Jeffrey Wernick is an independent investor whose portfolio includes early holdings in Uber and Airbnb. Wernick was also an early investor in bitcoin. He started buying it in 2009, the year it was created.
Wernick says that people misunderstand bitcoin because it is often explained as a payment mechanism instead of as a store of value. He thinks many investors ignore the philosophy behind it.
Wernick says 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.
Jeffrey Wernick is a hard money advocate and an independent investor. His angel investment portfolio includes early holdings in Uber and Airbnb . Wernick serves on the advisory boards of DataWallet and Qtum . He started his career at Salomon Brothers and the National Bank of Detroit. Wernick founded, then sold, the risk management firm AVI Portfolio Services Company, Inc. before focusing on his private investment portfolio. Following is a transcript of the video.
Sara Silverstein: What do you think most people get wrong about bitcoin or cryptocurrency?
Wernick: I think for many people it’s — the concept seems very abstract and I think the hardest thing is for people to understand, and to the extent that they get it wrong, I think probably it’s because not enough people are explaining it very well, because most of it, people are explaining it as a payment mechanism, not as a store of value, and why it might be a good store of value. So I think 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. 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. There was a small universe of people that actively worked to keep it alive by continuing to mine and continuing to buy and they were doing it because of the concept that they believed in, and that it’s a people’s money.See the rest of the story at Business Insider
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