In a recent interview to Business Insider, Jeffery Wernick feels people still fear bitcoin as they have misunderstood it because it is often explained as a payment mechanism instead of as a store of value.
Jeffrey Wernick, who is an independent investor is known to be making a really early investment in companies and assets that have a really strong and bright future. His mutlibagger private portfolio which includes early holdings in Uber and Airbnb, where just startups. He too had tapped Bitcoin and had made an investment as early as 2009, the year it was created.
JefferyWernickfeels investors ignore the philosophy behind it Bitcoin
According to Jeffery Wernick, for many people, the concept of Bitcoin and cryptocurrency seems very abstract and it is the hardest thing these people to understand, and to the extent that they get it wrong. He feels it’s not their mistake completely, but its because not many people explain it correctly as most of the people are explaining it as a payment mechanism, not as a store of value, and why it might be a good store of value. This is why he feels people don’t understand the philosophy behind it because the people now in the business were not there in 2009 and 2010, they didn’t care about the philosophy. To quote him from his interview
“People who have got into it now talk more about blockchain than bitcoin, because they’re just looking for an alternative model to make money and they don’t care about – they’re agnostic to the initial philosophical framework that drove people to adopt bitcoin, to begin with, and kept it alive from 2009 through 2013 or ’14, when all of a sudden, adoption started to grow.”
His views on Bitcoin price were also worth noting. In the interview, he mentioned that “If you buy crypto, all you got to sit back and think about is – don’t think about how it’s going to be priced today or tomorrow.
According to him, the investor must be prepared to lose everything he invests in and wait until maybe next 5 years as he believes if bitcoin’s alive in five years, it’s going to be significantly higher than it is the day you buy it. While he likes investing he is completely against trading bitcoin.
According to Jeffrey Wernick bitcoin is a “people’s money”. He sees cryptocurrency as the only way to object to a financial system which he believes is responsible for the growing wealth inequality in America. He is quoted saying,
“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,”
Also, read: Institutional Money To Boost Bitcoin Market, But Not Too Soon
Decentralization looks the investment strategy for Jeffery
Jeffrey Wernick serves on the advisory boards of DataWallet and Qtum. He started his career at Salomon Brothers and the National Bank of Detroit. Jeffrey Wernick founded, then sold, the risk management firm AVI Portfolio Services Company, Inc. before focusing on his private investment portfolio. Spending so much time in the investment industry, he has a flair of picking investment early and making huge bucks out of it.
But if we draw a common thread between his big invests which include AirBnb, Uber, and Bitcoin there is a common theme- decentralization, nothing is owned by a central authority or company. Uber doesn’t own the vehicles of drivers, Airbnb doesn’t own homes, condos or apartments, and no entity can own the Bitcoin network.
Another common thread that can be drawn is that they were heavily criticized in their early stages as individuals thought they would fail. However, the investor seemed to have not moved with the odds and went ahead with the three investments in decentralized/semi-decentralized systems which are continuously growing rapidly.
His views can be gauged from this statement where he candidly said “ 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.”
Jeffrey Wernick has been able to exploit on his view on centralization and has made investments which have turned it into a viable investment strategy which he believes trusts and understands.
The post Bitcoin Early Investor Jeffrey Wernick says People Misunderstood Bitcoin, Calls it People’s Money appeared first on Coingape.
Written by Nilesh Maurya @ https://coingape.com/jeffrey-wernick-says-bitcoin-people-money/ July 28, 2018 Nilesh Maurya