The previous US administration was accused of being hostile to cryptocurrencies. For this reason, most Bitcoin enthusiasts turned bullish after the Biden administration was sworn in with the expectation that it would have a soft spot for digital currencies.
As the government is watching cryptocurrencies through various reviews and debates, it has been revealed that Tim Wu, a top technology adviser and antitrust expert at the White House, has a significant portion of his net worth in Bitcoin and Filecoin. He was appointed by US President Joe Biden as special assistant for technology and competition policy at the National Economic Council. Before that, he was teaching at Columbia Law School.
According to a personal financial disclosure submitted by Wu, he has between $ 1 million and $ 5 million in Bitcoin. This establishes your strong interest in cryptocurrencies. Not only that, you also have between $ 100,000 and $ 250,000 in FIL. FIL is the native asset of the digital storage and data recovery platform, Filecoin.
Sources have revealed that Wu has recused himself from any discussion related to Bitcoin or cryptocurrency due to his financial interest in the crypto space. Wu is known for his stance against the monopoly power that Big Tech companies possess. He is also known for coining the word "net neutrality" in 2002.
Wu's interest in Bitcoin
Wu has always recognized the weakness of Bitcoin. However, he viewed the asset as exceptional. According to an article he published in 2017, he said that Bitcoin is a bubble, but his bubble matters as all bubbles have different shapes.
“Some are not at all shiny, reflecting little more than an underlying pyramid scheme. But others are like ocean swells that could turn into huge waves. Consider the tech stocks of the late 1990s: a bubble, no doubt, but in hindsight, was Amazon overvalued? "
Despite the advisor's interest in cryptocurrencies, cybersecurity officials in the Biden administration have raised concerns about exploitation of the asset by bad actors. Carol House, director of cybersecurity and secure digital innovation at the National Security Council, pointed out the role of cryptocurrencies in ransomware attacks and terrorist financing.
"Many of the developers in the space built the systems without incorporating the kinds of protections that are needed for long-standing obligations."
Regardless, many institutional investors have the same opinion as Wu about Bitcoin.