Business angel Uber and Airbnb Jeffrey wernick: Why I’m investing in bitcoin since 2009
Independent investor Jeffrey wernick in an interview with Business Insider explained why he began to invest in bitcoin in the early stages of its formation.
It is worth noting that 62-year-old investment guru has made his first investment while still a student at the school. After school he decided to study Economics at the University of Chicago, where he developed his "theory of anticontractile", according to which Central banks should fully meet before the society. He says:
I do not support Central banks, but if we have them, I would prefer that they carried responsibility, but was not unaccountable technocrats. People who support a limited control of the government, it is strange to have unaccountable to anyone or anything the Central Bank.
After graduation, wernick worked at the investment Bank Salomon Brothers and the National Bank of Detroit. While working he became a business angel for Uber and Airbnb. Despite the fact that, in fact, he worked in the Central financial institution, its relationship to Central banks has not changed. Moreover, it has become the main motive for the choice of investments.
Wernick claims that started buying bitcoins in 2009; since its cryptocurrency, the portfolio was supplemented by several Althingi. He believes that there are three main reasons why bitcoin is a promising investment tool and solution of current problems of centralized currencies.
First, wernick said the decentralized nature of bitcoin, stating that it is not issued by the Central authority, with rules for its distribution are clearly established. Secondly, the bitcoin Protocol prohibits the creation of additional coins at will, thereby guaranteeing the impossibility of hyperinflation. Third, bitcoin is resistant to tampering, since an attacker cannot create a false transaction in the blockchain. The investor also noted the importance that everyone has the opportunity to access the network of bitcoin. He said that in a world where people are more suspicious about everything, good to have protocols that can be controlled personally.
Wernick says that has invested in Airbnb, Uber and bitcoin because they are all in varying degrees decentralized. Airbnb does not own houses and apartments, Uber does not own cars, and most importantly, no company can take possession of the bitcoin.
According to Wernicke, the early stages of his choice was criticized because people thought that these projects will be a failure. But he seems in time to have used his position about decentralization and turned it into a successful investment strategy.