Government Official Tim Wu Owns At Least $1 M in BTC

by in Cryptocurrency News

Tim Wu Bitcoin Filecoin

Tim Wu, network neutrality coiner, professor of Law, Science, and Technology, advisor for the White House disclosed he holds a significant part of his capital in crypto.

Related: Marc Lasry admitted that he bought not enough bitcoins

The news was published in the magazine "Politico". As noted in the publishment, Wu holds between $1 M and $5 M in BTC and between $100,001 and $250,000 in Filecoin. His BTC holdings are the major part of his financial portfolio.

This is big news for the community as previously Wu didn't approve much BTC and even called it a "bubble" and wondered whether the coin had any worth. In March 2021, the Big Tech critic joined Biden's administration to work on technology and competition on the National Economic Council.

Wu finds that although Bitcoin is impractical as a payment method because of its volatile nature, it might serve fine as a store of value that you can sell.

The government official also added Bitcoin showed a trend of social trust being based on code rather than human institutions.

Wu's net worth is estimated between nearly $4 M and $11.5 M. The BTC investment represents 25 to 43% of his assets. Currently, the first cryptocurrency trades at around $34.500 with a market cap of over $647.4 B.