Genuine product? Peter McCormack’s Bedford Bitcoin Bet scores more than goals

by · August 20, 2022

Bitcoin Standard has many formations. For some, selling all assets and living off magical internet money is the key; for others, it’s about sweeping every extra penny into Satoshis. For popular podcaster Peter McCormack – an avid soccer fan – that meant buying his local club and signing Bitcoin (BTC) on the team sheet.

Bitcoin lawyer McCormack bought his hometown football club in December 2021. He renamed and renamed the club Real Bedford, and on the ground, Bitcoin qualifies as payment for shirts, drinks and tickets.

But as the price of Bitcoin tumbles into the $20,000s, can the ethos behind a falling currency transform a football club’s future? And more importantly, why has this lower league club caught the attention of Bitcoin advocates worldwide?

Pitchside, Cointelegraph caught up with McCormack, local fans and Bitcoiners at the first game of the season which was streamed to hundreds of Bitcoiners around the world.

Ever since he was a boy, McCormack has dreamed of buying Bedford Town, the local football club. “Bedford can support a team in the Fooball League,” he told Cointelegraph. He ended up buying the smaller local team, Bedford Football Club who play in the Spartan South Midlands Football League.

At six leagues below the English Football League (EFL), the football ladder for Real Bedford towers high above. McCormack jokes that playing in the Premier League is more of an ending – at least for now. Nevertheless, while football performance is crucial for promotion, the biggest challenge currently facing the club is that “the team’s sponsors are Bitcoin companies.”

The post-match interview slot is entirely crypto-sponsored.

In slightly surreal scenes, advertisements for Bitcoin-friendly brands including Casa, Gemini and Compass Mining are on billboards around the stadium, while matchday sets also feature crypto companies. But with the Bitcoin bear market in full swing, there is a risk that these companies are in trouble.

“At some point towards the end of the season I’ve got to go back to them and say, look, we delivered, hopefully, hopefully, hopefully we’re promoted and it’s going really well, but I’ve got to go back and say, OK, we’ve got to go to the next level. Okay, I need you to sponsor again.”

Some local fans were confused by billboard advertisements for Bitcoin that enveloped the field; others were keen to ask where to get Bitcoin. Despite the Bitcoin-centric approach, fans Cointelegraph spoke to placed more emphasis on the manager’s impact than the impact of the club putting “bitcoin at heart.” Essentially, Chairman McCormack has funded the team; now it’s time for the manager to galvanize the team and inspire the athletes.

To the credit of the team, the team has had excellent pre-season results. Real Bedford drew with teams several leagues above, and the squad are top of the league table at the time of writing.

The manager, as well as some key players, were transferred from local rivals Bedford Town FC before the season, despite Real Bedford being two leagues down the English football pyramid. In addition, McCormack jokes that there are more people attending the pre-game Bitcoin meet than attended match days last season.

Bitcoin Gandalf of Braiin’s Bitcoin mining company, who participated in the game, summed up the atmosphere:

“The fact that people come from all over the UK and even Europe to watch a team in the lower leagues, primarily because they are the first club to run on a Bitcoin standard, is a testament to what a paradigm-shifting technology Bitcoin is.”

Participants in Bitcoin meetups ranged from seasoned node runners to newcomers. A lady asked, “Who controls mining?” while some enthusiasts performed their first peer-to-peer or Lightning Network transaction. Bitcoin “₿” is hard to miss in the club, while the reach of the lower tier club is global. Fans in Amsterdam and Minnesota have bought goods for the lower league club.

Real Bedford supporters seen on the streets of Amsterdam. Source: BTC Magazine Youtube

In the clubhouse, meanwhile, Bitcoin-backed bonuses for goalscorers were taken up. Daniel Prince, another Bitcoin podcaster, suggested sharing Bitcoin QR codes specific to players on the live stream. It will allow Bitcoin and football fans around the world to “tip” players in real time – for example, when a player scores a goal or wins a challenge. “It’s proof-of-work in action,” Prince explained.

Despite McCormack’s Bitcoin-first focus, players are still dabbling in altcoins. The season’s top scorer, Dan Walker, told Cointelegraph that he made good money fiddling with “smart DeFi protocols” in 2022. True, “Bitcoin is the future,” he explained, but he had no Bitcoin on match day while his salary is paid in British pounds sterling.

Bitcoin aside, the passion McCormack has for his local town is infectious. He pours his heart and soul into the team – and by proxy the city. The team’s football shirt simply says “₿edford” – as opposed to Real Bedford – signaling the intention to put his hometown on the Bitcoin world map. El Salvador exploded onto the scene with Bitcoin adoption, so perhaps Bedford could ride that wave as well.

In a post-match interview, McCormack told Cointelegraph that he’d much rather have a pint at the local pub than a big one in Las Vegas, and that’s Bedford over Texas any day of the week, despite Texas’ taste for Bitcoin. In addition, Real Bedford’s promotion means far more to him than Tottenham Hotspur’s relegation. Tottenham Hotspur, a London Premier League club, are staunch enemies and often the butt of McCormack’s jokes.

Related: Oxford City Football Club accepts Bitcoin for matchday tickets

Locals also commented to Cointelegraph that there is more to McCormack’s character than magical internet money: He is the first to lend a hand and support the community. As usual, McCormack could be found handing out drinks, wiping down tables and greeting fans on match day – most, if not all, of whom he knew on a first-name basis.

It is short-sighted to call the team and the transition to a Bitcoin standard a success. Nevertheless, with 3-0 and 7-1 results to start the season, combined with lively Bitcoin hits and a growing fan turnout, there are encouraging signs that Bitcoin is setting the standard.