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 the value bitcoin comes from its ability to solve the biggest problem he sees 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."