Owning a Bitcoin Football Club w/ Peter McCormack of What Bitcoin Did | Ep. 16

Peter McCormack's Journey into Bitcoin and Podcasting

Peter McCormack, the host of the popular "What Bitcoin Did" podcast, has had a fascinating journey into the world of Bitcoin and digital media. His introduction to Bitcoin came in 2013 through an unexpected source - a friend who told him about using it to purchase drugs on the Silk Road. While McCormack no longer engages in such activities, this initial exposure piqued his interest in the cryptocurrency.

McCormack's serious involvement with Bitcoin began in late 2016 when he used it to purchase cannabis oil for his mother, who was battling cancer. This experience led him to explore other cryptocurrencies, including Ethereum and various altcoins. Like many during the 2017 bull run, McCormack initially thought he was a trading genius as the value of his investments skyrocketed.

The Birth of "What Bitcoin Did"

The podcast "What Bitcoin Did" was born out of a series of unexpected events in McCormack's life. After going through a divorce and trying to overcome drug addiction, he attended a yoga and running retreat in Italy. There, he met Rich Roll, a successful podcaster and vegan athlete. Roll's encouragement and guidance inspired McCormack to start his own podcast.

McCormack recalls, "I ended up at a yoga and running retreat he was running in Italy with a bunch of people who all fucked up. I was fucked up because I just got divorced, trying to come off drugs. And so it was just 40 people who were fucked up hanging out, running, doing yoga, eating vegan food and crying."

The Evolution of "What Bitcoin Did"

Since its inception in November 2017, "What Bitcoin Did" has grown into one of the most respected and influential podcasts in the cryptocurrency space. McCormack attributes the show's success to consistent hard work and gradual improvement over time. He compares the growth of the podcast to looking in the mirror every day:

"It's a bit like, you know how you look in the mirror every day and you look like you did the day before. But if you look a year ago, you're like, 'Oh fuck, I've changed.' I've got ugly and gray. And I think that's what like those in a podcast is like is day to day, nothing really changes. But over a year, you're like, 'Oh, a year ago, this was happening.'"

Memorable Interviews and Experiences

Throughout his podcasting career, McCormack has had the opportunity to interview numerous influential figures in the cryptocurrency space and beyond. One of his most notable interviews was with the President of El Salvador, which he describes as a surreal experience:

"You start a podcast as a hobby. And then like, a few years later, you find yourself sat in a presidential palace about interview the president of a country, the first country that's made Bitcoin legal tender. And you can't help but just say, what the fuck is going on here?"

McCormack also shared a humorous anecdote about this interview, revealing that he was struggling with a herniated disc and had to take a cocktail of painkillers to get through the conversation. This led to a queasy feeling during the interview, with McCormack fearing he might vomit on the presidential rug.

The Importance of Creativity in the Crypto Space

While McCormack acknowledges that he's not the most technically proficient person in the cryptocurrency world, he emphasizes the importance of creativity and storytelling in the industry. He sees his role as making complex concepts more accessible and engaging for a broader audience.

"I'm just not a technical person. I'm a creative person," McCormack explains. "If you look at everything I've done, like the branding for what Bitcoin did, I think it's all right. And the brand of a real breakfast, pretty good. And yeah, I think I'm quite a good storyteller with regards to all the things I create."

Building a Media Empire and Denominating in Bitcoin

McCormack's success with "What Bitcoin Did" has allowed him to expand into other ventures, including a second podcast and various media projects. However, he's quick to point out that this expansion wasn't part of a grand plan to build a media empire. Instead, it's been a process of experimentation and following his interests.

"I didn't go out and think, right, if I want to create this huge podcast and make a load of money and do x, y, z. I just made a podcast and it gradually grew. And once I had more capital, I could do other things," McCormack explains.

One key aspect of McCormack's approach has been his decision to hold his wealth in Bitcoin rather than traditional currencies. This strategy has provided him with significant financial freedom and the ability to pursue various projects:

"Over time, I stopped keeping money in pounds and kept them on Bitcoin. And look, it's not just a avoid inflation. If you hold on Bitcoin, every four years, you get this rocket ship that goes from underneath you. Like, that gives you a step changing in your life. It gives you two things. It gives you capital to do things and breathe in space."

Owning and Operating a Football Club

Perhaps the most unexpected development in McCormack's career has been his acquisition of a football (soccer) club in Bedford, England. This venture combines his passion for football with his interest in Bitcoin, as he's using cryptocurrency to help fund and promote the team.

McCormack explains his vision for the club: "I live in a little town called Bedford. It's about 40 minutes north of London on the train. Our town is quite big, but it's never had a team in the football league, which is the professional soccer divisions. And so I ended up buying a team that's in the 10th tier. And with that team, I was like, I want to get them in the football league, the professional leagues."

The team, Real Bedford FC, has already achieved significant success under McCormack's ownership, winning promotions in its first two seasons. McCormack sees the football club as an opportunity to promote Bitcoin and create a unique brand in the sport:

"We've sold over 200,000 pounds a merch. There are thousands of shirts. We've had people fly all over the world, come watch us play. And we've got Bitcoin companies that sponsor us."

The Challenges of Running a Football Club

While owning a football club might seem glamorous, McCormack is candid about the challenges involved. He describes the constant juggling of tasks, from ordering kits to managing budgets and selling merchandise:

"This year our budget's fucking huge. It's nearly a million pounds. I've got to make that break even. Now I've sold a lot of advertising. I need to sell a shit ton of merch. And I need to get people to come to the games. And if we break even, that's great. We haven't lost money. We go into next season and then we go again."

Despite the challenges, McCormack's passion for the project is evident. He sees it as an opportunity to create jobs, build a community, and promote Bitcoin in a new context.

Traveling and Cultural Experiences

McCormack's work in the Bitcoin space has allowed him to travel extensively, visiting countries around the world and gaining unique insights into different cultures and economies. He's particularly interested in how Bitcoin can address financial issues in developing countries:

"With Bitcoin, I was here for the money. When I went to Venezuela, I saw the problem with money. And when I went to Malawi, I saw the problem with money. And when I went to Ghana, I saw the problem with money. I was in Argentina, Lebanon, all these, I saw the problem with money. Bitcoin is here to fix money."

These experiences have reinforced McCormack's belief in the importance of Bitcoin as a global financial solution.

Bitcoin Factions and McCormack's Place in the Ecosystem

When asked about his position within the various Bitcoin factions, McCormack takes a pragmatic approach. He doesn't align himself strictly with any particular group, preferring to maintain his own perspective:

"I believe in Bitcoin, but like just because you just because you're anti government or you sun your balls or you eat steak every meal, it doesn't necessarily mean I'm going to. There can be a bit of groupthink at times."

McCormack emphasizes that while Bitcoin is an important part of his life and work, it's not his entire identity. He sees it primarily as a job and a savings technology, rather than an all-encompassing ideology.

Thoughts on New Bitcoin Technologies

When it comes to new developments in the Bitcoin ecosystem, such as ordinals (a way to inscribe data on individual satoshis), McCormack maintains a cautious but open-minded stance. He admits that he currently doesn't have a personal use case for ordinals but recognizes their potential:

"Now there may come a time whereby someone does equity on the Bitcoin blockchain and some kind of token format. That's legally viable and not a shit coin. And that might be an interesting thing for rail bed for the football club that we sell some equity and exists on the Bitcoin blockchain."

However, McCormack is quick to point out that his primary interest in Bitcoin remains its potential to solve global monetary issues, rather than creating digital collectibles or artwork.

The Future of Bitcoin and Financial Technologies

Looking ahead, McCormack is intrigued by the potential of Bitcoin-based financial technologies, particularly in areas like lending and mortgages. He expresses interest in solutions that could offer lower interest rates and reduced risk compared to traditional banking:

"Somebody solves the ability to get a mortgage by collateralizing loans on an L2 whereby it's like close to zero risk and I'm getting a much lower interest rate than a bank. I'm going to be interested in that."

However, he maintains a healthy skepticism, noting the history of hacks and rug pulls in the cryptocurrency space. McCormack's approach is to remain open to new developments while carefully assessing their risks and benefits.

The Intersection of Bitcoin and Traditional Business

One of the most interesting aspects of McCormack's story is how he's bridging the world of Bitcoin with traditional local businesses. In addition to the football club, he mentions owning a bar and having previously owned a coffee shop. These ventures, while not necessarily profitable in the same way as his Bitcoin investments, provide a sense of satisfaction in creating jobs and contributing to the local community:

"None of these businesses owning a bar or a coffee shop make commercial sense. Once you've got Bitcoin, I just put the money, the money. So when I bought the bar, if I did just put money in Bitcoin, it would have tripled since then, right? There was a lot of money and I'm never going to make that money back. But there's something nice about building little businesses locally and creating jobs."

This approach demonstrates how cryptocurrency wealth can be reinvested into traditional economies, potentially creating a new model for local business development.

The Role of Creativity in the Cryptocurrency Space

Throughout the interview, McCormack emphasizes the importance of creativity and storytelling in the cryptocurrency industry. While he may not be the most technically proficient person in the space, he recognizes the value of making complex concepts accessible to a broader audience:

"I'm just not a technical person. I'm a creative person," McCormack explains. "If you look at everything I've done, like the branding for what Bitcoin did, I think it's all right. And the brand of a real breakfast, pretty good. And yeah, I think I'm quite a good storyteller with regards to all the things I create."

This perspective highlights the need for diverse skill sets within the cryptocurrency ecosystem. While technical expertise is crucial for development and innovation, creative professionals like McCormack play an essential role in communicating ideas, building brands, and engaging with wider audiences.

The Evolution of McCormack's Bitcoin Journey

McCormack's journey from casual Bitcoin user to influential podcast host and entrepreneur illustrates the transformative potential of cryptocurrency. His initial exposure to Bitcoin through the Silk Road evolved into a deep understanding of its potential to address global financial issues:

"With Bitcoin, I was here for the money. When I went to Venezuela, I saw the problem with money. And when I went to Malawi, I saw the problem with money. And when I went to Ghana, I saw the problem with money. I was in Argentina, Lebanon, all these, I saw the problem with money. Bitcoin is here to fix money."

This evolution in perspective demonstrates how engagement with Bitcoin can lead to a broader understanding of global economic challenges and potential solutions.

The Challenges and Rewards of Crypto Podcasting

McCormack's experiences as a podcast host provide valuable insights into the world of cryptocurrency media. He discusses the emotional toll of dealing with online criticism, particularly in the early days of his podcast:

"Nothing prepares you for the internet coming after you. Nothing prepares you for going in the comments and people just saying you're a fucking idiot or you're a fat slob, you look gross, you're thick, like relentless personal insoles."

However, he also notes that over time, he's learned to focus more on constructive criticism and less on personal attacks. This resilience is crucial for anyone looking to build a public platform in the often-contentious world of cryptocurrency.

The Impact of Bitcoin on Personal Freedom

One of the most striking aspects of McCormack's story is how Bitcoin has provided him with the financial freedom to pursue diverse interests and projects. He explains:

"Over time, I stopped keeping money in pounds and kept them on Bitcoin. And look, it's not just a avoid inflation. If you hold on Bitcoin, every four years, you get this rocket ship that goes from underneath you. Like, that gives you a step changing in your life. It gives you two things. It gives you capital to do things and breathe in space."

This financial freedom has allowed McCormack to experiment with various business ventures, from podcasting to owning a football club, without the pressure of immediate profitability. It's a compelling example of how cryptocurrency can change individual lives and create new opportunities for entrepreneurship and creativity.

The Future of Bitcoin Adoption

While McCormack is clearly passionate about Bitcoin, he maintains a pragmatic view on its adoption and use cases. He recognizes that for many people, the technical aspects of Bitcoin may be intimidating or uninteresting:

"I'm honest about these things. Like most people aren't going to set up a node because they don't give a shit and it's a lot of work. Most people won't know what an expert is or want to interact with one because it's technically a challenging thing to get your head around."

This perspective underscores the importance of user-friendly solutions and clear communication in driving wider Bitcoin adoption. McCormack's approach of focusing on real-world applications and storytelling may be key to bridging the gap between technical enthusiasts and the general public.

The Intersection of Bitcoin and Sports

McCormack's venture into football club ownership represents an innovative approach to combining Bitcoin with traditional sports. By using cryptocurrency to fund and promote Real Bedford FC, he's creating a unique model that could potentially be replicated by other clubs or in other sports:

"We've sold over 200,000 pounds a merch. There are thousands of shirts. We've had people fly all over the world, come watch us play. And we've got Bitcoin companies that sponsor us."

This integration of Bitcoin into sports not only provides a new avenue for promotion but also demonstrates practical use cases for cryptocurrency in everyday business operations.

The Importance of Maintaining Personal Identity in the Crypto Space

Throughout the interview, McCormack emphasizes the importance of maintaining his own identity and perspective, even as he becomes more deeply involved in the Bitcoin community:

"I don't really fit into one of the groups as such. I fit broadly into Bitcoin because I'm a Bitcoin and I don't fit into crypto because I just don't care about shit coins, but, but everything else I'm just, I find things that certain things interest."

This approach of maintaining individuality while engaging with the broader community could be seen as a model for healthy participation in the cryptocurrency ecosystem. It allows for critical thinking and diverse perspectives, which are crucial for the long-term development and adoption of Bitcoin.

The Role of Bitcoin in Global Economic Issues

McCormack's travels and experiences in various countries have reinforced his belief in Bitcoin's potential to address global economic challenges. He shares insights from visits to Venezuela, Malawi, Ghana, Argentina, and Lebanon, where he witnessed firsthand the problems with traditional monetary systems:

"Bitcoin is here to fix money. So I care about that. I've not seen any problems with art that putting it digitally on a blockchain solves. So I just don't have an interest."

This focus on Bitcoin's potential to solve real-world economic problems provides a compelling narrative for its adoption and development, moving beyond speculative investment to practical global applications.

The Future of Cryptocurrency Media and Content Creation

As one of the pioneers in cryptocurrency podcasting, McCormack's experiences and insights offer valuable perspectives on the future of media in this space. He discusses the challenges of maintaining audience interest while exploring new topics and ventures:

"I'm perfectly aware I've probably lost listeners when I talk about football on the podcast. And some people were like, they say, I don't care about your football tweets. I'm like, okay, well, just don't follow me then."

This willingness to evolve and explore new areas, even at the risk of losing some audience, demonstrates the dynamic nature of content creation in the rapidly changing cryptocurrency landscape.

The Potential of Bitcoin-Based Financial Products

While McCormack remains cautious about many new developments in the cryptocurrency space, he expresses interest in the potential of Bitcoin-based financial products, particularly in areas like lending and mortgages:

"Somebody solves the ability to get a mortgage by collateralizing loans on an L2 whereby it's like close to zero risk and I'm getting a much lower interest rate than a bank. I'm going to be interested in that."

This openness to innovation, combined with a healthy skepticism born from experience, reflects a balanced approach to evaluating new technologies and products in the Bitcoin ecosystem.

The Impact of Bitcoin on Local Economies

One of the most intriguing aspects of McCormack's story is how he's using Bitcoin wealth to invest in local businesses and communities. His ownership of a bar and previous ownership of a coffee shop demonstrate how cryptocurrency gains can be reinvested into traditional local economies:

"There's something nice about building little businesses locally and creating jobs. And except 45 now, I've got 15, 20 good years of business left in me and, I like the idea of just creating little local businesses."

This approach could serve as a model for how cryptocurrency wealth can be used to support and revitalize local economies, potentially bridging the gap between the digital and physical economic worlds.

The Evolution of Content Creation in the Cryptocurrency Space

McCormack's journey from podcast host to multi-faceted content creator and entrepreneur illustrates the evolving nature of media in the cryptocurrency space. He discusses plans for creating more video content around his football club:

"So we've got a guy. We've taken, not so much for me, more for the football club and I will be part of that, but from essentially from August, we've got a guy full-time working on it. It's like a mini rexum."

This expansion into different forms of content and media demonstrates the growing sophistication and diversification of cryptocurrency-related media.

The Intersection of Cryptocurrency and Personal Passion Projects

Perhaps one of the most inspiring aspects of McCormack's story is how he's been able to combine his passion for football with his involvement in Bitcoin. His acquisition and management of Real Bedford FC serves as an example of how cryptocurrency can enable individuals to pursue personal interests on a larger scale:

"The football is what I care about, most of all, um, real barefoot.com. Go get yourself a hoodie or a jersey. Um, that's, that's what I care most about. Everything else is just like, yeah, the podcast is cool, but with the football clubs, what I care about."

This integration of personal passions with professional endeavors in the cryptocurrency space could inspire others to explore similar opportunities, potentially leading to innovative projects and businesses.

Facts + Figures

• Peter McCormack started the "What Bitcoin Did" podcast in November 2017.
• McCormack's first exposure to Bitcoin was in 2013 through its use on the Silk Road.
• He seriously engaged with Bitcoin in late 2016 when using it to purchase cannabis oil for his mother.
• McCormack has interviewed notable figures including the President of El Salvador.
• He owns a football club called Real Bedford FC, currently in the 8th tier of English football.
• Real Bedford FC has achieved promotions in its first two seasons under McCormack's ownership.
• The club has sold over £200,000 worth of merchandise.
• McCormack's annual budget for the football club is nearly £1 million.
• He recently announced a 5-year, £500,000 sponsorship deal with Gemini, paid in Bitcoin.
• McCormack has traveled to over 49 countries, including Venezuela, Malawi, Ghana, Argentina, and Lebanon.
• He previously owned a coffee company and coffee shop in Portland.
• McCormack currently owns a bar in addition to the football club.
• He has been podcasting for approximately 7 years.
• McCormack is 45 years old and has been sober for over a decade.

Questions Answered

How did Peter McCormack get into Bitcoin?

Peter McCormack first encountered Bitcoin in 2013 when a friend told him about using it to purchase drugs on the Silk Road. However, his serious involvement began in late 2016 when he used Bitcoin to buy cannabis oil for his mother who was battling cancer. This experience led him to explore other cryptocurrencies and eventually become deeply involved in the Bitcoin ecosystem.

What inspired Peter McCormack to start the "What Bitcoin Did" podcast?

The inspiration for "What Bitcoin Did" came from an unexpected source. After going through a divorce and trying to overcome drug addiction, McCormack attended a yoga and running retreat in Italy where he met successful podcaster Rich Roll. Roll's encouragement and guidance inspired McCormack to start his own podcast, which he launched in November 2017.

How has Peter McCormack's view on Bitcoin evolved over time?

McCormack's perspective on Bitcoin has evolved significantly since his initial exposure. While he was initially attracted by its potential for financial gain, his travels to countries like Venezuela, Malawi, Ghana, Argentina, and Lebanon opened his eyes to global monetary problems. He now sees Bitcoin as a solution to these issues, stating "Bitcoin is here to fix money."

What is Peter McCormack's approach to new Bitcoin technologies like ordinals?

McCormack maintains a cautious but open-minded stance towards new Bitcoin technologies. While he currently doesn't have a personal use case for ordinals, he recognizes their potential, particularly for applications like tokenized equity. However, he remains focused on Bitcoin's core value proposition of solving monetary issues rather than creating digital collectibles or artwork.

How did Peter McCormack come to own a football club?

McCormack acquired Real Bedford FC, a team in the 10th tier of English football, with the goal of promoting it to the professional leagues. He saw this as an opportunity to combine his passion for football with his interest in Bitcoin, using cryptocurrency to fund and promote the team. Under his ownership, the club has already achieved promotions in its first two seasons.

What challenges has Peter McCormack faced in running a football club?

Running a football club has presented numerous challenges for McCormack. These include managing a large budget (nearly £1 million annually), selling merchandise, attracting sponsors, and dealing with practical issues like ordering kits and managing player logistics. Despite these challenges, McCormack finds the project rewarding and sees it as an opportunity to promote Bitcoin in a new context.

How does Peter McCormack view his role in the Bitcoin community?

McCormack sees himself as a creative storyteller rather than a technical expert in the Bitcoin space. He believes in the importance of making complex concepts accessible to a broader audience and doesn't align himself strictly with any particular Bitcoin faction. McCormack emphasizes that while Bitcoin is an important part of his life and work, it's not his entire identity.

What are Peter McCormack's thoughts on the future of Bitcoin-based financial products?

While McCormack remains cautious due to the history of hacks and scams in the cryptocurrency space, he expresses interest in the potential of Bitcoin-based financial products, particularly in areas like lending and mortgages. He's intrigued by solutions that could offer lower interest rates and reduced risk compared to traditional banking, but maintains a healthy skepticism.

How has Bitcoin impacted Peter McCormack's personal freedom and business ventures?

Bitcoin has provided McCormack with significant financial freedom, allowing him to pursue various projects and interests. This includes starting podcasts, buying a football club, and investing in local businesses like a bar. McCormack sees this as an opportunity to experiment with different ventures and contribute to his local community, demonstrating how cryptocurrency wealth can be reinvested into traditional economies.

What does Peter McCormack see as the main challenges for Bitcoin adoption?

McCormack recognizes that technical aspects of Bitcoin can be intimidating or uninteresting for many people. He emphasizes the importance of user-friendly solutions and clear communication in driving wider Bitcoin adoption. McCormack's approach of focusing on real-world applications and storytelling may be key to bridging the gap between technical enthusiasts and the general public.