlier than. In 2017, he wrote an op-ed for The New York Occasions about his ideas and outlook on bitcoin.
“Bitcoin could also be in a bubble,” he wrote, “however it’s a part of a a lot greater development that’s right here to remain: a shift in belief from authorities to expertise.”
Although bitcoin is not backed by any authorities or reserve asset, it “would possibly work tremendous as a retailer of worth you could promote,” Wu additionally wrote.
Lately, high U.S. authorities officers and central bankers appear to be very wary of bitcoin and cryptocurrency as an entire, calling for stronger regulations. Treasury Secretary Janet Yellen has previously called bitcoin “extremely speculative” and an “extremely inefficient manner of conducting transactions.”
Although the potential for a central financial institution digital forex has been talked about, and the Federal Reserve has noted its research on the event of 1, chairman Jerome Powell says the central financial institution is in no rush.