Peter McCormack: A Personal and Professional Transformation

Peter McCormack has openly shared his journey with his audience, detailing his early experiences with Bitcoin, including a dramatic episode involving the Silk Road that led to a hospital visit in 2014.

In 2019, he revealed in a publication that he once made $1.2 million from Bitcoin investments but subsequently lost it all. After liquidating his assets during a market downturn to sustain his podcast, What Bitcoin Did, he has emerged in 2024 both wealthier and healthier. He has also fulfilled a lifelong ambition by acquiring Bedford football club.

McCormack is transitioning his podcast from What Bitcoin Did to the newly branded The McCormack Show, while his club now holds Bitcoin within its financial resources. He expresses satisfaction with his professional and personal circumstances.

“I have everything I want. I wake up able to do what I wish, which is a fantastic position. I collaborate with my son, spend quality time with my daughter, and my father lives with me half the year to support the football club. I engage with my brother and friends regularly. I truly feel fortunate to lead this life,” he shares.

Evolution to The McCormack Show

McCormack enjoys a lifestyle that allows him to pursue his passions daily, focusing on producing three podcasts weekly. For the past seven years, he has hosted What Bitcoin Did, a leading Bitcoin-focused podcast.

After interviewing a plethora of guests across over 900 episodes, he has chosen to revamp his podcast format starting September 10. The new show will adopt a “broader” theme while maintaining Bitcoin as a central topic.

He explained the shift on social media, stating his desire to spend less time traveling for interviews and more time engaging with his local community and football club by bringing guests to his new Soho studio.

The idea for this shift stemmed from his realization that the Bitcoin scene often neglects larger societal issues that impact everyday lives.

“After returning from extended trips immersed in the Bitcoin community, I would notice a stark contrast when reuniting with friends and family. With the world facing significant challenges, I believe there’s a grander mission ahead,” he remarked.

The new format aims to explore diverse topics, introducing listeners to different ideas while connecting them to sound money, inspired by past discussions with thought leaders like Eric Weinstein and Michael Malice.

Seeking Fairness in Discussions

McCormack enjoys the blend of journalism and entertainment in podcasting, striving for a balanced approach—although his objectivity can waver at times.

“A journalist’s role is to narrate a story, intertwining personal voice when appropriate. Podcasting uniquely merges these styles, allowing opinions to surface,” he explains.

An instance of his fair approach was highlighted during his moderation between Bitcoin proponent Samson Mow and Ethereum’s Vitalik Buterin, receiving acclaim for his neutrality.

“While I naturally align more with Samson, I wanted to provide Vitalik the platform to convey his arguments,” he clarifies.

However, his impartiality does not extend to guest Peter Schiff, who is frequently critical of Bitcoin.

“During my chat with Schiff, I didn’t adopt an unbiased stance,” he admitted.

His storytelling passion has also led him to create documentaries, although he plans to reduce this aspect of his work, focusing instead on two pending projects and contemplating a screenplay centered on themes of reflection.

Bitcoin Investments in Real Bedford FC

McCormack has mentioned transitioning towards retirement as he dedicates time to the football club, his family, and friends.

He has purchased more Bitcoin for the football club—specifically 66.9 BTC—following an initial investment from the Winklevoss twins earlier in April, supporting his ambition to elevate his hometown team from the lower tiers of English football into the Premier League.

Since acquiring the club, Real Bedford has celebrated significant victories, including winning the Spartan South Midlands League Division One in the 2022–23 season and the Premier Division in the 2023–24 season, leading to further promotions. They are now just four promotions away from reaching the illustrious Premier League.

McCormack has outlined a clear financial plan for this investment: allocating 15.8 BTC for operational needs while reserving the rest for the club’s financial assets, akin to Michael Saylor’s strategy with MicroStrategy.

Legal Triumph Against Craig Wright

One notable legal battle involves McCormack’s public dissent against Craig Wright’s claims of being Satoshi Nakamoto. In 2023, while Wright secured a technical legal win, McCormack was required to pay a nominal amount of just one British pound in damages. However, a UK High Court judge later condemned Wright’s assertions as baseless and fabricated.

Currently, McCormack continues his legal pursuit against Wright for losses, having achieved a significant legal victory allowing his team to freeze £1.548 million of Wright’s assets. He has stated that Wright must either pay £800,000 upfront or disclose his assets.

“I won’t back down. I urge Craig and his ally, Calvin, to do the right thing. They attempted to deceive the public, but they won’t succeed. We are determined to persist in this fight,” he proclaimed.

Bitcoin: A Tool for Empowerment

With a substantial commitment to Bitcoin, McCormack holds intriguing views on its potential and its role in his life.

“Bitcoin prompts you to contemplate the essence of money, its usage, wealth storage, and future planning. Personally, I view money as a tool to achieve aspirations, whereas managing it effectively is akin to wielding a weapon,” he shares.

He further asserts that while governments may use money as a weapon for self-interest, individuals can turn that concept to their advantage.

“Understanding money enables you to leverage it effectively. I had no financial education until Bitcoin illuminated my path regarding the dual necessity of having both money and assets—Bitcoin represented that asset for me,” he noted.

McCormack recounts his financial strategy, explaining he recently opted for a larger mortgage than conventional wisdom suggests, preserving more capital in Bitcoin.

He has also ventured into owning a bar, though this has fueled his frustration with government policies that seem fixated on taxing those who contribute productively to society.

Promoting Bitcoin in Argentina

Despite his financial successes and achievements within the Bitcoin realm, McCormack admits that persuading his friends to invest remains a challenge.

“They’re not receptive,” he states, though he finds it easier to convince individuals in countries grappling with economic instability, such as Argentina, where hyperinflation is prevalent.

“When I explain Bitcoin to them, they quickly express interest—‘money we can control?’ they ask. It’s an easier conversation,” he explains, believing in Bitcoin’s potential to influence wealth distribution positively and assist those in dire situations.

Nevertheless, he appears hesitant to engage in hypotheticals regarding Bitcoin’s impact on historical events like the rise of the Third Reich. “While it’s a fascinating thought experiment, I doubt Bitcoin could have prevented such occurrences given the deep-seated issues tied to that period’s reparations,” he responds.

Complex Views on Politics and Crypto

McCormack’s beliefs reveal a nuanced perspective. While he identifies as a Bitcoiner, he doesn’t view the cryptocurrency as a panacea for society’s ills. He also acknowledges his political views as diverse, often diverging from the majority of his audience.

“I hold conservative economic perspectives but embrace liberal social values, particularly relating to personal privacy,” he elaborates.

In the UK, he perceives minimal distinction between the Conservative and Labour parties, with the Reform party leveraging traditional conservative sentiments to gain traction.

McCormack expresses a desire for the government to focus on critical tasks while minimizing interference in individuals’ lives.

“Governments should ensure safety and uphold fundamental laws against fraud and violence, but beyond that, they ought to refrain from meddling,” he concluded.