{"id":556917,"date":"2021-06-08T13:06:25","date_gmt":"2021-06-08T17:06:25","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=556917"},"modified":"2021-06-08T13:35:49","modified_gmt":"2021-06-08T17:35:49","slug":"wh-tech-critic-tim-wu-holds-1m-plus-in-bitcoin","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wh-tech-critic-tim-wu-holds-1m-plus-in-bitcoin\/","title":{"rendered":"WH Tech Critic Tim Wu Holds $1M-Plus in Bitcoin"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwh-tech-critic-tim-wu-holds-1m-plus-in-bitcoin%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=556917&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GetFile-395.aspx\" class=\"ff-og-image-inserted\"  style=\"display:none\"><\/div>\n<p>A top antitrust expert and big tech critic at the White House is a Bitcoin millionaire.<\/p>\n<p>Tim Wu owns between $1 million and $5 million in Bitcoin, as well as between $100,001 and $250,000 in Filecoin, a storage platform for cryptocurrency, <a href=\"https:\/\/www.politico.com\/news\/2021\/06\/07\/white-house-tech-critic-bitcoin-492093\" target=\"_blank\" rel=\"noopener\">Politico<\/a> reported, citing a financial disclosure provided by the <a href=\"https:\/\/brown.columbia.edu\/\" target=\"_blank\" rel=\"noopener\">Brown Institute for Media Innovation<\/a>\u00a0at Columbia University, which requested the document from the White House.<\/p>\n<p>The Bitcoin investment by Wu, a tough critic of tech companies\u2019 power, Politico noted, is his largest holding in his financial portfolio.<\/p>\n<p>Wu, known for coining the term &#8220;net neutrality,&#8221;\u00a0joined the Biden administration in March as special assistant for technology and competition policy to the president at the National Economic Council \u2014 and didn\u2019t have any involvement in developing policies about cryptocurrency in the role, Politico reported.<\/p>\n<p>But he wasn\u2019t always a fan of Bitcoin. In 2017, he wrote a <a href=\"https:\/\/www.nytimes.com\/2017\/12\/18\/opinion\/bitcoin-boom-technology-trust.html\" target=\"_blank\" rel=\"noopener\">commentary<\/a> for the New York Times calling it &#8220;a bubble&#8221; and asked: &#8220;Is it really worth anything at all?<\/p>\n<p>&#8220;Bitcoin isn\u2019t backed by any sovereign, and unlike a stock or a bond, it gives you a claim to nothing other than Bitcoin itself,&#8221; he wrote, although he added that &#8220;illusory quality&#8221; describes most forms of money. He also cast doubt on the practical value of consumers using Bitcoin to pay for everyday purchases because of its large price swings, but said cryptocurrency &#8220;might work fine as a store of value that you can sell.&#8221; He also said Bitcoin reflected a trend of social trust moving away from human institutions to systems based on code, Politico reported.<\/p>\n<p>Wu\u00a0went on leave from his position as a law professor at Columbia \u2014 where he made a total of $617,500 over 16 months \u2014 to join the Biden administration, Politico reported.<\/p>\n<p>Based on Bitcoin\u2019s current price of about $34,000, Wu holds between 29 and 146 actual Bitcoins. Bitcoin is off more than 40% from the height of its value, but is up around 20% this year, Politico reported.<\/p>\n<p>Overall, Wu is worth between nearly $4 million and $11.5 million, with much of the rest of his money tied up in Vanguard mutual funds, the disclosure shows, Politico reported. The Bitcoin investment constitutes between 25-43% percent of his assets.<\/p>\n<p>In a statement to Politico, a White House official said: &#8220;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.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A top antitrust expert and big tech critic at the White House is a Bitcoin millionaire. Tim Wu owns between $1 million and $5 million in Bitcoin, as well as &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2279622,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GetFile-395.aspx","fifu_image_alt":"WH Tech Critic Tim Wu Holds $1M-Plus in Bitcoin","footnotes":""},"categories":[],"tags":[],"class_list":["post-556917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GetFile-395.aspx","fifu_image_alt":"WH Tech Critic Tim Wu Holds $1M-Plus in Bitcoin","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/556917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=556917"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/556917\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2279622"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=556917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=556917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=556917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}