YouSaid · the spoken record

Will Reeves

lines on the record: 52
first: 2024-08-21
most recent: 2024-08-21
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

“Absolutely Preston. And again, we'll make the other one a fast follow, I think we'll have plenty to talk about as the world accelerates towards the”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Always punch above, punch above, have a good business just sometimes you need to follow the fundamentals and you'll find yourself in really great positions.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“With borrowers in a way that we both give access to great credit, great terms, low down payments, and we both enjoy the appreciation and upside of Bitcoin. I think it will fundamentally change a lot of how finance works from a consumer perspective and aligning interests. And it's building this team. We have Jonathan Kirkwood who runs 1031. I think we have all these elements in place that has allowed the full vision to not only grow from where it began, but is now looking at this next opportunity as a public company. And the vision has just gotten tremendously larger because we have a lot more resources at our disposal now, but we get to dream a lot bigger by bringing more and more people in. And so when we change the ticker two weeks ago over to FLD,”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And I just love that we have the ability for people to come along that journey. We were able to announce just ahead of the Bitcoin conference that this was even happening. And I think it came out of nowhere for a lot of people. Fold has just always been heads down diligently building, just build a great product and a great business. And it really aligned with a team that has what I believe is going to be deeply prepared for this journey. We have, I told you about Betsy Cohen and Daniel Cohen or legends in their own right. But joining the board, we have Brace Young, who ran capital markets for Goldman Sachs in Europe. He's a huge fixed income guy. I think you guys would have wonderful chats together. Andrew Hones, who runs battery finance, he's been pioneering collateralized, putting, injecting Bitcoin into traditional financial and credit products. And I think there is a very bright future ahead of how do we align lenders.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I just am so excited that we have built a company specifically to build and create a value alongside our customers. From the beginning, let's all just earn Bitcoin together, very innocent, but also, hey, is it going to work? Is it going to pan out? Like literally on buy almost every metric, our customers are more wealthy than they were before Bitcoin and before Fold. Fold has transformed financial position by taking the diligent step to accumulate Bitcoin over that period. And now we get this moment of allowing everyone to join the journey with us as a public company, which is going to change my team's life, my life certainly in terms of quarterly reports and being accountable for our vision and cool part is we've already really been doing that. We're very open about here's what we intend to build, here's the service and value we intend to give. And I think it's just going to be business as usual for us to fold.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Even the ultra balls would have called us out on some of these things as being far too out there. But I think we're going to be continuously surprised over these next four years. And it's going to be a different thing. And it's not going to be a president's talking about Bitcoin anymore. It's not going to be a sovereign nation. It's going to be 20 have done this or every candidate has to talk about Bitcoin at some point in the trail. It's going to be one of those things that it's no longer this token first, but a complete saturation of this in these various kind of sectors of the world and culture. And that is when the numbers start to get really big. That's when the snowball effect and that compounding growth that we see really kicks on.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“For worse than it ever has before. And it was really one of those moments of how far we've come in such a short period of time. Because I think this space often underrepresents how much progress has been made. In various aspects, and we it's hard sometimes to just look at saying where were we just four years ago? And it is such a completely different place. And I'm just extremely proud to have been part of it and get to have been friends with you and all the other people that have been diligently seeing this for a long time and slowly building this reality.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I was able to go there with my wife who my wife has been with me almost to all of the Bitcoin conferences going back to when it was held in seedy neighborhoods at tier five conference centers in San Francisco where it was really just a bunch of engineers and tinkerers and people who love to nerd out about Bitcoin. And I had a moment there where I'm just standing, I'm looking at the speakers list. I'm recognizing nobody from the kind of original Bitcoin builder path and it's all just it's all just at such a different level. I think this is kind of what we were getting at before is that Bitcoin has entered a new chapter and the dam has broken out of this very insular community to one that is larger communities of the mainstream are now seeing incentives to align with Bitcoin and further Bitcoin's own message much further to new places for better”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Demand there is when you have these most traditional, most ubiquitous services are just themselves saying as a bureaucratic or organizational opinion, we're just not going to integrate Bitcoin. That artificially depresses the actual demand that's there. And what we've seen is that's why FOLD has been so successful is because we push forward. We make the partnerships that allow us to open these use cases. And we feel that this new news with Apple is only going to be an entire phase step shift above in terms of opening up more and more opportunities for Bitcoin, both as a medium of exchange, but also as just a more readily usable aspect of your portfolio.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I mean, like everything Apple does, it's going to be a walled garden very strictly. But I absolutely see a path to where this is enabling frictionless Bitcoin payments via NFC, which is the absolute dream. And what you've seen is Bitcoin over time increasingly eat into the payment flows and payment networks. So Fold started with just allowing you to convert Bitcoin into gift cards. That was like the fringe outside where you were able to do this. That then came. We were the first one that was able, that was brought into Visa to integrate Bitcoin rewards into debit cards. Since then, we allow you to push Bitcoin to your debit card and spend at 100 million places globally. And now you're starting to see the kind of walls start to erode everywhere. And what we've seen is that there's such tremendous demand that the market just doesn't serve it, in which undercounts and undervalues how much latent”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“By bitcoin, but also we are years ahead talking about knowing and knowing exactly how to integrate Bitcoin into the full financial stack in ways that are going to take people a lot of time to not only build, but to even green light in a company of some of these sizes. And so I'm glad to see they're saving it from their own balance sheet. I am not bullish on them coming around to actually providing any valuable services.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think the signal of them starting to stack Bitcoin under their balance sheet is a put on your life vest before you help those and even your other customers before you write. I like that. And they're taken care of number one first. But I think when they look at integrating Bitcoin into their stacks is a tremendously uphill battle, not only about the bureaucracy that's there, but what to build at all. This is why we've stayed so close to our customer base because the needs, wants and desires of someone who goes from integrating Bitcoin, wanting to integrate, making decision to integrate Bitcoin into their life in their rapid expansion and needs of new products and services to service all of that is not something that's immediately obvious, but also takes a lot of specialized technology to build. So I think for FOL, what's going forward is not only our first mover advantage, building the brand that we have around Bitcoin accumulation, personal finance power.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Bitcoin miner that was developing this strategy in the public markets. I think we're just going to see something really special as the market starts to understand our story.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Type situation. And that's why for Fold, it was so important to be the first because we are absolutely interested and inspired by what micro strategy is doing. But we also serve customers on a daily basis like Coinbase does. But we take a really different approach. We actually look at Fold as a Bitcoin, almost as a Bitcoin miner that number one doesn't pay electricity costs, that is not affected by the depreciation of ASICs, and we're not just competing for the 6% or so of Bitcoin that is yet to be mined. We're competing for the 94% of Bitcoin that's already been mined. And when you think about that, because a lot of investors, when I think about public companies, they'll think about Bitcoin miners. And they are great companies at certain points of the cycle. But it's a really hard business because of the electricity costs and the depreciation of their machines. Now, what if you were able to totally remove that and have”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“They're missing, and this is going to catch up. So, like We can personally price that into micro strategy and come to our own conclusions about where that is probably more correctly valued. And it's probably closer to Coinbase's entire market cap when you actually think about it. And Coinbase wasn't a position at one time. If they were focused to have over a million Bitcoin on their balance, it's not impossible to think about that. And to think about the size of that miss is a dark place to go. You're starting to see that even the analysts who are doing a lot of the direction for these companies and how to price them, how to think about their balance sheet versus their income statement. We know they're not taking this into account at the way that we think it should be valued. And I think that is just going to be an extra tailwind as those starts to break and valuations of companies start to be looked at in very different ways that anyone who is early to this strategy is going to have an outsize effect. I think this is very much a power loss.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Is at 25 billion. Why is that at 25 billion in Coinbase? It's just shy of half of Coinbase. It's because they had a focused Bitcoin strategy. And you imagine Coinbase could have been if they had focused on Bitcoin as a long-term savings instrument for their customers and for their own company, they would completely transform the current picture of Wirecorn Waste at today.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You roll this back okay. We have the fold has a pro form evaluation of about 500 million, very small, very early in our journey. Coinbase is at $48 billion. Micro strategy, who arguably has a good but not a gangbusters operating company.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“They tested that the market demand with the ETS being able to sell that to retail. But when you're doing it for yourself, that's real skin in the game. That's not just, hey, we can make a quick buck off this trend or fat is we're going to hitch our anchors to this. And everyone's playing catch up now. Now, luckily, they knew where they're financially capitalized. They can make up for time, for lost time. They can. Now, most people, other companies, private companies won't have the benefit of that. It'll be extremely hard for a private company of our size to accumulate $1,000 Bitcoin in the near term.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Where it will then become a career risk and a personal financial risk not to make some of these adopt Bitcoin adoptions that have kind of come to fruition over the last couple years. And so when I look at the macro, I think we are at the cusp of tremendous growth. And that's why Fold said that we want to put a great company to be kind of synonymous with Bitcoin on the public markets that has a product that can actually both benefit shareholders from a shareholder perspective with FLD, but with FOLD our product itself. And it's like, I don't think we could have a better setup for looking from our company's perspective, but even outside of full just for Bitcoin in general.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Not happening just there. That's happening at corporations. We saw microstrategy now, a seminar with MetaPlanet with Fold. And I know we're going to see an absolute domino start to fall. We're seeing this at the pension level. We're seeing this at the nation-state level. And we're just seeing, it's not just now waiting for, hey, who's going to do it first? Because now almost every first has almost now happened. We have Michael Saylor with Michael's strategy. We have El Salvador with their sovereign approach to building and integrating Bitcoin into their country. You have fold now being the first Bitcoin company, pure play Bitcoin financial services company that's going to be listed. Like all these firsts are now there and all of them are displaying tremendous success and momentum when the entire market, and I'm talking about market not only from investors, but consumers is looking not great. And everyone's now going to start to kind of attune to this at all levels.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I mean, when we looked at what we believe were the drivers of our next, of the kind of next cycle that we were going to see, we ultimately saw the things that everyone knows about, hey, we have the ETFs that has created a whole new top of funnel for both institutions and retail. We have seen a lot of the noise that has been existed in the space for a while. It's taken up a lot of airtime and other capital leave and been kind of swept away. That is, in my opinion, has kind of cleaned up Bitcoin and Bitcoin companies. We see that Bitcoin for our own user base is eating from the inside the personal finance picture of our customers and their families. Like, again, starting with earning a couple dollars in rewards every month to managing their entire monthly spend. have grown that much is that is the wild thing and i know that that's”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Having first hand about the cycles and how they go in terms of users and growth and volume makes us the most efficient possible business that we could be and one that is there looking for a very long-term goal that we're not here for the next four years we're here for the next 40 and Bitcoin helps you learn that but those lessons are extraordinarily hard to learn as you're going through”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I've been lucky to have been, you know, I've built products in Fortune 500s. I've been a founder of small scale stages building products outside of Bitcoin. But there is a whole new level of challenge when you're building inside not only an early stage startup, but one that is operating within Bitcoin that has these really volatile cycles that you need to plan for. And if you survive those, which fold has, you are left with incredible insights and superpowers that just none of your peers outside of Bitcoin are going to understand or have been through at all. That's why somehow we have been able to focus so much on building a treasury so focused. I don't know another startup at our stage that has had such a commitment to building a treasury. Most will just rely on infinite fundraising to get them to where they are. And being within Bitcoin.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So those purchases are effectively free. And this is what happens when you adopt Bitcoin standard. These strange things start to happen. And it's not, when we say Bitcoin standard, that's not 100% on Bitcoin for everyone. It starts to mean, hey, let's start moving 1%, 5%, 10%. And the more you move that, the fiercer these effects become and that we've seen with our own user base. And really gets back to Bitcoin is a tool to democratize wealth creation. We just need to get it in the hands of more people and more creative ways and it will take care of itself. And that's exactly what we've seen in Fold. That's what's driven our growth. That's why our customers go from earning us on one type of reward to just abandoning their bank account and coming to fold entirely. That's the kind of change that Bitcoin has in people's lives.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so I think a lot of this is reliant on what caggar of Bitcoin's growth are using things. But really the proof is already that we have users who have been using us since 2019 and they had entire purchases that are several hundred dollars in size where the original purchase price is lower than the current value of the reward they earned.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Really, the story is what is pretty incredible here. It's at a time of record high interest rates, people can earn up to 1.5% back on their mortgage payments, right? So getting up to 1.5% back in Bitcoin for paying your mortgage is essentially a way to lower your interest rate in perpetuity to zero eventually that went away, the trends to zero if we continue to see Bitcoins performance continue. So it is just a once you again, once you think about just dropping Bitcoin into traditional finance in all these creative ways changes the financial game for everyday people in ways that gives them financial superpowers that don't exist and most of their peers just don't have access to.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Daily Bitcoin DCA or getting extra awards for shopping, we want to give you rewards on your largest monthly purchases. And for many people, that's their mortgage rent credit card bills. And so our customers can now go into the app, they copy and paste their account routing number info, and they apply it to all their billers. And the more they're”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So we started with let's give rewards to incentivize you to adopt Bitcoin. And that was first started on your spending. We've since released buying Bitcoin through us. We have our merchant offers. And we looked at our users and a lot of them started to direct deposit their entire paycheck to us. It wasn't just, hey, a little bit for my spending money each month. It was, oh, I'm now operating my entire life on fold. And a big piece of that was I have my mortgage payments. I have other things I still need to do. Fold, can you help us out? And so we looked at this and said, there's probably no better show of commitment and loyalty to Fold than you direct depositing your paycheck with us and trusting us with that and trusting us that we're going to take care of all your financial needs, giving you all the tools. And so we want to reward that loyalty. And so we basically said that the more you use FOLD for your everyday needs as a debit card, for your buying your”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Your financial goals, but we're going to reward you for doing so. We're going to give you Bitcoin for paying your mortgage with us or your rent. We're going to give you Bitcoin for buying your coffee. We'll give you Bitcoin just for choosing us as your primary banking platform. And with that, our customers have said, I want a credit card. I want auto loans. We want a mortgage that allows us to collateralize a home with Bitcoin. We want a small business loans. We want a business account. All of these things are directly needed demands from our customers today. And luckily, we've been laying the groundwork to be releasing some of these products on the short-term horizon.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So again, staying very close to our customers. So our customers tend to be 35, 45 years old. They are either just starting families or on their way in the last few years have started them. They are just buying a home. They are buying cars. They are making long-term financialist decisions. And now because of using FOLD, a large percentage of their wealth is now in Bitcoin. And they have this issue where they can try to go get a mortgage and their mortgage companies will not recognize their Bitcoin wealth, which does a lot of things in terms of what rate they're going to get, their down payment that's required. Essentially Bitcoiners who have been accumulating in Bitcoin are at a disadvantage when operating in traditional financial services because they don't recognize that value that wealth. And Fold is there to really change that dynamic. We're not only do we value that and give you access to achieve all”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Your daily needs. And we have this incredible user base who is both at ends of these spectrum. We have those who are just starting their journey, earning some Bitcoin as rewards, and we have some who have fully come to the other side of the spectrum who consider Bitcoin as their base unit. And Fold's able to satisfy that spectrum. And so once we saw the product was able to do this and had a far more expansive use case is that the design refresh needed to happen in a way that would reflect, hey, it's not just rewards anymore. This is a full integrated banking platform for Bitcoiners. And that was really a lot of the driving force there.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Is just a crazy thing to think of in a time when people's purchasing power feels like it's going down, their savings are going down, their credit card debt is going up. And you have this strange island of people who are on fold, and that is just not the case. All those things are the opposite. The purchasing power is going up. Their savings are going up, and their credit card debt is coming down. It's a really beautiful thing. Ultimately, that's just showing what happens when you start to adopt bit by bit a Bitcoin standard. And Fold allows you to transition through from earning rewards to, as we built out, essentially a fully fledged integrated banking, you can earn rewards, you can round up your change into Bitcoin, you can DCA, you can smash by, you can create ability for you to hold Bitcoin and then pay your bills with Bitcoin. So you could say I'm on a full Bitcoin standard and you're using Fold and you're paying your bills, you're paying”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“connection you have into that existing network effect wheel. And so FOLD has always been there in the flow. Now the question of how we evolve the brand and what we evolve the products always ends up being, hey, this has to come from a vision. And that vision is often held by a small group of people who are taking and absorbing this information the market signals we're getting and then putting our vision out there for the market to respond. We never do constant revisions of design. Do you really like this? Do you not? We actually just try to get a great instinct about what our customers feel from quantitative, qualitative data, and then we release something truly special. And why this last release was so big is because it marked an inflection point of the company. We, like you said, we started as a rewards company, just earn rewards passively. Now we have customers who have earned more rewards in their savings than they have in their savings accounts, which”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“We, from day one, we have always been very focused on building directly with our customers in the flow of customer feedback. And that is always a bag of mixed signals, some incredible things, some hard-to-hear things, but all of it, we've always positioned ourselves directly in the flow of that. Because when you're talking about a network that has been growing like Bitcoin has, it starts in a time of early adopters and it starts to then flow into more mainstream users. And Full has seen this growth firsthand. And so what we said is that as long as we are directly into the flow of needs, demands, and insights of this growing rapidly growing customer base, we're going to build the right thing and we're going to know exactly what to build next. And with a network that's that young and growing that fast, if you're not in that fire hose of information, you're going to build the wrong thing. You're going to build into a whole other aspect. You're going to lose the”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It is fascinating how Bitcoin is able to align incentives across parties. And you find these really almost serendipitous needs. I have to allocate money. And here I have been building an interesting way to accrete value to our company. And these things just find naturally great fits. And it's just really, okay, when does that materialize? And for Fold, it's always been we've really tried from the beginning to stay very true about creating aligned incentives with our customers, our shareholders, and creating kind of a virtuous cycle. When you are accumulating Bitcoin as a customer, Fold is generating revenues that will allow us to accumulate Bitcoin too. Over the time, our wealth increases together. We become stronger together, Fold builds even more financial services for you to attend to that new Bitcoin wealth that you have. And as a result, now Fold has been in a position where we have”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's generating Bitcoin without any dilution at all. The most efficient Bitcoin you could possibly bring on. So I think the twofold strategy is what's going to set this company apart and what provides investors just a different opportunity.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And Folk has always tried to bend a first mover on the growth of the Bitcoin network. Number one, let's serve these customers who are unserved and this network's growing fast. Let's get there. Let's be there first. We did that. The second is, hey, let's start to build our treasury. And then that was an early thing that we had started years ago. And then the next is, okay, now we can be a public company that's generating Bitcoin on our business from our natural course of business and also following the path of micro strategy. We have something truly special here. And we absolutely intend to emulate a lot of what micro strategy has shown the market. And we really look at the company as two aspects. We have the treasury, which we will do, follow a lot of the same tactics that you've seen, but we also have the operating company that sets us completely apart from all others in the public markets that we call our own SATS flow engine that is also generating Bitcoin. The best part about that.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think I am definitely on the side of genius on looking at sailors' inspiration and the path that he's carved and how much that he has laid out the playbook for those to follow. You know, there's $7 trillion sitting in private cash reserves of private companies. The dam is going to break.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And so it creates a whole new kind of category, I think, for a public Bitcoin company, but it really took us learning from our customers about how Bitcoin was a best treasury asset for them, for us to truly learn about that from ours perspective. And we started to optimize for this. Fold over the years has had a treasury and there have been times that it has come into incredible value by extending runway, allowing us to tap into it in times of in a time of need. But overall, we've been able to constantly accumulate more Bitcoin every single day, even before becoming a public company.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think it is massive. I mean, we started out our company is that we want our customers to accumulate Bitcoin every day. That's a fold you know people love. Then we found out that, hey, every day, all product lines are profitable. Why are we not accumulating Bitcoin every single day alongside our customers when you stack, you stack? And what we found is that just this flywheel effect creates an incredible value generation for the company. And so we found that, hey, if we combine this strategy that we've been developing over the years with a public listing, now we get to offer our shareholders a very direct path for sats per share increasing over time, not just through financial engineering, but through a business that natively is generating Bitcoin as profit.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“There's community things that have been built. There's foldmath.com. There's all this, the community is very, we have one of the, I'd say, loudest, most engaged, most loyal communities out there in the space. And so a lot of people try to break this down because a lot of the barrier for people to joining is, well, tell me why Bitcoin is better as a reward. Maybe I don't tell me why it's better as money because maybe I haven't figured that out yet, but tell me why it's better as a reward. And so people have created all types of education, calculators and everything to show this. And it really is borne out in the data that it is absolutely a good decision to start as soon as possible, accumulating Bitcoin, whether it's buying it, earning it. And over time, fold, it's been so clear in the data that actually fold as a business, we learned from our customers. And we started to ask ourselves years ago, why aren't we also accumulating Bitcoin natively every day onto our balance sheet if our customers are doing so well?”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And you love operating an airline seat. I think we'll have some features down the road that can help with that. But this is for truly for people who want to start integrating Bitcoin into their lives in a big way and passively generating Bitcoin on everything they do.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Gives across our merchant offers and the categories and everything is about 1.9% historically. And the leading cashback debit card, which is the discover is about 1%. So day one, we try to be the best rewards debit card you could possibly get. We have this other secret that we add into it is that we put Bitcoin, that we denominate your reward in Bitcoin. And so you get also exposure to the appreciation there. And we know Bitcoin's CAGR from founding is about 63% or so. And the average reward we've given away at Fold all time has on average increased 116%. So you start to look at even the base case of like, okay, what am I going to earn today? And that's around the 1.9%. And then if you're also then going to add on the appreciation from Bitcoin itself, there is no competition here. There's zero competition.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“On a real so what Full does with rewards we do this we take a different approach so you mostly cashback cards are you spend on this card you earn rewards here but what Fold has done is we have that you have a card that you can spend with On top of that we brought together one of the most expansive merchant rewards networks out there so grocery stores, retailers, all the big name merchants, Amazons, all you can get 3% plus at back. So we have that as well. And a couple weeks ago, we launched the ability to also earn rewards on your mortgage payments, your rent, your credit card bills. And so when you join FOLD, this is not just a card where you're going to earn on a swipe of one card. You're going to earn this literally on every single financial transaction that you make on our platform, which this compounds in a very big way. But even if we just isolated just the rewards on the card, the fold card all in.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And attentive to the needs of this growing user base because number one, they're growing very fast and they're growing very wealthy very fast. And so we've found that some of these customers or some of the most valuable people you can possibly find and they're completely underserved from traditional financial services. It's hard to get a house if you're a Bitcoiner. And so we started with rewards, but we then built out essentially a comprehensive banking platform that allows you to hold your dollars and your Bitcoin in a same spot where you can accomplish all of your Bitcoin investing needs, all of your Bitcoin financial services needs alongside of your dollar needs, your paycheck deposit, your checking account. And this has created a really convenient platform to managing almost 100% of our users' daily financial needs. We're not just a Bitcoin exchange. We're not just a debit card. We're not just a rewards card. We really have turned into a fully”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Looking at how bold and how Bitcoin is just the apex reward option is borne out in the actual data. The customers that have come to us have earned more than they would have at even the highest level cashback cards take into account Bitcoin's appreciation. And so what we really have seen is that a company that allows a very large top-of-funnel, which Fold does, allows people to start their stacking journey, then they start to accumulate it, and then they start to see that their Bitcoin is not 1% of their portfolio, not 5%, but 25% over the last four years or so. And now they start needing other financial services. And this is where Fold has really remained very true, is let's be very focused on this segment of the Bitcoin growing Bitcoin network. The network that's growing faster than the internet itself, let's be really true.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I mean, every idea all starts with something much smaller. And that smaller idea that we had is that 80% of Americans are participating in rewards programs. And there's a large Delta and gap on how people can acquire Bitcoin. You have to attach bank accounts, there's elements of risk, high elements, elements of education that's required in some cases. And so Fold said, what if we just simplify this and use rewards as a means for people to accumulate Bitcoin passively every single day in the most easy, convenient way without changing most of their patterns? This was the insight we had. We saw the channel and we went for it. What you don't hear in those numbers is that we distributed 45 million dollars in Bitcoin. Now, if we had distributed that same amount of rewards in cash, it would be just barely be 20 million. Oh, interesting.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Very fast entry when you have identified that this is a good opportunity on both sides and the business is in a good spot. And so really it came, it became very clear that in order to achieve all our goals, that this was the right path. We found the right team and this is the right timing. And this is going to get us there. And so ultimately this fact became the ideal entry, but ultimately all of these are just different tools for achieving this end goal of promoting a private company into a public one.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Company are extremely sensitive to cycles and timing and making sure that you're optimizing at the right time because Bitcoin comes and really fierce swings and volatility. And so we saw all three of those as options for us. And we kind of pursued various paths, but really it came down to a team in time. We found the exact right team that has number one has been one of the most successful sponsors of FinTech and financial services public listings out there. Betsy Cohen alone was a pioneer in the internet banking space as well as financial services. And we found this team with the Cohen's that was just provided something that we knew that OnePlus One was going to be equal to 21 type of scenario. And we then looked at, okay, the timing and SPACs really provide a very clean.”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Layman's term we so at Fold we had this concept of we our next evolution is that we are going to bring the first pure play Bitcoin financial services company public. We knew that that was the end well that was how we're going to maximize our brand our shareholder value this was going to be one of our main strategic goals and so when we look at that okay the next question is okay how are we going to do that There's primarily three ways you have the IPO route which is probably the most familiar you have a reverse merger where a company then goes and acquires a smaller company that's already public and then you have a spec and a spac essentially is a public vehicle a you can imagine a shell that has been created on the public markets and that SPAC goes and looks for companies to partner with to then bring them into that shell to become the public company and for us it was always a matter of you know being a big”
2024-08-21 · We Study Billionaires · BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT