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Tim Wu, a former Bitcoin sceptic and current White House technology policy advisor, is said to hold between 29 and 146 BTC.
Cryptocurrencies may be frowned upon by certain members of US President Joe Biden’s cabinet, but that hasn’t prevented one worker from amassing a modest fortune in Bitcoin (BTC).
According to a Politico story published on Monday, Tim Wu, special assistant to the president for technology and competition policy at the National Economic Council, owns more than $1 million in Bitcoin.
Wu’s BTC holding was exposed following a recent personal financial declaration, which also disclosed his holding of Filecoin (FIL). Wu is said to hold between $1 million and $5 million in Bitcoin, as well as between $100,000 and $250,000 in FIL.
The White House adviser’s Bitcoin stash purportedly accounts for a sizable chunk of Wu’s financial holdings, which is believed to be worth between $4 million and $11.5 million. Wu’s estimated Bitcoin holdings ranges between 29 and 146 BTC.
Wu, a notable legal expert and law professor at Columbia University, has already argued against Bitcoin’s value argument. Wu joined the chorus of sceptics who labelled BTC a bubble in December 2018, as the leading cryptocurrency surged to an all-time high around $20,000.
The legal expert is also a vocal opponent of Big Tech companies, having coined the phrase “nett neutrality” in 2003. According to Politico, an unidentified White House insider stated Wu has recused himself from Bitcoin and cryptocurrency policy discussions.
Wu commented on the Bitcoin hard split controversy that resulted in the launch of Bitcoin Cash in August 2017. (BCH). Wu criticised Coinbase’s original choice not to support the fork and temporarily block its customers from using BCH at the moment.
Under the Biden administration, Bitcoin and cryptocurrency in general are coming under more investigation, with the new anti-BTC narrative appearing to move towards ransomware assaults. Gary Gensler, the head of the Securities and Exchange Commission, and Treasury Secretary Janet Yellen have both hinted at tighter cryptocurrency rules.