EP - 7
A Tale of 2 Bitcoiners w/ Peter McCormack & Pascal Gauthier
with
Peter McCormack & Pascal Gauthier
Host, What Bitcoin Did & Chairman & CEO, Ledger
Jul 27, 2021
In a world where the financial landscape is being profoundly reshaped, The Ledger Podcast provides crucial insights. Episode 7, “A Tale of 2 Bitcoiners,” hosted by Mo Sayed from Paris, features Peter McCormack, the host of “What Bitcoin Did,” one of the most popular Bitcoin podcasts, and Pascal Gauthier, Ledger’s Chairman and CEO, a business pioneer and serial investor.
This episode dives into the personal journeys of these two influential figures, exploring their individual paths into the crypto space, their shared advertising backgrounds, and their visions for the future of Bitcoin and the broader decentralized revolution.
Key Highlights:
Bitcoin’s Genesis and Enduring Presence
Bitcoin and blockchain technology ignited a decentralized revolution that is disrupting traditional finance, economics, and the way people perceive money.
Despite being pronounced dead more than 422 times by journalists, Bitcoin is well and truly alive now more than ever. It’s emphasized that Bitcoin is an idea that is held and protected by a visionary community.
First Forays into Bitcoin: Early Adoptions
- Peter McCormack’s Initial Encounter: Peter’s first Bitcoin purchase was in 2013, introduced by a friend for buying items on a website that accepted the digital currency. He used LocalBitcoins, which then required users to take a photo of themselves holding a piece of paper with account details to establish trust.
His real introduction to Bitcoin, however, came in 2017, when he dedicated time to understanding it, leading him to purchase a Ledger device within two months, which he still uses. - Pascal Gauthier’s Entry: Pascal entered the crypto space in 2014 after meeting Wences Casares, CEO of Xapo, who pitched Bitcoin beautifully. Pascal’s initial involvement was driven by a desire to understand how it worked, not primarily as an investment. He began by setting up various wallets (e.g., Blockchain.com, Coinbase) and buying coins from Xapo.
His subsequent ventures, including Ledger, reflect his commitment to building companies within the Web3 revolution.
Disillusionment with Web2 Advertising
Both Peter and Pascal shared a background in the advertising industry. Peter McCormack grew to dislike the web 2 world, experiencing distrust and disillusionment. He observed increasing pressure on creative teams, shrinking budgets, and a shift towards mechanical, performance-driven marketing that removed the art of creativity.
This led him to feel they were spinning a web to tell stories, prompting his departure after 20 years.
Pascal Gauthier’s disillusionment stemmed from lack of transparency in advertising, where a significant portion of advertiser spending is siphoned off by middlemen. He also noted the extreme centralization of the web, with major players like Google, Facebook, and Amazon dominating, making it difficult for new businesses to compete.
He saw crypto as a solution to these issues, offering decentralization and openness.
The Winding Path to What Bitcoin Did
Peter McCormack’s journey to hosting “What Bitcoin Did” was a strange series of events.
It began when he needed Bitcoin for his sick mother’s treatment, leading him to Coinbase. After her passing, he discovered Ethereum and other coins, eventually making profits that allowed him to buy a car.
The car’s connectivity led him to podcasts, and after listening to Rich Roll, he attended his retreat in Italy, then traveled to LA to learn about podcasting from him. These seemingly unconnected events ultimately steered him to his current role.
Pascal’s Vision: Web3 as the Future of Value and Security
Pascal’s transition from Web2 to Web3 was driven by a vision for building global, big businesses that promote values like decentralization and freedom.
He sees Bitcoin as a protocol that will highlight the next generation of trillion-dollar companies. His focus quickly shifted to security and governance after meeting the Ledger team, especially following the Mt. Gox incident.
He believes that in the future, value will migrate from traditional technology rails onto blockchain-type rails. This shift will encompass real estate, energy, and numerous other assets, leading to a trillions of value ecosystem that will demand unprecedented levels of security and usability.
Pascal envisions a future where Web3 is dominant, directly connecting users through their Ledger devices to services like Nike.com, synchronizing payments and decentralized identities, rather than Web2 trying to connect to Web3.
Watch the episode here:
The Future of “What Bitcoin Did”: Expanding Reach and Impact
Peter McCormack plans to expand his podcast, aiming for the next audience beyond current Bitcoin enthusiasts. He is considering changing the name to remove “Bitcoin” to allow for bigger, wider conversations around governance and politics and geopolitics that are asymmetric to Bitcoin but can be discussed without explicitly naming it.
His other major focus is film, aiming to travel the world to make high-quality documentaries showcasing diverse use cases for Bitcoin in developing countries.
El Salvador’s Bitcoin Adoption: A Global Test Case
Both Peter and Pascal recognize El Salvador’s unique decision to make Bitcoin legal tender. Peter sees it as a legitimization of Bitcoin, despite concerns about its implementation in El Salvador, believing it will ultimately increase Bitcoin ownership.
While Bitcoin has mass awareness, adoption and understanding are still limited. Both believe on-the-ground assessment is crucial, and Ledger aims to provide security infrastructure. They compare navigating Bitcoin to sailing an uncharted ocean, emphasizing learning, security, collaboration, and personal growth.
Reading List: