Biden administration antitrust expert holds bitcoin on his portfolio

A recent report published by online newsstand Politico revealed White House top antitrust expert Tim Wu owns between $1 million and $5 million worth of bitcoin, with the asset becoming the largest holding in his financial portfolio.

Wu, now a high-profile bitcoin holder, joined the Biden administration in March, serving as a special assistant for technology and competition policy to the president at the National Economic Council.

Before his entry into the Federal Government, he was a law professor at Columbia University. Currently, he leads the revitalization of American antitrust and is focusing on the emerging and growing power of big tech platforms.

Wu wasn’t always a fan

The news came as a surprise, as the antitrust expert wasn’t always a fan of bitcoin and on some occasions, he said some unkind things regarding the cryptocurrency.

For example, back in 2017, he called bitcoin a bubble and went as far as publicly ask, “Is it really worth anything at all?”

He is also remembered for his comments saying the crypto is not backed by any sovereign government and unlike a stock or a bond, it doesn’t provide users claim over things other than itself. But despite that, he did say cryptocurrency “might work fine as a store of value that you can sell.”

Bitcoin continues to ignore recent positive developments

Over the past few days, some notable positive developments involving the largest digital currency by market capitalization emerged. Still, it seems bitcoin is ignoring them all and continues with its slump.

At press time, data from CoinGecko put prices at $33,468, with bitcoin value losing more than 8% for the past week. Its current price is well below its April all-time high of almost $65,000.

The crypto tried to recover on several occasions, but so far, has been unsuccessful.

 

Image courtesy of Cointelegraph News/YouTube 

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