Tim Wu, a top White House technology and competition policy advisor, reportedly holds a significant portion of his assets in cryptocurrency, according to a recent personal financial disclosure Politico found.
Bitcoin is the largest holding in its portfolio, with Wu owning the coin valued at $ 1 million to $ 5 million, Politico reported. He also owns between $ 100,001 and $ 250,000 in Filecoin, the native cryptocurrency for 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 a request for comment from CNBC Make It.
In March, Wu joined the Biden government as an antitrust expert at the National Economic Council and is an investment because of his investment withdrawn from participating in politics around the cryptocurrency.
Known as great technology critic, Wu is an advocate of a “free and open internet.” In 2002 he was particular coined the term “net neutrality”. He worked on competition policy for the Obama administration and also worked on antitrust enforcement for the Federal Trade Commission.
Although his investment was recently announced, Wu has publicly shared his thoughts on Bitcoin before. In 2017 he did wrote a comment for the New York Times on his thoughts and views on Bitcoin.
“Bitcoin may be in a bubble,” he wrote, “but it is part of a much larger trend that will continue: a shift in confidence from government to technology.”
While Bitcoin isn’t backed by governments or reserves, it “could work well as a store of value that you can sell,” Wu also wrote.
Lately, senior US government officials and central bankers seem very carefully of Bitcoin and cryptocurrency altogether, are calling stronger regulations. Treasury Secretary Janet Yellen has previously mentioned Bitcoin “highly speculative” and a “extremely inefficient Type of transaction processing. “
Although the potential for a central bank digital currency has been mentioned, and the Federal Reserve has noticed his research on the development of one, Chairman Jerome Powell says the central bank is in no rush.