Don't Ignore Bitcoin with Peter McCormack

On this week's episode of the show I'm joined by Peter McCormack, host of the biggest Bitcoin podcast in the world, What Bitcoin Did. Peter and we discuss exactly what Bitcoin actually is, what makes good money and why Bitcoin has "solved the problem of becoming the world's best money".

We also talk about where Bitcoin fits within the broader cryptocurrency space and what the future might look like if Bitcoin really does become the world currency, a term known as Hyperbitcoinization.

Finally, Peter lets me in on an exciting sporting/Bitcoin project that he has recently finalised.

As always, I'd love to hear what you thought of the episode. Please drop me a line or check out the weekly newsletter and thehedge.io

You can listen to the episode on Spotify, Apple, on the player below or wherever else you get your podcasts. You can also read through the full transcript of the interview below.

Introduction

Hi guys, welcome to this week's episode of The Hedge. My name is Jason Mountford, and I am really really excited about this week's episode. I've managed to speak to somebody who I've wanted to speak to for quite some time. His name is Peter McCormack, and he hosts the podcast What Bitcoin Did which is basically the biggest Bitcoin podcasts in the world. Some of the guests who's had on his show are people like the Winklevoss twins, you may remember them from the Facebook movie. Gary Vee, he's had Kevin O'Leary, Mr. Wonderful from Dragon's Den. He's had Andrew Yang on the show. He's even had the president of El Salvador on the What Bitcoin Did podcast, so he's someone who I really wanted to have a talk to about Bitcoin and not just because he has that that big podcast, but Peters views on Bitcoin are pretty level headed, which is a perspective we don't tend to get in the mainstream media tends to be about, you know, the crazy volatility or how bad bitcoin is for the environment, or that is used by terrorists, and, you know, all these kind of quite extreme kind of narratives that that we have. So I was really, I'm interested to learn more about this and try to get a little bit more of a nuanced take on it.

Because, you know, at the end of the day, Bitcoin and crypto is becoming much more mainstream, you know, we are seeing a lot more of it. We are seeing a lot more of it in the news, but we're seeing a lot more mainstream adoption, you know, Tesla have recently been holding Bitcoin there are other companies like MicroStrategy really big companies who are looking at implementing Bitcoin much more in the business, even Twitter is looking at options around Bitcoin. So whilst it's not something that I'm you know, telling everybody to rush out and buy, I do think it's important for us all shine, learn a bit more about it. Now. I think that's important for a couple of reasons.

Number one, I think it's really important to learn about Bitcoin so that we learn about Bitcoin. But also what I've started to see is that once you start to actually understand what people in the Bitcoin Bitcoin community see as the potential for Bitcoin, what they the reason why they think it is such a good investment, such a good form of money, once you start to learn their arguments, it's actually a really good way to learn more about the monetary system in general, and you know, how our currencies work and how they interact with each other. So, you know, this should definitely just be a starting point in in learning a bit more about Bitcoin. I really enjoyed having this conversation with Peter. And I think there's a lot of really good stuff in here that can provide you with a lot of value and definitely some more understanding around it.

Now. There's also a bit of a bit of a special announcement at the end of this episode, so make sure you stick around around for that. The I guess the the sneak preview on that is that it's a sports announcement. So Peters got a new sports venture that he's going into which I think a lot of you will find quite interesting. So as always, thanks very much for tuning into the episode. And I hope you really enjoy this interview with Peter McCormack from the what Bitcoin did podcast Peter McCormack Great to have you on the show today. Thanks very much for joining me.

Peter McCormack

Now. Thanks for having me, man. Good to get to meet you happy to talk about Bitcoin today.

Jason Mountford

Well, I mean, in the public arena, at least that's generally what you do a lot. Isn't it a talk about Bitcoin?

Peter McCormack

Yeah, man, that's, that's my job, dude. I do what you do. But I focus specifically on Bitcoin. I do about three interviews a week with various people who are like experts in economics or Bitcoin tech, or maybe sometimes governance, but usually it's Bitcoin or Bitcoin, some asymmetric topics.

Jason Mountford

Yeah. I mean, awareness of Bitcoin is massively increasing all the time, isn't it? You know, a lot of people are becoming aware of it, it's becoming more mainstream. But I think a lot of people tend to have an idea that Bitcoin is just a speculative asset, that you put some money in on the hope that the prices go up and you and you'll make bank off it. You know, the Bitcoin community, though, has the idea that Bitcoin has a lot more potential than that. So other than making money on that price appreciation, what do you think of the main problems that Bitcoin solves?

Peter McCormack

Yes, a Bitcoin super interesting in that there is a massive difference between what people think about it if they've never bought it never really engaged with it, only their only understanding comes from what they've seen in the press or seen online. And for those people who spent years studying it, who are fully invested. And I try and take myself back to the point when I first heard about Bitcoin, somebody introduced it to me, I was like, What do you mean like this is online money just it just sounded like a gaming token or just some like nonsense idea like money is something which you hold in your hand or you spend on your debit credit card, which we think that is backed by the government and is like a legal tender, how can you have a form of money, which is decentralized? What does this decentralized mean? And that is, that is we don't know who the creator is like this. This Sounds like a scam. This just sounds like nonsense. Why? Who all these people become a billionaires off it but it takes it takes a bit of like courage and a bit of like world to go out and learn a bit about it and usually pretty quick quickly people start to grok what exactly bitcoin is and the purposes it says, I think a good starting point is just a very brief quick explanation of what Bitcoin is what makes it unique.

Firstly, Bitcoin is money. There's, there's no other there's no other way of saying it is money. Gold is money, fiat currencies dollars pounds euros or money. Bitcoin is money. But the difference between Bitcoin and say government money is that Bitcoin is decentralized, it's not controlled by anybody it is, exists on a ledger which anyone can download a copy of. And, you know, that makes it kind of unique, but also makes it similar to gold. And that gold is just gold is essentially a kind of decentralized form of money and that it doesn't have a government, it doesn't have an army, it just exists as a rock that some people buy. So the problem is, is souls are, we can we can crystallize them down into it like a few very key ones. The one that's most important, which everyone is talking about right now is inflation, US inflation rate is 6.2%. UK inflation rate is 4.2%. Turkey inflation rates are like 20%, the inflation rate of Argentina is like 40%.

Now, inflation is something we kind of get used to accepting as a natural part of the economy. As we grow up, we see on the news, they talk about the government's inflation rate this month is 2.5% or 1.5%, or the government's talking 2%. We've got Okay, cool, the economy is growing great, we've got inflation. But actually inflation is just really a hidden tax, if you are, if your wages are not rising quicker than inflation, or if you're not getting an interest rate in your bank account, and then inflation, you are becoming poor, you are just becoming poor, because your money you have will buy less stuff. Yeah. So that's become a really important point now with massive high inflation around the world. And the reason, you know, high inflation comes from a couple of things, inflation can come from a growing economy, because there's an increased demand on goods, that that is something that can happen. But the inflation that's really happening now is increasing the money supply as the government prints more money, that's more money that can be spent and there's more of a demand on goods. And that can drive up inflation.

It is also complicated right now with the logistics around post-COVID world, but anyway, the reason bitcoin is different from government money is government monies can be printed. Any government can go and print to the UK Government can go and print a billion pounds or 10 billion pounds or whatever, the US governments printed trillions this year. You can't do that with Bitcoin. Bitcoin is very simple. Its monetary policy has two rules. And the one I'm going to talk about right now, is that there will only ever be 21 million Bitcoin. Never anymore, it's impossible for there to be more than 21 million Bitcoin. So what that means is, is that as a currency, it can't be inflated. So as demand increases for it, the price of it will generally go up, because there's a fixed supply. And this is a really important, this is a really important part of Bitcoin, because inflation is devastating. I mean, people in Lebanon have had their entire wealth destroyed over the last couple of years due to inflation. People in Turkey right now, you'll read reports, people saying, “Oh, my God, Turkeys great, everything's so cheap”. For people living in Turkey, right now, everything is expensive. People are struggling to feed their families.

You know, so what you want from money, you know, you want a few things, one of the most important things you want from money is to be able to hold value across time and space. Okay. And with Bitcoin, we've been talking about inflation, a Bitcoin holds value over time, because it cannot be printed. And that's a really important factor. Other important use cases of Bitcoin is that it is a form of money, which, if I want to send it to you, I can just you can send me an address anywhere in the world, and I can send it to you, and within 10 minutes or so, we should be with you. And if we use the Lightning Network, it will be almost instant and near zero costs. And there are no middlemen, and nobody can stop me sending that to you. So you have this form of money that is fixed limit that can be sent anywhere in the world at any time with no middlemen, and very low fees. So when you start looking at like that, it's actually yes, it's cool form of money. The speculation part of it is that, we are re monetizing the world with this asset. So people are investing it speculating that this will become one of the most important monies if not the most important money in the world.

Jason Mountford

It does feel like those problems, some of those problems are getting worse. I just had this the other day, banks are really cracking down on on the way you use your money. I was trying to send £2,500 back to Australia and the bank actually completely locked me out of everything. You know, I went on my banking apps and it was showing all my accounts weren't even showing up. Which, you know, we obviously live in a country that's stable and I don't feel like NatWest is going to pinch on my money. But it's still a bit disconcerting when you can see all your financial assets, well a big chunk of your financial assets just be kind of taken away, even if it's momentarily. So I guess that's why, and I know from some of the some of your podcasts that I've listened to, the uptake is seeming to be bigger in some of these developing economies where these things could actually happen. The bank could actually run out of money.

Peter McCormack

I mean, look, I had Lloyds TSB, the bank I've been with for 22 years, no 24 years, closed down my bank accounts this year. Yeah, well, they phoned me up, they said, “we want to do an account review, Peter.”. And I was like, “Okay, what does that mean?” They said, “We want to know what these transactions are. What's this money and who you send it to?” I was like, “yeah, it's not your fucking business”. I’m like, I'm an I'm an adult, I don't need to tell you where I'm spending my money. Have I committed a crime? Am I you know, am I being charged with a crime? They said, No. And I said, Well, look, it’s none of your business, I'm a grown adult, leave me alone. Like I pay my bills. I’m never in my overdraft, like leave me the fuck alone. I mean, but anyway, so like, two weeks later, I got a letter saying we can no longer service you as an account. And we're going to close your accounts down.

And the problem is, is that the government has outsourced surveillance to the banks, because the government doesn't want to do it, because they've got no money because they spent on everything else, you turn around to the banks, and they've made the banks operate surveillance for them. And what that means is they want to know every transaction you're doing, like who you're sending money to, which has destroyed privacy, and you know, so I mean, for me, that was a real wake up call and in that your bank account is only ever an IOU, it's an IOU and you're trusting that the bank will manage your money and you trusting you'll get it back and you're trusting the government won't inflate it away. And that's why Bitcoin is has so much interest because it is a bearer instrument, like when I custody Bitcoin, I hold that Bitcoin. And I don't have to worry about anyone inflating away, and I can send it to whoever I want, wherever I want at any time.

So it's really, if you really start thinking about like, what the internet is brought to the world, right? We don't go to Blockbuster, because we can use Netflix. You know, we don't buy CDs anymore, because we have Spotify. We don't buy newspapers or magazines anymore because we go to websites, you know, the Internet has changed a lot of the things we do, it has made a lot of parts of life a lot easier. One thing that's never really changed is money. Money is constantly being controlled by the government and the gatekeepers. And what's happening now the banks are having their blockbuster moment. What used to be an asset, which was their branches in every town, there's now a liability, and they've got these expensive places to run. And they've been out competed by neo-banks and crypto companies. But as part of that we're actually out competing with the central banks.

I mean, only yesterday. Did you see Elizabeth? I mean, this is the kind of stuff we're dealing with right. Now. Let me show you. Let me read this to you. So I'm going off on a bit of a rant here. Well, Elizabeth Warren. Somebody who I previously had a little bit of respect for because she would take over the banks. She said she would take on the banks, right, she would challenge Steve Minchin she would like question these people. So I was like, I had a bit of a respect for her, but yesterday, listen to this is such a virtue signaling tweet.

“Wondering why your Thanksgiving groceries cost more this year? Is because greedy corporations are charging Americans extra just to keep their stock prices high. This is outrageous”.

Now, I mean, I don't know if she believes herself. If she does, then she really isn't, she really shouldn't be a Senator. She, she's not smart enough. But I don't think she believes this. I think she's putting it out there as a virtue signal to the people stupid enough to believe this. And there's a number of errors in this. Firstly, she said calling these greedy corporations. And sorry, but capitalism is how we price goods. The reason the groceries are costing more this year's because we have massive inflation.

I mean, the US report is 6.2% inflation. That's the lowest inflation rate they can probably get away with. Everyone knows it's probably more like 10 to 15% or even. Like, go and go and try and buy a car right now. Go and, you know, look at moving house. Look, as you speak to anyone who works in a manual job, whether it's a plumber or a chippy and ask them how much they're spending on raw materials. Inflation is much higher. That's the reason the prices are going up Elizabeth Warren not because they're greedy corporations. Corporations have to bring them in so. You know what, we're at this kind of like pivotal time where the veil of bullshit from governments has been lifted and people have realized it's like, hold on what's going on here and luckily we have this thing called Bitcoin which allows us to route around central banks, government bullshit, etc. So, yes, it's a great time for Bitcoin, it's going to be a weird time for everything else.

Jason Mountford

So inflation is obviously a really, really key point there. That's, becoming more and more an issue, obviously, and I know that you started out your podcast the What Bitcoin Did podcast originally was a crypto podcast, not just a Bitcoin podcast. Bitcoin at the end of the day, I'm not a technical person, but it is just code. So why is Bitcoin different, or better than hundreds, the hundreds or 1000s of other tokens and coins?

Peter McCormack

Yeah, it's a really good question. Because about two or three years ago, I went Bitcoin only on the podcast and the reason I did it is I realized, whilst these are considered in the same category, like cryptocurrencies, what I realized is actually bitcoin is very different from a lot of these things. Now, there are what I think are cryptocurrencies which are trying to be money. And then there are cryptocurrencies, which are trying to be protocols, smart contract platforms that do other things that have a token link to them. They're essentially two different things. It's almost like having a podcast which is about vehicles and then deciding to hone in on cars. You know, I'm saying I'm not gonna cover airplanes and helicopters, because they're completely different. So there are crypto currencies that are trying to be money Bitcoin, which bitcoin is one. And then there are other things which are forks of Bitcoin, which is too complicated to get in today, but basically, things that try to be like Bitcoin and bitcoin cash and Bitcoin SV and Litecoin.

The reality is bitcoin’s won that race. And it's won it because it's the most decentralized, has the best developers has been around the longest and has the network effect. So all these other crypto currencies, which are trying to be money, they've lost that race. So Bitcoin won that, everything else, protocols, they're just a different category of thing that I don't really have interest in. Most of them are centralized, or directionally becoming more centralized. And they're trying, they're just trying to achieve something different. Bitcoin is trying to solve one problem. It's trying to be the best money in the world. Now it's done that, and it comes he has a job to try and maintain that.

But that, for me is like what I'm focused on, all these other things are trying to add, they're more like companies, the more like companies that are decentralized, that are trying to, like offer off the different things for people to be investing in. But really, I mean, they're not really solving actual issues like, like the tech companies should solve problems, and Bitcoin is solving, or has solved the problem of money. But like, what are the what is Ethereum? What problem has Ethereum solved? And if it's trying to solve the problem of money? Well, then it's it's it has lost heavily to Bitcoin, because it's not as decentralized, and it has a loose monetary policy, those two reasons alone it’s just lost. People will defend it because they hold heavy bags of it. So what other problems is it trying to solve? And I'm yet to really have someone really explained to me a problem that Ethereum solves. Yeah, it allows you to send in a permission less, way digital assets around the world. But what why do I need that?

So like, I don't think they shouldn't exist, people should do whatever the fuck they like. But for me, it's just like, I know what good money does, and what good money does for the world and good money does for economies and hardworking people like it, it rewards the productive class, and in de-monetizes the lazy class or the political class or the grifters and the rent seekers. So I'm entirely focused on that. If you're an investor, and you want to invest in lots of things, then fine go buy some cryptocurrencies. If you want to put your money in sound money, money that will appreciate and hold value over the next few decades. Then just think about Bitcoin.

Jason Mountford

Yeah, so I guess then really, it's not that necessarily all the projects out there are trash. It's just that Bitcoin is kind of the main event. And all these other ones are sideshows where there could potentially be some fringe technology or benefits down the line. But really bitcoins the main game when we're talking about societal change and kind of grand plans, I suppose.

Peter McCormack

I mean, I do think they're mainly garbage these other things, I do. But it's very hard to convince people who are invested in them or maybe think they missed out on Bitcoin or yada yada but anyone who says to you these are better than Bitcoin or referred to Bitcoin as Boomer Tech or slow, they're either stupid or disingenuous like they don't understand the foundations of what makes good money. If you understand the foundations of what makes good money, then you would understand why Bitcoin is the best money. Okay, they're not that so they're trying to be something else. I think they're mainly garbage.

I see some very limited use cases stable coins on a protocol, which allow you to send US dollars around the world, that's kind of useful. But you got to pick the right protocol because the gas fees can be quite high. I mean, Ethereum at the moment is ridiculously expensive. But yeah, I think they're mainly garbage. I think they're mainly a distraction. The way I explained it was I said, listen, think of Bitcoin as your vault. You got your vault at home with all your money and that you want to protect. But occasionally you want to go to Vegas, right? Okay, cool. If you want to go to Vegas, your two choices, you want to empty everything, your vault and risk losing it, or you want to take a little bit out and just have a little bit of a flutter. A little go on the Roulette Wheel then yeah.

Jason Mountford

So I was listening to one of your episodes the other day with Pete Rizzo. And you're talking about, I think the term was Hyperbitcoinization. And the idea, which I gather is the idea, is that basically bitcoin is the world money, everyone's using it, it's taken over the world. Do you think I mean, he's kind of opinion from what I could get from the episode was that for that to happen, there needs to be almost societal breakdown in a lot of ways. Like there's going to be a lot of government resistance, a lot of corporate resistance, that sort of thing. Do you think a world that looks like that is something that we could potentially see in our lifetime? Or are we kind of way away away from that, especially in the West?

Peter McCormack

Yeah, good question. Look, there are different schools of thought with this. When I when I first got into Bitcoin and heard about Hyperbitcoinization, I thought it was ridiculous. All right, like Bitcoin is interesting, it's never going to take over. And now I'm, like, you know, multi year deep into this, like, I understand why people predicted this because people will always converge on the best form of money. And bitcoin is and right, and we're seeing the collapse of fiat currencies around the world, like actual currency collapses, right now. Lebanon's currency has collapsed. Turkey's currency is collapsing. Yeah. Could the US dollar collapse? I don't know. But so hyperbitcoinization, is this idea that people converge on the best form of money, and, and if they do, and these currencies collapsing, yeah, Bitcoin will take over.

Can we see in our lifetime? Sure. I mean, we Bitcoin is a $1.2 trillion asset now. In five years, it could be a $10 trillion asset in 10 years, it could be $100 trillion asset as as people realize, like they should, and the best place for their money is a Bitcoin and as more and more people go to, absolutely, it could happen. And I don't think people I mean, I don't even understand what that means. I'm like, I'm contemplating myself. I'm really thinking about this a lot at the moment, like, what are the implications of this? So yeah, I mean, hyperbitcoinization is one of the things that could happen. And I'm questioning a lot at the moment, like, what does it mean? What are the implications? I mean, there will be winners and losers, there will be fabulously wealthy Bitcoiners. And there'll be people who just won't buy or refusing to buy I always think is expensive. And, you know, I don't think hyper bit quantization is so much about just people move into Bitcoin. I think it's also about other currencies collapsing. So, yeah, I mean, look, there's a guy called Pierre Rochard, he runs a website called Nakamoto Institute. He's written extensively about this, if anyone is interested in the idea, they should definitely go there and read up on it.

Jason Mountford

So we're seeing some countries really kind of forge forward with Bitcoin, El Salvador's the obvious example. You've mentioned a number of countries there where the currency kind of is collapsing and seeing a big uptake in Bitcoin, Turkey, that sort of thing. Where do you think the UK sits in terms of this? Because also, you know, it's not just developing countries, we’re also seeing the level of mining going up in places like the United States, so they're kind of forging forward with Bitcoin in other ways, where do you think the UK sits in this Bitcoin world? Are we kind of really lagging? And are we going to really struggle to maintain relevance if it does fully take off?

Peter McCormack

So it's really interesting watching Bitcoin, and how different governments reacted, because the most open to Bitcoin seems to be the ones benefiting the most and the most hostiles seem to be missing out on opportunities. So China's a great example. They made one of the biggest economic and geopolitical mistakes probably in history by banning mining in the country and all the miners moved out and they very quickly relocated to other countries and the mining hash rate very quickly recovered. I mean, that's a massive, long term disadvantage now to China in doing that, and they're going to have to reconsider that policy at some point. El Salvador's massively pro Bitcoin, they have the Bitcoin law, Bitcoin is legal tender, the President is supporting it and they have no tax on Bitcoin. And now bitcoiners are thinking of living there.

And so when I think of the UK, I just think what a missed opportunity, like we had Brexit, we left the EU, we had this opportunity to be this innovative financial center that supported and I'd even go wider and say cryptocurrencies and not just say Bitcoin and we've missed we've completely missed the opportunity. This seems to be no appetite within government, I wrote to my local MP, and all he did is reply back with MSM talking points about boiling polar bears and used by terrorists, which are such bullshit arguments. Yeah, so I think we're massively lagging behind and, you know, look, I have the biggest podcast in Bitcoin, right? I'm UK based. I do like one in 80 interviews in the UK, the majority in the US because even though the US has the federal government, which can be quite challenging to Bitcoin, they do have the states which can be quite Pro, I mean, very pro Bitcoin, like Wyoming and Florida. They're very pro Bitcoin and they're seeing big companies be built there, with big opportunity there. So yeah, sadly, the UK will probably be one of the losers in this because we don't we don't have politicians in there who have the nouse to get their head around what this is and what the opportunity is, which is a real shame.

Jason Mountford

Yeah. Yeah, I did actually hear that, you mentioned the other day that something like only 10% of your listeners are from the UK, which I thought that was really weird when I heard you say that.

Peter McCormack

Yeah. 10% to 15%. 55% is US.

Jason Mountford

Yeah. So just a couple couple last questions. The first one is that we've been through or you've been through a few market cycles with Bitcoin. Now, we've seen some very high highs, some very low lows, when Bitcoin has crashed in the past, it often has crashed quite spectacularly. Do you think we're gonna see another really deep bear market like that? Or are we getting to the point where bitcoin is becoming mature enough that the fluctuations aren't necessarily going to be quite as volatile?

Peter McCormack

Yeah, it's a really great question. And it's a lot a lot of people think about this at the moment, like does the cycle break? Here we've had this four year cycle where Bitcoin goes, does this crazy thing where it does a 10-20x and, and the end of the run, and then it dumps which teaches you very important lessons about money and storing wealth. It teaches you about time preference, it teaches you about just forgetting the volatility stacking sats and playing the long term, plus four year ideally, plus decade game, which I've done and I've learned from I've screwed up and lost money in Bitcoin. But I've also learned, like that's the real game to play.

But I actually think it will be one of the most important things for Bitcoin and most interesting things as we get away from that cycle. I would love us to get us to where, I don't mind the volatility, but I would love to get us away from this, like 20 X with an 80% drop. I would much prefer us to see a more consistent and gradual increase in price. But I would accept volatility in that, because I think it then becomes an easier thing for people to get their heads around and invest, you know, other central banks, other companies, other individuals, because the volatility is what scares people, a lot of people off.

Now, as a Bitcoiner, once you've done four years, you've done it, you've done your first tour of duty, you understand the volatility, so you can deal with it. But I just think for the long term benefit of Bitcoin as a currency is something for people to use an investment of money, and I hope that doesn't happen. Who knows? It doesn't look like we will have a similar scenario. We might do. It doesn't look like it right now. This year has been, it's been unusual. And we had that deep mini bear market a few months ago, where the price dumped from like, $64k to about $29k. We've seen a recovery. We did tag $69k recently. I mean, I do expect the price to continue to go up. Will we see another end of year 5x or early next year 5x with a dump. Honestly, I have got no idea Jason. I don't know it's been, it's been a strange year, but I don't really care either way. To be honest, for me this, this is not what it's about. For me, this is about long term, like protect, like accumulation and protection of wealth. And so these like short term moves, I tend to ignore.

Jason Mountford

Yeah. Okay. Interesting. Like you say, it's like any investment really at the end of the day, we could all make speculations of what we think might happen, but none of us really know what's going to happen especially with something on the newer scale of things like like Bitcoin. Yeah, one one last question I want to finish off with we've seen recently my hometown I'm from Perth, Western Australia, originally my hometown baseball team, the Perth Heat have become the Bitcoin baseball team. They're going for Bitcoin standard paying the players in Bitcoin. Really kind of taking that on. You've been tweeting a lot about Bedford Town. Is that a just having a bit of a LOL there? Or is that actually something that you want to do? Do you want to make Bedford Town the Bitcoin football team?

Peter McCormack

Well, when's the show going out?

Jason Mountford

It'll be going out next Wednesday.

Peter McCormack

Great. So I can tell you this. So I tried to buy Bedford Town. This has been one of my lifelong dreams ever since I was a kid, because where I am in Bedford, we don't have any big local teams. I support Liverpool which is miles away. I've always wanted to buy my local team and get them in the Football League and with dreams of getting into the Premier League. And so yeah, now I'm in a position where I can do it. I went to the owner of Bedford Town Football Club in step eight, which is seven divisions basically below the Premier League, and we had a few meetings, but it wasn't the right time for him, you know, he's got his own plan. And good luck to him. He's done a great job, and I wish him the best. So I went to Plan B. And the next team is Bedford FC, I've met the owner and made him an offer. He's accepted it and we should be confirming today, I'm meeting him tomorrow morning. And the I've got a full plan ahead. I'm buying Bedford FC I am going to make them a Bitcoin club. I'm going to make them the football club of Bitcoiners I'm going to put a Bitcoin logo on the shirt, and I'm gonna allow Bitcoiners to invest in the club and have part ownership and yes, it's a real thing. It's not LOLs, I've got an ambitious plan within the next five years to try and get them up to the conference and make an attack on getting into the Football League and yeah, I'm fully on Jason it's happening.