YouSaid · the spoken record

Peter McCormack

lines on the record: 81
first: 2024-04-24
most recent: 2024-04-24
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“The build, but think where our football club might be in 10 years' time. We might be a professional team in the professional leagues by then. I mean, that's certainly my hope. So, no, it's certainly on my mind. Yes, I want to speak to them. I do have connections who can get me to talk to them. I hope it's something they'd be interested in. I certainly think our investment for Cameron and Tyler Winkleverse gives me the credibility to sit in the room with them and say, I think there is a potential relationship here. But I also think of it a little bit like the Raiders move into Vegas. If you support, I don't know, let's think of another team, who's that team that's owned by the town, the Green Bay Packers.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The land Yes, so we're a good location. So, where they bought the land is really interesting. There's two main motorway spines that go up through the country, through the left and the right. You've got the M1, which goes up towards Manchester, and then you've got the A1. And Bedford's really interesting in that we've got a bypass between the two about, and we're 40 minutes north of London. And so we connect the country very well. So what we have had around here is lots of logistics places pop up. We have a huge Amazon warehouse here because we're perfectly located. On that bypass is where they've bought the land. So getting that amount of land near London is very difficult, but a train to Bedford from London is 40 minutes. So if you fly into London, we're very easy to get to, but we're also good to get to from the north of England as well. So we're in a very good location. The talk is they think it will take up to 10 years to complete the planning and the infrastructure requirements.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“They've bought the land Yeah, they bought 500 acres. It's about a four minute drive from my house. It's just insane. This is crazy.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, if anything, because I don't need the money and the success is more important, I probably will work harder at this. There'll be a time beyond me where I somehow, I don't think it's the part of my inheritance that would go to my children. I think it would somehow go to the town in some kind of trust that the town owns and no individual owns.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think it's that. But there will be a time beyond me. And again, it's another interesting investment prestant because I was talking to the Tyler on camera about this. I said, this is an investment for you whereby if we do get to the Premier League, you'll own a significant amount of equity in a highly valuable asset. In the post watch sporting league in the world. For me, it will never be about the money. So I'm asking them to depart for money for something where I don't care about the money. I just care about the situation.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, and some people want to write big checks. We're talking tens, hundreds of thousands, and we just don't have the ability to take that much capital on now because I didn't want to dilute too much down.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, we will press them one day. I do, so I've kept some equity back because I would like to do a fan sale at some point of like small amounts of equity Yourself and anyone else who loves the club who wants to invest in the club and have just a small amount of ownership can do. So that's something we'll look to do at some point.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, yeah. They understand sports and they understand the nature of sports. And I think they like the competitive side of this. I think what will happen is down the road as this is more successful. I think there might be other billionaires in Bitcoin who'll be like, damn it, I wish that was me.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And so I think I've kind of proved I can do it. And so when I went back to them and said, okay, I need investment. I think it was a fairly quick decision. Really, the dance was about how much and how to value the club, which is a difficult thing to do. And again, I said to them, look, if the investment's too small now, there's a chance I'm going to come back at a later date and ask for more sooner than I'd want to. If we raise this amount right now, and I can leave it in the Treasury and not spend it for a couple of years, I might never need to come back for more money. And so they understood that. They understood the strategy, that they believed in it and wanted to be part of it. So, yeah, it happened all fairly quickly. It was really painless. I've never raised money before and it was relatively painless.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's the fifth tier. We started in step six, which is the tenth tier. And that is a genuine pyramid where once you get to the National League, there's only one national league division. But below that, there's National North and South. And as you below that, there's four more divisions and so on. So there is a pyramid up to national league and it's a straight line up. If you finish top in most leagues, you'll go up. And then depending on the league, you'll go up if you're second or if you're second to fifth or third to sixth, you'll go into a playoff. It's very competitive because everyone wants to win their league. Or if you, you know, on the lower budget end, you're trying to survive. And so I think I proved to them a few things. I think I proved that I can win promotions. I think I proved another thing. I can do it whilst building a business which is sustainable and I could grow the crowds. So we, our average attendance last season was the highest in our division and the same this season.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“At the club. Tier six of non leagues. I'll explain the pyramid. The English pyramid of the professional leagues. Which is the Premier League Championship League One, League Two. And you have promotion and relegation between the two. And that's the professional leagues. And then you have what's known as non-league. And the first level of non-league is called step one.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Win enough games, you don't get promoted. So I think if anything, they did the sponsorship to help me with the cost of running the club and almost like a test to see if I can go and do this and look first season, we won the league by nine points this season, we've won it with a game to go. It could be by five, six points. Our ladies are top of the league. They're most likely going to win the league week on Sunday, I think it is. So I think I've proved I know how to get promotions. Because you started off in...”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So they got it straight away, and I kind of got why they got it afterwards. And look, I think what they did, and I haven't had this confirmed, but I think what they did is they agreed to sponsor the club to begin with, almost like a test. Because this isn't like a traditional investment. When you invest in software, there's traditional metrics you can look at in terms of customer acquisition, customer acquisition, cost, lifetime value. You look at the team, you see how they're doing, you maybe start with a very small seed investment. This is a very different investment. This is, doesn't matter how good you are running businesses, do you know how to win a league? And do you know how to recruit the right manager so you can win promotions? Because most businesses are fairly simple. If you're good at marketing, you create a good product, you look after your staff, you should create a successful business. You can do all the business things right with a football club. But if the 11 players go on the pitch on that, don't”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“They've been very good to me from the very start. They used to sponsor the podcast a while back. And when I told them about the football project, I mean, they got it immediately. When I explained it, they're like, oh no, I get this. This is just like Bitcoin. It's a grassroots movement. And when they said about the Premier League, I kind of got it in reverse when I said, well, if you pitch Bitcoin 15 years ago and said what it was trying to achieve, everyone would say, look, you're an idiot. You're not going to launch a decentralized currency that is going to dethrone every fiat currency in the world and become a global reserve currency launched by somebody we don't know and we'll never find out who they are. People are thinking you're an idiot. And the same with this. Same we can take a football club from the 10th tier of English football with 40 fans to the Premier League again. Nobody's ever done it and everyone thinks I'm an idiot. But when you merge the two together, you realize powered by Bitcoin and hard work is possible.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Hit next year, and we do the merch sales. I think we'll do, which is conservative. We should be a break even club. And if we can beat that again, because we did that last year, then great. But we're not building a club for always for next season. It's almost like the Michael Saylor thing. I'm building a club for the next hundred years, a club that can get up there and compete. And so then it's important to be sustainable.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yes, until we have the new location ready to build on that, but we still have to have that ground ready for each level whilst we're working on another one. You can't stop. So, there's costs that go into that. We will have full time staff next year. A lot of clubs entirely rely on volunteers, but we're trying to build a project for years ahead, so we need to invest in the staff. So we'll have full-time staff working on the club. We have a large outgoing in terms of stock, which is part of the budget. And if we don't sell all the stock, that ends up in this, you know, within our P&L, but it's still something we have to spend money and we have to have the cash flow to do that. We will spend a significant amount on travel next year because we'll be going further distances and we'll have to hire buses to take teams to games. So once you start going through it, it all kind of adds up. But where we probably different from other clubs is we will invest in full-time staff. We will invest in the streaming. We do have this large investment in ladies football that we want to happen at the same time. We do support youth football. So we've built a model that works. I will, if we hit the crowds, I think.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“We always want to have a competitive playing budget. So I kind of estimate what I think the top budgets will be and make sure we have one there so we can compete. We don't want to overspend there. And we're doing that for men's and ladies at the same time. So we have high budgets. We also stream all the games. I mean, that's a £60,000 a year investment. We have lots of infrastructure requirements. I mean, we spent £40,000 in the ground this year just alone on putting in a stand. in changing the walkway. There'll be more requirements to do that every year because every division you go up, you have something called a ground grading, whereby you have to do certain improvements. So there's costs that could be going into that.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Get promotions now, we've done that for the last two years, and we're an expensive club to run compared to other clubs at this level. We're a very expensive club to run. I mean, my budget for next year in step four is going to be about £600,000 across the whole club. There will be clubs with budgets probably anywhere ranging from $100,000 to maybe $400,000.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Hope so. But let's go on the low end. Say Bitcoin does a Forex in this cycle and we have 20 and maybe in four years we're in the National League and I need to spend a couple of million on infrastructure. So that takes me down to 18 million. And maybe the next year another couple of years. Maybe that takes me down to 16 million. But Bitcoin does another run and maybe that 16 becomes 60 million. You know, just a 3x at that point. Even a 2x becomes 40 million. You have 32. And then the next year I might need a couple. The math in my head is that I think if Bitcoin reprises how I think it will do over the next two decades, we will not spend at the rate that we will grow that treasury based on even a declining compound annual growth rate. So that's my thesis. Now alongside that, to make that work over the next two, three years, I want the football club to be sustainable, live within its means and still.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And I was able to do it sustainably, then that was, we can come back to that. That's just using why I always say cheat code. And I said, we need to raise as much as possible and stick it in Bitcoin. Now, with four and a half million dollars of Bitcoin sat in the ninth tier of football, about to go into the eighth tier of football, we're the most well-capitalized club at that level in the country. And if Bitcoin does what I think it will do over the next two years, I think our capital needs will never catch up with the compound annual growth rate of Bitcoin. So essentially our treasury will always be ahead of our capital needs. Because we're not going to get promotion every year at Preston.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And you have to have infrastructure and you'll need a stadium. So, I mean, look, rough number. If I picked a number out of the air to take a team from the 10th tier to the Premier League, I think is a £300 million project. You might be able to do it for £100, $150. I don't know. But I mean, at some point you need a stadium that's going to cost 50 million. If you're in the championship, you're going to be spending $30 million on wages every time you want to have a go at it. It's an expensive project. Or you can invest a load of Bitcoin, sit it in the treasury, and if Bitcoin does what it says it'll do, then maybe you can do it that way. So when we got to the point of raising, because essentially spent the last two years, I think proving that I can run a football club and that I can understand how promotions.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, absolutely. You've nailed it. Look, you and I know one thing is that the world is repricing in terms of Bitcoin. I don't want to spend Bitcoin right now. I don't want to spend the club's Bitcoin. I want to spend the pounds that it brings in, similar to how when I was in Lebanon, when people have both the Lebanese pound and they have the US dollar in their pocket and they go and buy a coffee, they give the Lebanese pound. They don't want to spend the dollar because that's holding value for them. We're in this world, this repricing in terms of Bitcoin. When I first spoke to Cameron Tyler about this, it was just over two years ago. We were at a conference in Texas. I met up with them for a beer and I just said to them, look, I've got this idea. I'd like to buy my local football club and get them in the football league. So I explained to them in the league structure and Tyler immediately said, how do you get them in the Premier League? I was like, okay, that's a different prospect because it gets increasingly expensive every league you go up in.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Very easy to move to a big city or to move to a beach somewhere and help an already thriving economy. But yeah, I want to help here. I love it here. I like the people here. Yeah, I just want to do something here, mate.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Trying to win a game, yeah, which we didn't trying to make sure everything runs okay. But yeah, look, I just, I've been very lucky. I've said at the conference when I gave my little short speech, I think Bitcoin represents so many different things to so many different people. It's hard to describe what it is. You know, you can explain it as money, but the more time you spend in Bitcoin, I think the more time you realize what it is for you. For me, I just see it as I said, I see it as a pay it forward technology. If you can survive your first tour of duty, your first four years in Bitcoin and you can get out alive at the end of it, you should be in a position whereby you can help others. And that's either with time or capital. And I don't have as much time as I was like, but certainly I have capital.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You came. I mean, you saw it. You came to a match day. I didn't have any time to spend with you because I'm wandering around and checking on everyone. Everyone's having a good time.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Everywhere. I see it evidently in where I live. I've seen the rise of homelessness. Seeing the lack of capital and funds available from the council to spend on park projects, local sports, the local community, I'm seeing shops close down regularly. I'm speaking to people who are struggling financially. So I think that's all in the back of my mind. If anything, the thing about Bevid, it's not that it's seller crap town. It's just a nothing town. You know, people don't come to the UK and go, I'm going to go to Bedford. They go to London. They might go to Cambridge or Oxford or Bath or York. They might go to Wales, might go to Manchester or Leeds. They'll go to a city. Nobody says, I'm going to go to the UK and I'm going to go to Bedford. It's not a place you go to. And so when I say crap down, I think like that, but now we have people coming to the UK and the reason to come is Bedford, which is hilarious.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I mean, look, I kept people to the good bits, that kind of area of the swan, the river, and the corn exchange. But I also turned up on the morning of the conference and there's a guy sleeping in a tent outside the corn exchange. First time I've ever seen that in the morning of the conference. And then I'm sat in my car outside, get him ready, and I'm seeing the crackheads go in and out of the toilet outside. I didn't even know I was there. And I witnessed the dealing. But most of us watching this manage decline of our economic situation in the West”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Shoot some guns and record a podcast. And lots of people did give up their time. They do give up their time to allow me to make the podcast and bring an income in. And then with the football club, I'm asking everyone to back it and come and visit us and watch games and buy jerseys and burgers. And so if I'm like asking for so much, I want to give something back. And I think Bedford's the right sized town where I can make a difference. And I like living here. I've lived here my whole life, Preston, apart from kind of like a year and a half it two years at uni. I've lived here my whole life. So I've got everything I want in life. So can I give something back? And that's what I'm trying to do.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, it's a hard thing to answer, Preston, because I don't have a clear answer to it, really, other than that I know my investment in Bitcoin and timing. There's a lot of luck with it, right? I could have discovered it four years later or eight years later. And I discovered it at the time I did. I yO'd in, lost a bit, made a bit, figured it out, and then ended up launching a podcast which enabled me to then understand how to invest in it. And then eight years later, I'm kind of in this position where the podcast is a platform. I've got some of these good connections people like yourself, other people in the industry who are experts and companies. And I've got a bit of capital myself. And I feel very lucky with that. So yeah, how do you pay it forward? When I first started this podcast, I emailed James and Lobb. I'd made two episodes and he didn't know who the hell I was. And he said, come out to Raleigh.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I do. But with the football club, I'm happy, I love talking about it. So anyone who wants to hear about it, I love talking about it.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Oh, mate. I'm thrilled to have it with you. I don't get invited on many podcasts now, but I think with the football club, I've earned my right somewhere along the line.”
2024-04-24 · We Study Billionaires · BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT