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Tim Wu, one of the White House’s top technology and competition policy advisers, is believed to hold a significant portion of his cryptocurrency fortune, according to a recent personal financial disclosure from Politico.
Bitcoin is the largest holding in his wallet, with Wu holding between $ 1 million and $ 5 million in the coin, Politico reported. He also has between $ 100,000 and $ 250,000 worth of filecoin, the native cryptocurrency of a decentralized storage platform. Wu’s total net worth is between $ 4 million and $ 11.5 million, Politico reported.
Wu did not immediately respond to CNBC’s Make It request for comment.
In March, Wu joined the Biden administration as an antitrust expert at the National Economic Council and, due to his investment, is barred from any involvement in cryptocurrency politics.
Known as a leading technology critic, Wu is an advocate for a “free and open Internet”. In 2002, he notably coined the term “net neutrality”. He worked on competition policy for the Obama administration and also worked on antitrust law enforcement at the Federal Trade Commission.
Although his investment was recently disclosed, Wu has already publicly shared his thoughts on bitcoin. In 2017, he wrote an editorial for The New York Times on his thoughts and perspectives on bitcoin.
“Bitcoin may be in a bubble,” he wrote, “but it’s part of a much larger trend that’s here to stay: a shift in trust from government to technology.”
While bitcoin is not backed by any government or reserve assets, it “could work well as a store of value that you can sell,” Wu also wrote.
Recently, senior U.S. government officials and central bankers appear to be very suspicious of bitcoin and cryptocurrency as a whole, calling for tighter regulation. Treasury Secretary Janet Yellen previously called bitcoin “highly speculative” and “an extremely inefficient way to transact.”
Although the potential for a central bank digital currency was mentioned and the Federal Reserve noted its research on developing a currency, President Jerome Powell said the central bank was in no rush.
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