An early investor in Airbnb and Uber explains why he started buying bitcoin in 2009
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'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.
Wernick believes the ability to run large deficits and debase the currency changes the relationship between the government and its citizens. He believes it gives the government the ability to do things without the consent of the people.
Wernick says bitcoin solves these problems because it is a "people's currency, it's defined by the people, and it's defined by rules and a protocol that people trust."
Gold used to solve the same issue but like always governments found a way around that by mixing copper with gold and creating a greater coinage with the same amount of gold, this is deficit spending and modern governments do not even have that limitation anymore since fiat currencies have no relationship with gold an I'm sure the governments will find a way around the limitation of the number of coins in bitcoin if they really want it.