Tim Wu, Biden’s technology adviser turned out to be a big bitcoin investor
Tim Wu published information about his investments.
Tim Wu, who advises the U.S. president on technology issues, as well as competition in the markets, according to the published information on his income is a major investor in bitcoins. At the same time, the specific amount of cryptocurrency purchases is not disclosed: it is known that Wu has bitcoins worth between one and five million dollars, and that investments in the cryptocurrency number one account for the main share (from 25% to 43%) of his personal investment portfolio, which is estimated at between four and 11.5 million dollars.
In addition to bitcoin, Wu has investments in Filecoin altcoin, ranging from $100,001 to $250,000. Filecoin is a project that develops a custodial services platform for cryptocurrencies. Wu keeps the rest of his investment savings in a Vanguard mutual fund account.
Before joining the administration of the current U.S. president, Wu served as special advisor to the president of the National Economic Council, responsible for technology and competition policy issues. Wu is a critic of big tech corporations, and together with his interest in cryptocurrencies, he could play a prominent role in shaping the renewed regulation of digital assets in the U.S.
It’s worth noting that Wu hasn’t always been a bitcoin supporter. In 2017, he called bitcoin a “bubble” and wondered, “does this bitcoin really have any value?” At the time, he wrote, “bitcoin doesn’t have any support from the reserves of any government, it doesn’t have the collateral behind it that stocks and bonds have.” Meanwhile, even then, he suggested that bitcoin “could serve perfectly well as a store of value, given that it can be sold.”
In doing so, Wu drew attention to the high liquidity of the bitcoin market. He also expressed the view that bitcoin has become a sign that human society is increasingly transforming its work with financial instruments toward systems that do not involve the risk of human error, but which are based on the use of software code.
