Peter McCormack, chairman of Real Bedford and host of the world's most popular Bitcoin podcast, aims to transform his boyhood club using cryptocurrency. After initially investing in the club himself, he secured a £3.6m investment from Tyler and Cameron Winklevoss, fueled by Bitcoin's appreciation. Can this unique approach propel the small football club to success?
Real Bedford chairman Peter McCormack, who hosts a popular Bitcoin podcast, is hoping to transform the fortunes of his boyhood club using the digital currencyTyler and Cameron Winklevoss, probably most well-known for their depiction in The Social Network, a film telling the story of their lawsuit against
Two years and plenty of discussions later, after McCormack had bought the club and taken them to two promotions in two seasons, he went back to the twins last summer and said the club was financially sound but it was getting harder, and he wanted an investment to accelerate what they were doing. On the spot they agreed, investing £3.6m-worth of Bitcoin, via Gemini, and becoming co-owners.
He and his wife divorced in 2014, he developed a robust cocaine and alcohol problem, became disillusioned by his own profession and, fearing for his health, quit in 2016. McCormack thought he could make Bedford FC “the Bitcoin team” and that would be their niche. He renamed the club Real Bedford, redesigned the club badge as a skull and crossbones, and started grinding away at the business, coming up with ideas, joining dots, persuading investors.
“We’re essentially going to be a freedom and liberty football club, with economic freedom at the basis. Essentially, we’re the Bitcoin club. If we’re the Bitcoin club, what does it mean for us as a business? “I think we’re a problem for the other team,” McCormack says. “As a brand we’re exciting, kids around Bedford are starting to support us. Our financial position puts us in a better position. If we get promoted this year and they don’t, we’re at the same level. At that point, we’re the bigger club, on several measures.
“Short-term we wanted Football League for the men in 10 years, which is six promotions. If we do three in three, we’ll have seven years to do three. He is adamant Bitcoin is a “mathematical inevitability”, reasoning that while governments keep increasing debt and printing money, it will be an asset, similar to gold, that keeps increasing in value. And that he can harness that to Real Bedford’s advantage.
“We have a model: one business, backed by Bitcoin, with a couple of billionaires, and support from the local community,” he says. “That’s our jigsaw puzzle for getting in the Premier League.”Cameron Winklevoss said that he believes “Real Bedford – powered by Bitcoin and Peter’s leadership – has the ability to defy the odds, upset the establishment and dethrone incumbents. We love underdog stories that have the ability to literally change the game”.
Business Technology BITCOIN FOOTBALL INVESTMENT REAL BEDFORD PETER Mccormack
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