Jeffrey Wernick is a hard money advocate and an independent investor. His angel investment portfolio includes early holdings in Uber and Airbnb. Wernick serves on the advisory boards of DataWallet and Qtum.
Wernick started buying bitcoin in 2009, the year it was created. He says the fact that people aren’t actively spending their bitcoin is not a sign of weakness or due to the cryptocurrency’s limitations. He believes people aren’t spending their bitcoin because it is “good money” that they value more than the dollars it can be traded for. Following is a transcript of the video.
Sara Silverstein: You’ve been buying since 2009, have you been spending any of it?
Jeffrey Wernick: I’ve never spent one. I’ve never — I’ve converted fiat into crypto. I’ve never converted — I’ve converted crypto into fiat.
Silverstein: And what’s your argument for people that say that that’s proof that you can’t spend it? That people aren’t spending it?
Wernick: Well, I think there’s something called Gresham’s law that says, “Bad money forces good money out of circulation.” So as long as there’s bad money circulating, you want to hold onto good money and …read more
Source:: Businessinsider – Finance