Jeffery Wernick’s initial interest in bitcoin was not just speculation that the price would rise. He believes bitcoin’s value comes from its ability to solve the biggest problems with fiat money.
Digital currencies are changing the relationship between the citizens and their government. I much prefer when a government asks for consent from the people for whatever it does, the consent means “I want to spend this money, will you pay the taxes to support this?” But on the contrary, the government says “I am gonna spend whatever I am going to spend but don’t worry about it, I will borrow money and run a monetary policy that means you don’t have to worry about ever having to pay this debt off, its all a game anyway. (laughs)” As long as people feel they dont have to pay for it they are not intrested, but nobody has that kind of understanding that it eventually goes from the people’s pocket.
Jeffrey 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.
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. To quote him from an 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 onBitcoinprice 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.”
Wernick says bitcoin solves the issues of money he mentions in the interview above because it is a “people’s currency, it’s defined by the people, and it’s defined by rules and a protocol that people choose to trust.”