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BTC196: Bitcoin-powered Banking at Fold w/ Will Reeves (Bitcoin Podcast)

Aug 21, 2024
Guest
Will Reeves
Will Reeves, Founder and CEO of Fold, shares his journey from Bitcoin enthusiast to leading a Bitcoin payment and rewards company. He reveals how Fold transitioned from gift cards to a full financial services app. The discussion highlights Fold's IPO, their vision of becoming a Bitcoin-powered bank, and innovative offerings like credit and lending. Reeves also explores the 'flywheel effect' of Bitcoin reserves on growth and the importance of user feedback in shaping products, along with the promising future of Bitcoin in mainstream personal finance.
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ANECDOTE

Fold's Bitcoin Rewards Origin

  • Fold initially aimed to simplify Bitcoin acquisition through rewards.
  • Users passively accumulated Bitcoin via daily transactions, mirroring airline miles.
INSIGHT

Bitcoin's Appreciation as a Reward

  • Bitcoin rewards outperformed cash rewards due to Bitcoin's appreciation.
  • Fold users saw Bitcoin become a significant portion of their portfolios, driving demand for Bitcoin-centric financial services.
INSIGHT

Fold's Treasury Strategy

  • Fold recognized the value proposition of Bitcoin as a treasury asset by observing customer behavior.
  • This led Fold to adopt a similar strategy, accumulating Bitcoin on its balance sheet.
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