#533: Preparing For The Next Bull Run with Will Reeves
Sep 6, 2024
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Will Reeves, a key figure at Fold, shares insights on navigating bear markets with innovative strategies. He discusses how Fold has thrived by adapting its offerings to the evolving Bitcoin landscape, emphasizing preparation for future bull runs. Topics include the transformative impact of Bitcoin rewards, the importance of integrity in business practices, and community resilience within the Bitcoin ecosystem. Will also highlights the shift from niche Bitcoin products to mainstream appeal, revealing the potential for a more accessible Bitcoin-driven financial future.
Bear markets provide essential learning experiences that help companies like Fold strengthen their foundations for future growth.
Fold's shift from spending to earning Bitcoin rewards significantly increased user engagement and broadened their customer base.
A strong company culture focused on innovation and the Bitcoin ethos empowers Fold to develop user-centric financial solutions in the competitive landscape.
Deep dives
Preparing for Future Bull Markets
Bear markets serve as crucial preparation stages for future bull markets, and insights suggest that the current phase may be setting the foundation for significant growth ahead. This belief aligns with the notion that Bitcoin continues to thrive amid currency devaluation efforts by central banks. During these bear cycles, companies have the opportunity to strengthen their core businesses and product offerings, which positions them favorably for any upcoming bullish trends. As the industry evolves, maintaining awareness and readiness for the next wave of adoption is essential for success.
Growth Through Strategic Pivoting
A pivotal moment in the evolution of Fold occurred when the company transitioned its focus from spending Bitcoin to earning Bitcoin rewards, driving substantial growth. This strategic shift not only broadened the customer base but also significantly enhanced user engagement and loyalty. The introduction of a Bitcoin rewards debit card was another major milestone that drew considerable interest, resulting in a large waitlist and marked a partnership with Visa. Through these decisive actions, Fold has demonstrated the importance of adaptability in a rapidly changing market landscape.
Building a Strong Business Culture
Fold's success can be attributed to a strong company culture centered on grit, innovation, and a commitment to the Bitcoin ethos. The team comprises individuals who share a vision of not just creating financial products but also contributing positively to the future of Bitcoin. This alignment allows for high levels of autonomy and accountability among team members, fostering a collaborative and motivated work environment. Such a culture enables Fold to concentrate on building robust solutions that accommodate users' needs while also setting them apart in the competitive finance sector.
Utilizing Cycles to Enhance Business Strategy
Navigating through Bitcoin’s inherent market cycles is integral for companies looking to sustain growth. By recognizing and preparing for downturns, businesses can emerge prepared for future expansions during bull markets. Fold exemplifies this approach by implementing substantial changes during the last bear market, such as enhancing their product lineup and revamping user experience features. These initiatives are expected to position Fold advantageously, allowing them to capitalize on increased activity in the Bitcoin market as it begins to recover.
Creating a New Standard for Bitcoin Businesses
Fold aims to redefine what a Bitcoin-focused financial company should embody, shifting the narrative from speculative trading to sustainable savings practices. By prioritizing users' long-term financial health through Bitcoin rewards and straightforward savings solutions, the company presents a counter-narrative to traditional crypto models. This dual focus on direct consumer benefits and deeper Bitcoin integration could establish a higher standard for future ventures within the industry. As Fold prepares to go public, it symbolizes a significant moment in promoting a sustainable Bitcoin economy and shifting user perceptions.
Marty sits down with Will Reeves to discuss the progress of Fold and how they've withstood and harnessed the bear markets.
Will on Twitter: https://x.com/wlrvs
Fold App: https://use.foldapp.com/
0:00 - Intro 1:25 - Reflecting on the years 8:00 - How Fold made it 14:59 - River & Unchained 16:15 - Harnessing the bear market 27:15 - Gradually, Then Suddenly & Zaprite 28:53 - Fold users 33:39 - Leading the way with new strategies 44:30 - Focusing on bitcoin 51:53 - Ten31 1:00:28 - Succeeding by operating with integrity 1:13:20 - Come a long way, long way to go
