Cryptocurrencies might be anathema for certain United States President Joe Biden’s administration members, but that has not stopped one staffer from owning a little fortune in Bitcoin (BTC).
According to a report by Politico on Monday, Tim Wu, special assistant for technology and competition policy to the president at the National Economic Council, owns over $1 million in Bitcoin.
Wu’s BTC ownership came to light after a current individual financial disclosure that exposed his ownership of Filecoin (FIL). Wu reportedly owns between $1 million and $5 million worth of Bitcoin as well as between $100,001 and $250,000 worth of FIL.
The White House adviser’s Bitcoin pot presumably makes up a significant part of Wu’s financial portfolio, approximated to be between $4 million and $11.5 million in value. Based on his approximated Bitcoin ownership, Wu may hold between 29 and 146 BTC.
Wu, a famous legal scholar and Columbia University law professor has formerly refuted Bitcoin’s worth proposition. Back in December 2018, Wu joined the chorus of critics labeling BTC a bubble as the premier cryptocurrency rallied to a then all-time high near $20,000.
The legal scholar is also a noted critic of Huge Tech companies and was responsible for coining the term “net neutrality” back in 2003. According to Politico, a confidential source at the White House said Wu had recused himself from policy matters related to Bitcoin and cryptocurrency.
In August 2017, Wu weighed in on the Bitcoin hard fork legend that resulted in the introduction of Bitcoin Money (BCH). At the time, Wu criticized Coinbase’s initial decision not to support the fork and briefly avoid its users from accessing BCH.
Bitcoin and crypto, in general, are coming under increased analysis under the Biden administration, with the new anti-BTC story shifting towards ransomware attacks. Both Gary Gensler, chairman of the Securities and Exchange Commission, and Treasury Secretary Janet Yellen have hinted at more stringent cryptocurrency guidelines.
Former U.S. President Donald Trump is still not a fan of Bitcoin, calling it a fraud while stating that the dollar should remain the “currency of the world.”
Once again slammed Bitcoin (BTC), former United States President Donald Trump has.
” Bitcoin, it just appears like a scam […] Because it is another currency completing versus the dollar, I do not like it. Essentially, it is a currency competing against the dollar. I want the dollar to be the currency of the world. That’s what I’ve constantly stated.”
Trump’s comments are in line with his previously espoused views on Bitcoin. In July 2019, while in office, Trump specified that he was not a fan of Bitcoin and crypto.
At the time, Trump identified cost volatility as a significant point for his anti-crypto stance while stating that cryptocurrencies were not a cash and that their value was based on “thin air.”
The Trump administration specifically sought to enact anti-crypto policies, with Trump supposedly informing previous Treasury Secretary Steve Mnuchin to “go after Bitcoin.”
The last days of the Trump administration also saw the Treasury stir the pot with questionable regulations focused on keeping an eye on self-hosted wallets. This Trump-era policy has become even further expanded by the administration of Joe Biden, with the Irs also wanting to close crypto-related tax loopholes.
Nevertheless, pro-crypto congresspeople like Sen. Cynthia Lummis and Rep. Warren Davidson advocate for crypto wallet privacy rights.
The conversation around cryptocurrency regulations in the United States appears to have shifted toward ransomware as the new focus for the anti-crypto crowd in Washington. A spate of ransomware attacks in the U.S. is likely responsible for the new narrative shift.
In May, it was reported that the Biden administration was analyzing spaces in existing crypto rules in the wake of the recent price recession in the market.