Bitcoin was invented in 2008, and with it, an entirely new world of transactions was born. And while the cryptocurrency has yet to see widespread use, Tim Wu, the “father of net neutrality” has apparently found a use for it. As reported by the Wall Street Journal, Wu recently purchased millions of dollars’ worth of Bitcoin and has been described as a ” Bitcoin evangelist”.
Tim Wu, the ‘father of net neutrality’ reportedly owns over $1M in Bitcoin. This is not a joke.Cryptocurrencies may be a curse to some members of US President Joe Biden’s administration, but that hasn’t stopped one staffer from owning a small fortune in bitcoin (BTC). Tim Wu, special assistant to the president for technology and competition policy at the National Economic Council, owns more than $1 million in bitcoins, according to a Politico report published Monday. Wu’s ownership of BTC came to light following a recent personal financial disclosure that also revealed his ownership of Filecoin (FIL). Wu reportedly owns between $1 and $5 million in bitcoins, as well as $100,001 to $250,000 in FIL. The White House aide’s bitcoin kit reportedly makes up the bulk of Wu’s financial portfolio, which is estimated to be worth between $4 million and $11.5 million. Based on estimates of his bitcoin holdings, Wu could own between 29 and 146 BTC. Wu, a prominent lawyer and professor of law at Columbia University, has previously spoken out against bitcoin’s value proposition. In December 2018, Wu joined the chorus of critics who called BTC a bubble as the leading cryptocurrency soared to an all-time high of around $20,000. The lawyer is also a well-known critic of large technology companies and was responsible for introducing the concept of net neutrality in 2003. According to Politico, an anonymous White House source said Wu has recused himself from policy issues related to bitcoin and cryptocurrencies. In August 2017, Wu was involved in the Bitcoin hardfork saga that gave birth to Bitcoin Cash (BCH). At the time, Wu criticized Coinbase’s initial decision not to support the split and to temporarily deny its users access to the BCH. Bitcoin and cryptocurrencies in general are under increasing scrutiny from the Biden administration, with the new anti-BTC narrative seemingly shifting to ransomware attacks. Gary Gensler, chairman of the Securities and Exchange Commission, and Janet Yellen, Treasury Secretary, have both hinted at tighter regulation of cryptocurrencies.