Jeffrey Wernick was an angel investor in Uber. Recently, he has placed his faith in Bitcoin. He has believed in Bitcoin since 2009 and invested in it for a long period of time. That clearly explains why he’s so positive on Bitcoin.
According to him, due to the relationship between the government as well as the normal public, there are economic problems which affect the Fiat cryptocurrency. On the other hand, when you look at Bitcoin, there is no such intervention. Also, he further added that the government can run deficits. This can significantly reduce the value of the currency. That is why the value of the currency can be indirectly influenced by the government. When you look at the value of Bitcoin, you will realize that it cannot be directly or indirectly affected by the government. This certainly makes the potential in Bitcoin on the higher side.
Upcoming Blockchain Technology
According to Wernick, the blockchain technology will produce many profitable companies. He stated clearly that the blockchain technology is equivalent to the Internet in terms of the potential. That is why it can actually encourage many companies to innovate and to capture a larger market share as well.
With the investors like supporting Bitcoin, it remains to be seen whether the normal public supports Bitcoin soon enough or whether the normal public stays away from Bitcoin. With any kind of mainstream adoption, the value of Bitcoin can increase significantly. If marquee name investors are throwing in their weight behind Bitcoin, it will become easier for Bitcoin to gain more credibility as well. Once it is able to gain more credibility, the number of transactions taking place in the Bitcoin network will increase significantly. Even the off-line merchants will be able to accept Bitcoin. This will certainly increase the value of the Bitcoin manifold.
It remains to be seen whether the optimism up of the investors placing an important role in the rise of Bitcoin. Up until now this year, it is been consistently falling as well. Probably, it’s crucial to find out whether such backing of Bitcoin by the larger investors will do it any good or not. Up until now, it seems like the more the investors back Bitcoin, the higher will be the credibility of Bitcoin which will help the general public use Bitcoin for day-to-day transactions. Once the number of day-to-day transactions increases, the value of Bitcoin will also go up significantly.