White House Advisor Tim Wu Holds 'Between $1M And $5M' In Bitcoin, Filing Shows

White House Advisor Tim Wu Holds 'Between $1M And $5M' In Bitcoin, Filing Shows

What Happened: Tim Wu, a high-level technology and policy advisor to the White House, holds a significant portion of his net worth in cryptocurrency.

According to a recently filed personal financial disclosure reported by Politico, Wu revealed that he owns between $1 million and $5 million in leading crypto asset Bitcoin and between $100,001 and $250,000 in decentralized storage blockchain token Filecoin.

Politico estimates that Wu’s overall net worth is between $4 million and $11.5 million, which means his Bitcoin investment constitutes between 25 and 43 percent of his assets.

Why It Matters: Although public knowledge of his Bitcoin investment, which is now the largest holding in his financial portfolio, was only recently made available, the tech advisor previously shared his opinion on the leading digital asset.

“Bitcoin may be in a bubble but it is part of a much bigger trend that is here to stay: a shift in trust from government to technology,(sic)” he wrote in an opinion piece for The New York Times in 2017.

“Though bitcoin isn’t backed by any government or reserve asset, it might work fine as a store of value that you can sell,” he said.

Read also: Former US President Donald Trump Thinks Bitcoin Is 'A Scam

A White House official, who requested anonymity, said in a statement that “Tim is recused from any particular matters involving bitcoin or cryptocurrency generally because of his financial interest, and has not worked on any such matters.”

Price Action: At press time, Bitcoin had regained momentum after falling to a low of $31,295 on Tuesday.

The leading digital asset was trading above $35,176, gaining 6.57% over the past 24-hours.

Posted In: BitcoinBlockchaincryptocurrenciesEthereumWhite HouseCryptocurrencyFintechGovernmentNewsMarketsTechMedia

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