Tim Wu – a leading antitrust expert at the White House – owns between $1 and $5 million in bitcoin. His crypto investment represents the largest chunk of his portfolio.
The Critic Turned out to Be a HODLer
According to Politico, Tim Wu – who is also an attorney and a legal scholar – holds Bitcoin at least $1 million, representing between 25% and 43% of his total assets. He also holds between $100K and $250K worth of Filecoin (FIL).
It is worth noting that the 49-year-old White House advisor has not always been fond of Bitcoin. Back in 2017, he called it a ”bubble.” Despite agreeing that the primary cryptocurrency ”might work fine as a store of value that you can sell”, Wu opined that it is very insecure:
”Bitcoin isn’t backed by any sovereign, and unlike a stock or a bond, it gives you a claim to nothing other than Bitcoin itself.”
Tim Wu, who spent years arguing for the concept of ”net neutrality” – the idea that the internet should be free of control from the government or companies that provide it, refused to comment on the news about his crypto investment.
Popular Change of Hearts
The story with the White House advisor who criticized the primary cryptocurrency in the past but later turned out to be a Bitcoin millionaire exemplifies one of the many u-turns of prominent investors.
In early March this year, Kevin O’Leary, a.k.a. Mr. Wonderful, went from calling the digital asset ”garbage” to allocating 3% of his portfolio in it. However, the Canadian businessman and star of Shark Tank acknowledged that he would only purchase BTC mined with clean energy and urged investors to stay away from ”blood coins.”
In addition, Jordan Belfort – who became world-known as the Wolf of Wall Street – shared a very bullish prediction about the future dollar value of the primary cryptocurrency. Despite advising that people should avoid Bitcoin, he recently changed his stance and said that its price would skyrocket to $100,000 by the end of 2021.
Featured image courtesy of the Wall Street Journal