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Bitcoin to Resolve FIAT issues, Wernick

Bitcoin to Resolve FIAT issues, Wernick

Cryptocurrency advocates now resolve to overcome FIAT issues with crypto coins, especially Bitcoin. In a first of its kind, an old “enthusiast” in Bitcoin, Jeffrey Wernick has averred that “comes from its ability to solve the biggest problems with fiat money.”  Wernick has reiterated that the coin is the “currency of the people.”

Populous coin

Wernick reiterates that one of the motivations for investing in this bitcoin was that this cryptocurrency is an investment motivation. In his interview, he said that “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.”

He viewed the co-relation between monetary issues and government rules as impractical. Wernick says the Bitcoins as the currency of the people is the biggest solution to the fiat money problem. The potential bitcoin has “it’s a people’s currency, it’s defined by the people, and it’s defined by rules and a protocol that people trust. 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.

One of the oldest investors in these cryptocurrencies, the master coinist said that his wallet also held investments in companies such as Uber stocks and Airbnb. These are considered as sharing economies greatest assets. He also has a part of Qtum’s board. The latter is a project which has a global outreach. It allows communities in Bitcoin and Ethereum to connect as part of the real and blockchain technology systems.

Wernick’s philosophy

If there were to be Warren Buffet in bitcoin, then perhaps Wernick would qualify for it. He is an independent investor with bitcoin holdings dating back to 2009, the year this crypto was born.  He explains that his interest in bitcoin did not stem only from speculation and that prices would eventually rise for these coins.

He avers that his investment in cryptocurrency was due to his belief that these coins are the solution for the world’s largest problems in terms of fiat money.  He identifies several reasons for the mistrust between people and the government to have grown beyond reconciliation as changes in currencies and large deficits are in a constant state of flux. The reason the conflict arises is largely due to the government’s inability to handle things without seeking out the consent of the people.

From this region of the face-off between users and the government, Wernick derives his philosophy.  The distributive database and the decentralized currency setup is ideal to restore transparency in the currency systems. He believes that the solution which will bridge the crypto world and the government is the bitcoin. He prefers to call it a ‘people’s currency’ for these reasons he reiterated at a media interaction recently.

Bitcoin investment journey for this veteran has been long and hard. His investments are related to the shared economy setup and encourage co-investors to consider cryptos, especially bitcoin as the currency of the future!

About the author


Shon Ellerton

Shon is a computer engineer. When considering the whole team, comparatively, he might be new to the cryptos, but definitely he is amongst the top when it comes to technology and markets. He has been searching a lot about the blockchain recently and writes about the technical aspect of the cryptocurrencies.

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