Jeffrey Wernick recently sat down for an interview with Business Insider in which he gave details about why he started to invest in Bitcoin. And he describes how the shift in the relationship between government and people triggered his interest in gold and monetary issues.
He is a sixty-two-year-old investment guru that fell in love with economics and investing at a young age, gaining interest in the industry during high school. His first encounter with economics came in 1970-1971 when former U.S. president Nixon began to decouple gold from the U.S. dollar.
Wernick’s investment portfolio includes his holdings in Airbnb and Uber in their early days. He was also among the very first people to board the bitcoin bandwagon when the pioneer cryptocurrency hit the market back in 2009.
Why Bitcoin (BTC) Will Thrive In The Future
Given below are three of the primary points why Wernick believes Bitcoin will gain prominence in the future:
Bitcoin’s Decentralized Nature
He pointed out that it isn’t issued by a central party, and that the rules are fixed for distribution. The Bitcoin protocol disallows a central party to create extra Bitcoin on a whim, ensuring that hyperinflation is impossible for the Bitcoin network.
It is near impossible for a malicious actor to record a false transaction on the blockchain. He said, “So 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.
Opportunity To Access
Everyone has the opportunity to access the Bitcoin network, as it is uncensorable and open-source. He then closed off the interview by giving a powerful message about the most prominent cryptocurrency. He said,
“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.”
Decentralization seems to be a common theme in each of Wernick’s investments, namely Airbnb, Uber and Bitcoin, each of which are semi-decentralized at the least