Jeffery Wernick explains why he believes Bitcoin is the “people's currency” and how it will solve fundamental issues with fiat currency.
Wernick amassed his fortune through numerous early investments within the so called sharing economy, investing in companies such as Airbnb and Uber. In 2009 Wernick turned his hand to cryptocurrency and bought Bitcoin at the $1 dollar mark. In a recent interview, Wernick tells business insider why he believes Bitcoin can positively impact governmental control of fiat.
Wernick asserts hat the biggest issues facing fiat currencies is the ability of governments to run up large deficits and manipulate currency against the will of the people. This, he, believes can be counteracted by the use of Bitcoin, or as he puts it “the people's currency”:
“So it’s a people’s currency, it’s defined by the people, and it’s defined by rules and a protocol that people trust. And I think in a world where people don’t trust anything anymore, that it’s good to have protocols that people trust that they control themselves, that are not controlled by third parties.”
He elaborated further on the systematic abuse from government and his destain towards central banks:
“I don’t support central banking to begin with, but if we’re going to have central banking, I’d rather have it accountable to society than a completely unaccountable, you know, run by technocrats. For people that espouse limited government, it’s sort of like, weird to have a central bank that’s not accountable to anybody or anything.”
Continuing on in the same vein of transparency and decentralization Wernick continues to praise Bitcoin for its immutable nature and inability to be duplicated or counterfeited, disallowing such instances of hyperinflation:
“we have a currency that can’t be counterfeited, that we kind of know the rules under which how it’s created, and we know there’s a hard budget constraint in how many are gonna be issued. And its distribution through the system is not determined by any authority.”.
Wernick's vitriolic stance towards central banking and traditional economics has certainly helped with his investments, all of which share a common theme: open ecosystems and peer to peer connectivity.