White House Adviser Owns Between $1M and $5M in Bitcoin

Biden’s special assistance for tech and competition policy also holds at least $100,000 in crypto storage platform Filecoin.

article-image

Tim Wu, Biden White House advisor; Source: Louis Lanzano/for New York Daily News

share

key takeaways

  • Bitcoin is largest holding in Tim Wu’s financial portfolio, representing between 25% and 43% of his assets
  • Once a critic of big tech platforms, Wu predicted in 2017 that bitcoin ‘would crash again’ but that the currency ‘feels tested’

President Biden’s special assistant for technology and competition policy reportedly owns between $1 million and $5 million in bitcoin and at least $100,000 in filecoin.

Tim Wu joined the Biden administration’s National Economic Council in March. His investment in bitcoin is the largest holding in his portfolio, amounting to between 25% and 43% of his assets, according to a personal financial disclosure obtained by Politico.

A White House spokesperson told Politico in a statement that Wu has not worked on matters involving cryptocurrency and is recused from any because of his financial interest.

The price of bitcoin dipped about 11% on Tuesday to below $32,000. Filecoin is an open-source cloud storage marketplace, protocol and cryptocurrency that was released in 2014. It’s currently trading at  $73.18 according to CoinGecko.

The bitcoin bubble

Wu wrote in an opinion piece for the New York Times in 2017 that bitcoin was “in a bubble,” noting that it had grown in value from about 39 cents to more than $18,000 in the eight-year span since it launched. The move reflects a transfer of social trust away from government-backed institutions to systems reliant on well-tested computer code, he said at the time.

“Bitcoin may be in a bubble, but not all bubbles are created equal,” he wrote in 2017. “Some are shimmering nothings, reflecting little more than an underlying pyramid scheme. But others are like ocean swells that could become enormous waves. Consider the tech stocks of the late 1990s — a bubble, to be sure, but in retrospect, was Amazon really overvalued?”

Though he added that Bitcoin might never serve well as a general way of buying things due to  its fluctuations, Wu noted that it could function as a store of value that a person can sell.

“Sure, Bitcoin will crash again, but over its lifetime, it has already withstood multiple crashes, runs and splits,” he wrote. “It actually feels tested.”

Wu did not immediately return Blockworks’ request for comment about the investments.

A fresh start

The White House adviser is currently on leave from his job as a professor at Columbia Law School, a role he has held since 2006. Wu has led an American antitrust resurgence in recent years by focusing on the growing power of the big tech platforms, according to his Columbia bio. His tech breakup proposals formed a significant part of the 2020 presidential debate, it notes.

Wu was previously enforcement counsel in the New York Attorney General’s Office and worked on competition policy for the National Economic Council under President Barack Obama. He also worked in antitrust enforcement at the Federal Trade Commission. 

The news of Wu’s cryptocurrency ownership comes after former President Donald Trump told the Fox Business Network on Monday that bitcoin “seems like a scam.”

SEC Commissioner Hester Peirce said during a Blockworks webinar earlier this year that a new White House administration would provide a “good time for a fresh start” on how regulators approach digital assets. A frequent dissenter to SEC rulings that block bitcoin-related funds from entering the market, Peirce highlighted incoming SEC chair Gary Gensler’s experience in the crypto industry.

The US Senate Banking, Housing and Urban Affairs Subcommittee on Economic Policy has a hearing scheduled for June 9 to discuss opportunities of a central bank digital currency.

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (1).jpg

Research

Jupiter has emerged as the undisputed liquidity backbone of Solana, commanding over 90% of spot DEX aggregation and 80% of perp trading volume. But behind the numbers lies a far more ambitious play: a cross-chain, vertically integrated super-app spanning swaps, synthetics, NFTs, memecoins, and launchpads. This report explores Jupiter’s rapid rise, the monetization upgrades reshaping its revenue profile, and the risks that could unwind its dominance, from token dilution to competition. With annualized revenues nearing $300M, the upside is undeniable, if it can navigate the turbulence.

article-image

Curve founder Michael Egorov is working on a new protocol designed to eliminate impermanent loss, rethink token emissions, and capture BTC-native yield

article-image

Mining outfits have gone bust in the wake of prior halvings. Not so this time around.

article-image

Zora’s announcement that its token is for “fun only” sparked a debate about the need for such tokens

article-image

In recent weeks, Helium has hit new all-time highs while passing major protocol milestones

article-image

Financial advisers in a January survey said equity ETFs were their top choice for gaining crypto exposure in 2025

article-image

“Why put a target out there that’s really speculative, not knowing exactly where this environment is going to go?” CarMax CEO Bill Nash said