The previous US administration was accused of being hostile to cryptocurrencies. Because of this, most Bitcoin enthusiasts turned bullish after the Biden administration's oath, with the expectation that they would have a soft spot for digital currencies.
An important figure in terms of digital currencies
Although the government is watching cryptocurrencies through several reviews and debates, it has been revealed that Tim Wu, a leading technology consultant and antitrust expert at the White House, owns a significant portion of his net worth in Bitcoin and Filecoin. He was appointed by US President Joe Biden as Special Assistant for Technology and Competition Policy to the National Economic Council. Before that, he taught at Columbia Law School.
According to a personal financial statement submitted by Wu, the advisor owns between $ 1 million and $ 5 million in Bitcoin. This establishes its strong interest in cryptocurrencies. Not only that, he also has between $ 100,001 and $ 250.000 in FIL. FIL is the native resource of the digital storage and data recovery platform, Filecoin.
Private sources have revealed that Wu has refused any discussion related to Bitcoin or cryptocurrency due to his financial interest in the crypto space. Wu is known for his stance against the monopoly power possessed by Big Tech companies. He is also known for coining the word "net neutrality" in 2002.
Wu's interest in Bitcoin
Wu has always recognized Bitcoin's weakness. However, he saw the resource as exceptional. According to an article published in 2017, he claimed that Bitcoin is a bubble, but its bubble has meaning just as all bubbles have different shapes.
Some are nothing shiny, reflecting little more than an underlying pyramid pattern. But others are like ocean waves that could become huge waves. Consider the tech stocks of the late 90s: a bubble, sure, but in retrospect, was Amazon overvalued?
Despite the advisor's interest in cryptocurrencies, the Biden administration's cybersecurity officials have expressed concern over the exploitation of the asset by bad guys.
Carol House, director of cybersecurity and secure digital innovation at the National Security Council, highlighted the role of cryptocurrencies in ransomware attacks and terrorist financing. Many developers in the space have created systems without creating the types of protection necessary for long-standing obligations.
Is it time to jump on the bandwagon?
After the recent drops, cryptocurrencies could return to rise thanks also to the fact that some nations, read El Salvador, are approving bitcoin as a legal tender. This means that cryptocurrencies, starting with the most important in the world, could see new price records in the coming months. Therefore the answer to our question is yes, this could indeed be the best time to invest in cryptocurrencies, as prices are low.