Our next company, Bitcoin Well Inc. (TSXV:BTCW), is in the business of non-custodial FinTech through making bitcoin useful to everyday people, with the mission of enabling independence and enhancing safety.
We spoke with CEO Adam O’Brien who detailed the company and some of its recent developments.
TMO: Thank you for your time. And as mentioned, Adam, there are different verticals to your company, so can you go into detail around these and why they were established?
O’Brien: The Bitcoin ATMs are set up as kind of a stable cash flowing unit. We just passed the 10-year anniversary of our first Bitcoin ATM in the wild. Today we have almost 200 across Canada and they’re set up as being a way for the Bitcoiners to buy Bitcoin privately because there is very little fraud.
With cash obviously we are able to still abide by our FINTRAC regulations but allow a level of privacy not possible online. Later in the business I realized that that is one piece of our Bitcoin ecosystem, but not the full piece.
And so, we launched the Bitcoin portal in late 2022 to give people a convenient experience when buying Bitcoin. Kind of trying to, as you said, blend what is convenient Bitcoin with independence, following true to our mission of enabling independence.
TMO: And I’m interested in knowing, Adam, what are your thoughts around the price of the currency and what do you think the future holds for Bitcoin?
O’Brien: It’s funny, I’m so decoupled from the price of Bitcoin because Bitcoin is 100 per cent a savings asset. Whether you’re saving your time or saving your money, it’s all kind of the same thing. And when we look at Bitcoin as a long-term savings vehicle rather than an investment, we realize that the price of Bitcoin is completely irrelevant as long as we believe in the math and the protocols that back Bitcoin.
And so ultimately, whether you’re buying Bitcoin at $20,000 or $80,000 or $600,000, it won’t matter because it should be and only should be used for money that you are trying to save. Value that you’re trying to lock and save into the future.
TMO: Well, in staying on the financial topic, how does the price of Bitcoin affect the company’s financial performance? And can you speak to the positive preliminary yearend financial results? I guess a two parter there.
O’Brien: Right. Any good product is useless without marketing. Obviously, if people don’t know about it, it really doesn’t matter how good it is. We’ve developed a product that is the fastest and safest way to buy Bitcoin in Canada. And we’ve just taken the same mantra and we’re deploying it in the USA.
Our ability to market this product is tremendous. There’s, there’s gas put on the fire when the price of Bitcoin goes up, our marketing efforts pay dividends, and they’re much greater when everyone is thinking about, talking about and interested to learn about Bitcoin.
And so, it is indirectly impacting the business by allowing our marketing efforts, allowing our megaphone to be louder and to be broadcast to more places. Luckily though, once we capture those users, once we integrate those users into our ecosystem, if they continue to buy Bitcoin as the ebbs and flows of the Bitcoin price continue, then lucky for us, the downswings in theory shouldn’t affect too bad.
Obviously, when the price of Bitcoin goes down, there’s less people excited about it, and as a result you know, it is harder to grow. But when the price of Bitcoin goes up, we’re able to capture all these new users that are now interested in learning about independence and in understanding how Bitcoin Well can play a part in their independence journey.
As far as financials go you know, obviously we’re not going to release unaudited data or anything like that, but preliminarily we did announce that February was a record month for user growth on the portal and quarter over quarter growth is north of 50 per cent from Q4 to Q3 on the online portal.
So definitely the number go up on the Bitcoin price helps our ability and our megaphone to be a little bit brighter.
TMO: And I see there was a customer loyalty program that was launched in partnership with Simply Bitcoin. So, are you able to tell us about those two initiatives?
O’Brien: Yeah, community, community, community, we are absolutely community driven. We believe that the Bitcoin community is one of the strongest communities on the planet. We’re all rallied around what is our mission to enable independence.
Everyone in the Bitcoin community wants independence. And so Simply Bitcoin has been broadcasting this message for a couple of years.
They’ve created an incredible community and we’re extremely excited to be working with them, working with their community to go as far as to influence the product roadmap, help us grow and lean into our mission of enabling independence.
Of course, the customer loyalty program does that for every single Bitcoin Well user. We started off with this Bitcoin jackpot contest, which is super exciting.
You enter with points every single time someone enters, we add Bitcoin to the jackpot. And as we go through, the winner will get a sizable amount of Bitcoin. We’re trying to exemplify here how we are community driven and how our loyalty program is going to be one of the coolest loyalty programs this planet has ever seen.
TMO: Well, and as we continue into the year, what are you looking forward to our, I suppose, what is the company looking forward to and what should investors maybe keep their eyes out for?
O’Brien: Yeah, we just launched a project called Operation Toro. And what that is, is obviously Toro being one of the strongest, smartest and most aggressive bull species in the world. And that is the approach that our team is taking right now.
We know what this industry is. We know that when the industry starts to boom, it booms, and we want to take full advantage of all these new eyeballs. We have a pretty aggressive roadmap with some pretty aggressive timelines that are again, back and core to our ability to enable independence by making Bitcoin more convenient.
And so, lots of that has to do with our US launch and giving our brand-new US customers the ability to buy Bitcoin with self-custody. There’s no one like us in the US and so we’re very excited to start attacking that market share while still, of course staying true to our home and making sure that Canadians have an unparalleled service here.
So really excited to just continue expanding and growing with a pretty aggressive product roadmap.
You can find Bitcoin Well on the TSX Venture Exchange under the symbol V.BTCW or head to its website bitcoinwell.com for more information.
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