Will Reeves: Earn and Play For Free Bitcoin with Fold, Building a Company in a Bear Market

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2 May 202349:32

Summary

TLDRIn this episode of 'Coin Stories', Natalie Burnell interviews Will Reeves, CEO of Fold, discussing his journey from a small-town upbringing in the wine industry to building a Bitcoin rewards debit card. They explore the importance of Bitcoin as an on-ramp for new users, the challenges of working with legacy financial systems, and the optimism Bitcoin brings in a bear market.

Takeaways

  • 🎙️ The podcast 'Coin Stories' focuses on interviews with leaders in Bitcoin, finance, politics, and philosophy, aiming to educate and entertain without providing financial advice.
  • 📈 The host emphasizes the importance of doing one's own research before making investment decisions, acknowledging varying risk tolerances among individuals.
  • 🤝 The show is sponsored, and the host is selective about partnerships, indicating a commitment to quality and alignment with the show's values.
  • 🪙 The first sponsor highlighted is Swan, a Bitcoin-only company that promotes saving and self-custody of Bitcoin, offering educational resources and financial services.
  • 💡 Swan's mission is to educate future Bitcoiners and offers services like IRA tax loss harvesting and private client services, encouraging a daily deposit method similar to dollar-cost averaging.
  • 👋 The guest, Will Reeves, CEO of Fold, discusses his background and upbringing in the wine industry, which contrasts with his current role in the tech and Bitcoin space.
  • 🍷 Reeves' experiences in the wine industry, including witnessing its corporatization, influenced his understanding of economic dynamics and the value of low time preference.
  • 🌱 The conversation touches on the importance of proof of work, the comparison of Bitcoin's growth with traditional industries, and the need for a stable and predictable monetary system.
  • 💼 Reeves shares his journey from journalism to politics to tech startups, highlighting a shift from observation to creation and a search for meaningful work.
  • 🛒 Fold's business model is based on rewarding everyday consumers with Bitcoin for their purchases, positioning itself as an accessible on-ramp to Bitcoin ownership.
  • 🌐 Fold operates globally and has managed to secure partnerships with traditional financial institutions like Visa, demonstrating the growing acceptance of Bitcoin in the mainstream market.

Q & A

  • What is the main focus of the 'Coin Stories' podcast?

    -The 'Coin Stories' podcast focuses on featuring leading voices in Bitcoin, financial markets, investing, political structures, philosophy, and more. It aims to educate and entertain, but does not provide financial advice.

  • Why did the host choose to partner with Swan Bitcoin?

    -The host partnered with Swan Bitcoin because it is a Bitcoin-only company focused on helping people save for their future and self-custody their Bitcoin, rather than trade it. Swan's mission aligns with educating future bitcoiners and offering services like IRA and tax-loss harvesting.

  • What is Fold and how does it relate to Bitcoin?

    -Fold is a company that offers a Bitcoin rewards debit card and a shopping app. It allows users to earn Bitcoin on everyday purchases, providing an easy on-ramp to Bitcoin for people who are new to cryptocurrency.

  • What was Will Reeves' upbringing like, and how did it influence his perspective?

    -Will Reeves grew up in Glen Ellen, Napa, in Sonoma, Northern California, in a family that worked in a winery. His experiences in a small town with close-knit culture and witnessing the economic dynamics of the wine industry influenced his understanding of low time preference and the importance of aligning with one's values.

  • How did the wine industry's changes impact the local community and Reeves' views on business?

    -The influx of corporate conglomerates buying family wineries led to a shift in the local community, with a decrease in local high school population and an increase in second homes. This change influenced Reeves' views on the importance of sustainable, family-owned businesses and the negative impacts of corporate takeovers.

  • What was the initial concept behind Fold and how did it evolve?

    -The initial concept behind Fold was a gift card exchange where users could sell unwanted gift cards for Bitcoin. It evolved into a rewards program and a debit card that allows users to earn Bitcoin on everyday purchases, aiming to onboard the masses to Bitcoin.

  • How does Fold differentiate itself from other Bitcoin on-ramps?

    -Fold differentiates itself by focusing on consumers and rewards programs rather than traders and investors. It provides an easy on-ramp to Bitcoin through everyday purchases and does not require users to go through KYC or set up a wallet.

  • What is the significance of Fold's partnership with Visa?

    -The partnership with Visa is significant as it allows Fold to offer a Bitcoin rewards debit card that operates on Visa's network. This partnership demonstrates that traditional financial institutions can align with and benefit from Bitcoin-focused companies.

  • How has Fold managed to grow and succeed in a bear market for Bitcoin?

    -Fold has managed to grow in a bear market by continuing to build value and demonstrating its reliability and alignment with user and partner incentives. It has also focused on expanding globally and securing strong partnerships in the traditional financial industry.

  • What are some of the challenges and opportunities that Reeves sees in the current bear market?

    -Reeves sees the current bear market as an opportunity to demonstrate Bitcoin's stability and value, especially in contrast to the economic instability experienced elsewhere. The challenge lies in maintaining growth and credibility during a time when Bitcoin's reputation may be less bright.

  • What is Reeves' view on the role of optimism and building a family in relation to Bitcoin?

    -Reeves views optimism and building a family as inherently optimistic actions that align with the ethos of Bitcoin. He believes that fostering optimism, whether through Bitcoin, family, or community, can create a positive environment that contrasts with the broader pessimistic outlook prevalent in society.

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