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One of Joe Biden’s advisors owns millions in Bitcoin (BTC)

By:
on Jun 9, 2021
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  • President Joe Biden’s policy adviser on technology reportedly invested over $1 million in Bitcoin.
  • Biden administration is concerned about the increased use of cryptocurrency as a payment to cybercriminals.
  • In the past, Tim Wu criticized Bitcoin’s use for payments but recognized its usefulness as a store of value.

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Tim Wu, who is President Biden’s adviser on technology and competition policy, reportedly has most of his wealth on Bitcoin.

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According to the report, his recently filed financial disclosure revealed that he has over $1 million in cryptocurrency.

This is coming as a surprise, knowing that he has criticized the value of Bitcoin in the past.

The declaration was requested by the Brown Institute for Medical Innovation at Columbia University.

The disclosure revealed that he keeps between $1 million and $5 million in Bitcoin (BTC/USD). He has also invested in other cryptocurrencies, including about $250,000 in Filecoin (FIL/USD). The publication also shows that Wu’s Bitcoin investment is the largest in his financial portfolio.

He was a law professor at Columbus University before going on leave in March to join President Biden’s administration.

The White House has been trying to shape the cryptocurrency policy. But according to a White House official who wanted to remain anonymous, Tim Wu is not in the committee charged with such responsibility.

A doubter becomes a believer

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Wu was seen as a critic of Bitcoin in the past, but he wasn’t always bullish about cryptocurrency. While questioning its worth in 2017, he called it a “bubble.”

He recognized the potential of Bitcoin to be used as a store of value but questioned its usability for making daily payments.

The Biden administration has shown increased interest in cryptocurrency for its use as a medium of payment to cybercriminals. This was necessitated after the ransomware attack on colonial Pipeline and one of the largest meat processors in the U.S. According to a White House official, the government wants to modernize existing anti-corruption laws that can address cybercrime and cryptocurrencies.

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