Independent investor Jeffrey Wenrick was among the first to embrace the concept of Bitcoin and cryptocurrency. Wenrick invested in the digital payment back in 2009 when it first became available to the public. He recently gave his opinion on why a lot of people are still hesitant to get involved with the cryptocurrency.
In a sit-down with Business Insider, Wenrick called Bitcoin an “abstract” concept. He said it’s being explained wrong by a lot of sources and that may be leading the general public to have trouble understanding it. Wenrick believes that too many sources explain Bitcoin as a “payment mechanism” rather than a “store of value.”
He went on to say that there were a small network of people who continued to mine Bitcoin and keep it alive from 2009 through 2013 or 2014. Wenrick called it a “people’s money,” and said that underlying concept was lost as Blockchain arrived. In Wenrick’s opinion, and many other individual’s views, Blockchain is now being promoted as a speculative way of making money.
To further make his case that Bitcoin is something very real, Wenrick said since 2009 it’s outperformed every currency out there. That successful performance has happened even with the constant government hostility against it. He went on to explain that it’s become harder over the years for the average middle class person to accumulate wealth saying that the best way to do that may have been to enter the stock markets.
However, Wenrick said that now there are people saying the markets are overvalued. He believes that leaves cryptocurrency as the best viable investment for potential wealth in the future. He even said there are some studies that indicate there’s the potential for improved total portfolio returns on a “risk-adjusted basis” for investors that put 5-10 percent into crypto.
With that in mind, Wenrick’s opinion is “everybody should put something into crypto.” He said that there’s a lot of volatility in the space due to government exacerbating it while they’re mitigating that volatility in the stock markets. Still, Wenrick believes the early investors will be the ones rewarded in the future.
As of this report, Bitcoin was selling for over $8,121.71 at the popular Coinbase exchange. Other cryptocurrencies are still looking to recover after soaring to staggering highs back in late 2017 and early 2018.