Cryptocurrencies could be anathema for sure members of United States President Joseph Biden's administration, however that has not stopped one staf
Cryptocurrencies could be anathema for sure members of United States President Joseph Biden’s administration, however that has not stopped one staffer from proudly owning a small fortune in Bitcoin (BTC).
In accordance with 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 gentle after a current private monetary disclosure that additionally revealed his possession of Filecoin (FIL). Wu reportedly owns between $1 million and $5 million value of Bitcoin in addition to between $100,001 and $250,00Zero value of FIL tokens.
The White Home adviser’s Bitcoin pot allegedly constitutes a significant portion of Wu’s monetary portfolio estimated to be between $four million and $11.5 million in worth. Based mostly on his estimated Bitcoin possession, Wu might maintain between 29 and 146 BTC.
Wu, a outstanding authorized scholar and Columbia College legislation professor has beforehand argued in opposition to Bitcoin’s worth proposition. Again in December 2018, Wu joined the refrain of critics labeling BTC to be a bubble because the premier crypto rallied to a then all-time excessive close to $20,000.
The authorized scholar can also be a famous critic of huge tech companies and was liable for coining the time period “web neutrality” again in 2003. In accordance with Politico, an nameless supply on the White Home says Wu has recused himself from coverage issues associated to Bitcoin and cryptocurrency.
Again in August 2017, Wu weighed in on the Bitcoin arduous fork saga that led to the emergence of Bitcoin Money (BCH). On the time, Wu criticized Coinbase’s preliminary resolution to not assist the fork briefly stopping customers of the alternate from accessing BCH.
Bitcoin and crypto usually are coming below elevated scrutiny below the Biden administration with the brand new anti-BTC narrative seemingly shifting in direction of ransomware assaults. Each Gary Gensler, chairman of the Securities and Trade Fee and Treasury Secretary Janet Yellen have hinted at stricter cryptocurrency laws.