In an interview with Business Insider on 12th July, Jeffrey Wernick gave his views as to why Bitcoin [BTC] can solve the problems associated with mainstream fiat money. Jeffrey is an investor who was one of the initial financial holders of industry giants like Airbnb and Uber. He is also a board member of Data Wallet, a digital wallet application that filters data from a user’s Facebook, Amazon and Uber accounts and stores them in one place.
He has placed his trust in Bitcoin because he feels that cryptocurrency is a “people’s currency, it’s defined by the people, and it’s defined by rules and a protocol that people trust”. From Wernick’s point of view, the governments of today can do whatever they want with money and that people have lost all their power.
This is why cryptocurrencies have amassed such a vast audience: they have given the power back to the people. He first invested in Bitcoin in 2009, predicting that cryptocurrency will become the norm in the future. He said:
“Now the government can do a lot of things without the consent of the people because as long as the people don’t have to pay for it, they feel that they’re less interested in it.”
Wernick feels that because cryptocurrencies cannot be tampered with, it just makes it a much more logical choice than mainstream currency. He stated:
“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.”
According to him, Bitcoin gives people the opportunity to design and incentivize their tokens, thereby reducing frauds and attacks. He went on to state during the interview that the only form of central banking he supports is one that is accountable to society, saying:
“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…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.”