Getting Employee Buy-in With Bitcoin | Bitcoin 2026

All right, good afternoon. I think we have the uh unique distinction of being the only panelist that lost their moderator. So, our our moderator had a personal emergency and so Tony and I are going to moderate our own session. So, >> well, he was from Canada, so I don't know what goes on in Canada. >> Yeah. So, this is uh Tony Beck with Beck and Bulo out of Santa Fe, New Mexico. I'm Mike Coffee. I own bluecotton.com in Bowling Green, Kentucky. Uh we are a custom screen printing and embroidery business. Uh we make custom t-shirts, hats for like events like this. You might think small businesses, clubs, groups, organizations. We've been doing that for 30 years in Bowling Green, Kentucky. And you might be wondering, well, like what does that company have to do with Bitcoin? And so we're on the stage today to really talk about how you can use Bitcoin in your business and specifically to really impact your employees. So in 2022 um we decided to invest in mining equipment, Bitcoin mining equipment for the sole purpose of giving it to our employees. And so it was pretty unique at the time. Um it's still pretty unique. I think we maybe were one of the first. Uh so we started mining Bitcoin in 2022. We told our people we were going to uh invest $40,000 a year into mining and Bitcoin. and uh and they looked at me like I had three heads, Tony. You know, you can imagine in 2022, Bitcoin wasn't even as well known as it is now. Um, but we wanted to do something really unique and and so I'll just jump to the the punchline. That's what we did and it totally transformed our business. And so I'll just tell you a little story, the backstory to that. And so in in 2020 during the pandemic, our business stayed open. And so and so during the summer, our people had been coming to work two or three months. and um and we wanted to do something to just say thank you. And so we had gotten some PPP money and so we went down on the floor one day. We had a lot of we have a lot of production workers. We have about 130 people that work for us in Bowling Green, Kentucky. Um and we went on the floor and we said, "Hey, look, we're going to give away we're just going to give away $30,000 as a way to say thank you." And everybody just cheered and applauded and you know, they kind of went crazy and we handed out money to full-time people, part-time people. And you know, it was a huge hit. Well, two years later, our business didn't do great during COVID because, you know, we need people getting together like for our product. Uh, but two years later, things had recovered. We were doing great. And, uh, I told my business partner, I said, "Hey, listen. Let's do that again, but let's do 40,000 this time. We're going to up it." And so, um, so we agreed to do that. And so, I went to one of my most financially responsible employees and I said, "Hey, do you remember when we gave that money away a couple years ago?" And he was like, "Oh, yeah, I remember." And I said, "How much did you get?" and he said, "I don't I don't remember how much I got." And it, man, it just kind of flew all over me, Tony, you know, as a business owner, like like we gave away $30,000. Like I didn't even make $30,000 for many years. Uh and we gave it away in a day and it but it didn't have any impact. And so I thought to myself, you know, what can I do to empower them in a way that they will never forget? And by that time, I was pretty far down the Bitcoin rabbit hole. And so I thought, what if there's a way to give them Bitcoin? And so we came up with this idea. We said, "Look," we called everybody together. We said, "Look, we're going to invest $120,000 over the next three years, $40,000 a year into Bitcoin on your behalf." And my people just looked at me like I was, you know, completely crazy, like, why can't we just get the money, you know? Uh, and so we did that and it's been such a success for our business. We've actually continued it into years four and five. We actually make our first payout at the end of next year. So, we've got a lot of people that are >> eagerly, yeah, they're very anxious, very excited about that. And so, but what we learned uh and and I'm sure you'll speak about this too in just a minute is that um >> I think my microphone fell. Um what we learned is that even if we gave them a great gift of Bitcoin, if they didn't know what to do with it when they got it, we really might not be helping them. In fact, we might be dis we might not be giving them an advantage. So, I started doing these financial uh education classes because I thought if we're going to give them a lot of Bitcoin and it's valuable, they're going to need to know what to do. And so, uh I started doing these personal development classes and they started with finance and you know, a lot of people just aren't that financially lit literate. A lot of our people are hourly workers, like you know, they're high school graduates. Um we had a real transient workforce, like they'd come work for us for a while, they might stay three months, go somewhere else. Uh and so we started doing some financial literacy and and then that led into other topics like health, nutrition, leadership, positive thinking, all these things. And so here's what I can say four years down the road and this is what I want like this is why I'm here this week to let business owners know like this is what happened. Our whole business changed. We had we had a gigantic turnover problem. Our turnover was 108% in 2022. And I told you we had 130 people. Sometimes it's hard to figure turnover and know people know what that means. But what that means is in 2022 we hired 142 people. We didn't grow that year. We just hired 142 people for 130 positions. Well, half of those positions weren't really leaving. It was the other half that were turning over. So we really were hiring 142 people to fill 65 spots. Well, you can imagine how expensive that is. But nobody has to write a check for turnover. So you just you just do it. You think that's just the way it is. Last year, three years in, our turnover was 14%. Last year, we hired 17 people total. So, you can imagine what that did to our bottom line to go from hiring 142 people a year, and we've been doing that year after year after year. Last year, we hired 17 people because now we've got an employee that is bought in. They are engaged. Our culture is completely different. We've got people in the building with experience. when we send out our custom products, our shirts, hats, um you know, our customers getting product from people from from from people that work there that are engaged, that are bought in, that have a financial that have a financial future, they have hope, they have purpose, and so our customers get a better product. Our culture in the business is way, way better. And it really started by just dropping Bitcoin into our recipe. And then following that up with a lot of education. So that's what I want people to know. I want people to know you can use this really incredible technology in technology to impact real people. Like my people aren't going home on the weekend studying monetary policy or debasement or worrying about the Fed. Like they're just trying to live. And so we're just like what can we do to really give them some equity, give them some agency, to give them some hope. And we've done that and it's changed everything. So that's kind of the nuts and bolts of my story. Tony, your story is is a little different but similar. First, why don't you tell us about what you do at Beck and Bulo? >> Well, I think our our story is a lot different. Uh, it seems like you had a problem during COVID. We started about eight years ago. We're in the premium uh meat business. Meat that's that's good for the earth, good for the animals, and great for you. Uh, we started selling at the farmers market, or in other words, slanging steaks at the farmers market. became very proficient at selling meats. Tenderloins, ribe eyes, all bison is how we started it. It pretty rapidly grew. We started expanding into wholesale. Uh they started asking, "Do you have anything besides bison? Do you have uh premium North American elk?" You know, yes. And then Wagu, uh the best Wagu in United States. But COVID was very very interesting for us because we went from a wholesale company and I was watching the news. California shut down, the East Coast is shutting down and I was like, "Holy like we got a problem here." You know, we're two weeks away from all of our restaurants shutting down. So, we pivoted right away. We had a warehouse and we we started emailing people because do you remember at that time where they were trying to limit the amount of meat that you could buy from the grocery stores? >> Yeah, >> it was very scary. I remember we were essential business so we got to be out the entire time. So people started coming into our warehouse and buying >> basically they would even buy the freezers. >> Really? >> Yeah. And and just pack the freezers. >> You created local demand. >> Local demand in a community. So, so, so our business went from a period of uh pretty extre like very strong sales culture. I I can't tell you how many doors like we're not leaving the kitchen until there was a sale. And I said one day, God willing, someday someone's going to start coming to us. And COVID was the start of that because I was very cognizant that when else is the United States government going to be sending out, you know, you were talking about your PPP loan, right? When else is United States government going to be giving blank checks to everyone? So, I was like, there must be some equal and uh opposite opportunity. So, we we we we got into a brick and mortars re uh retail and online. And before that, it was just bootstrapping every dollar available. So you basically went from a wholesale company selling to restaurants. Then you had a brick and mortar people coming in there in Santa Fe, New Mexico and then an e-commerce where you're shipping all over the country. >> Yeah. I was just a poor humble meat salesman. Started in the garage and then you have arowan executives coming over. Can we sell your meat at our locations in California? Right. So, so at at this time the the the the uh uh we started a podcast and we had a Bitcoin enthusiast come and he's like you guys should do a sovereign reserve and I was like really I thought that was just for Michael Sailor. Okay. I mean we're just a little guy, right? And and so so I I I I started learning about it and my accountant was like, "You know what, Tony?" He's like, "With with the amount of revenue that you're creating, you better start spending some money because that's a it's a problem, right?" >> Okay. So, so you've got you've got these three facets to your business on the e-commerce side. You're accepting some payments. Some people are paying you in Bitcoin. >> Not yet. >> You're keep Well, they but they were paying you in Bitcoin and you've kept some of that on your balance sheet. But but you did something really unusual for your people >> and like you know the the purpose of this panel is kind of think about like what how can we use innovative ways to help our people and you created something that I think is pretty fascinating. Everybody knows what a 401k is but Tony created a self-directed 401k for his company and you filled it with Bitcoin. >> Yeah. Yeah. >> You filled it with Bitcoin. So what did that mean to your employees? >> I I mean it's phenomenal. First of all, you know, when we started there there wasn't really a rule book. You you go to all the trad we figured it out. It it's not too difficult, but it's a little bit uh cumbersome with the paperwork. But but the accountant for for the staff that was buying into the Bitcoin was just, "Oh my god, I've never seen returns like this off the 401k." >> And so I'm assuming you have about 20 people that work with you and for you. And so they were like pretty jacked I would assume. >> Yes. And then at the same time we uh started accepting uh Bitcoin payments uh online through the lightning network and and and and the Bitcoin uh network and also at the uh brick and mortars at the POS point of sale system. >> Okay. which has been incredible because then the the the staff, you know, they they they they they have the exposure to Bitcoin and then they suddenly started getting into Bitco Tony, you're going to the Bitcoin conference. Can I come? I I want to learn more about the Bitcoin. >> So, you orange build them through your self-directed 401k. They got in, they saw returns. That was all great. Of course, they're contributing out of their paycheck. You're matching a certain percentage of of that. So, you're getting an impact in the 401k. are also taking um Bitcoin as payment now through e-commerce and you're and you're letting that kind of build up your balance sheet. And so that's >> that really gave you strength in your business. So I think one of the other really cool things that we talked about is because Bitcoin gave you so much strength and stability, you were able to do some other things for your employees that are really pretty unique. Talk a little bit about the ranch that you bought and how you're using that to impact your people. Well, because of the Bitcoin that we have on the balance, it just like like you have stability. >> Sure. >> Right. Like the >> foundation. >> Yeah. You're not going out of business tomorrow or next week or next month. You have longevity. Uh and and the future to me looks pretty bright. I mean, it looks very very bright. So, what happened to us is we're based out of Santa Fe, New Mexico. And Santa Fe might be like a lot of places around the country where the cost of living has gotten pretty high uh for for our staff. It's gotten very very high. >> Real estate prices out workers. That's the same problem we were facing in Bowling Green. >> You you can't touch a house that you would be comfortable living in for under a million dollars in Santa Fe. Okay. And and the wages just aren't anywhere equivalent to that. >> But you got people working for you. they can't afford those kind of houses. What did you do? I have a loan. I can get a half million dollar house. So, finally what we did as a company is we bought a a a large uh track of land 20 minutes from Santa Fe in the most picturesque valley. I mean, it's absolutely gorgeous and stunning. And there there were houses on the property because it was an old girls ranch that was designed for, you know, there's a commercial kitchen, there's a barn, there there's like eight houses there, right? And so we bought that property uh first with the intention of moving our warehouse there, but then when we got it, it's like, "Oh my god, it's so nice. I can't stand to see the semis driving up and down the roads." So then we moved our managers onto the property. Now, these are people that were pre-appro approved for loans, but they just couldn't touch the market in Santa Fe. So, now they have a four-season indoor pool. They have their very own mountain with hiking trails. And it is I and I actually moved out there. At first, I was like, "This is going to be so strange because I'm I'm I'm working and you know, we're a pretty tight culture. Very culture." >> It sounds like it. >> But it's awesome. I I I can't I So to me that exemplifies taking care of our employees, which it seems like you're doing. >> Yeah. >> Welcome to predict. The world is a market. Everything is a market. Every headline moves the line. Every moment is your market. Call the moves. Bet on your instinct, your prediction, your edge. Dual Bits predict where everything is a market. >> Yeah. And I think that's I mean I think that's really what like I said that's the reason I'm here is I want to promote this message especially to business owners to people who manage uh lots of people um even if you don't own the business like how do you really invest in your people? Like I spent I spent too much of my career treating employees like transactions. I thought, you know what? Why can't they just come to work, do their job, I'll pay them a check, and we go our separate ways. But that's just not the way we were created. We were created to be relational. Uh when we made the decision to invest in our people, we actually did not do it for a business reason. We just did it to be nice. Um but it came back to us in ways that I never could have imagined. And so what I want to tell what I want to tell business owners is, you know, treat your people good for the sake of treating them good. But understand once you do that, they will engage with you in a way that you could have never imagined or expected. And so uh we've seen that in our business and really it's been a cascade effect. I don't know if you've noticed this as well, but like you know we did the Bitcoin, then we did the financial education and then this year we added something called a dream manager. You know, it's like it's like all these things lead to one to the other. We hired a dream manager because you know what? People have dreams and we want our people to identify their dreams and reach them. And so we've started this dream manager program. We have we already have 21 people that are um that are committed to it, signed up to it, and they are uh identifying dreams. They're getting a roadmap to reach their dreams. We've already had people complete their first two or three dreams and they're getting momentum. And so I just think it's interesting that all of this happened because of Bitcoin. And you know, we have the ability to be impactful. Like my um my business partner told me like, you know, we we can employ people or we can impact people. And Bitcoin is so impactful. And and that's what we're doing. And clearly that's some of the things that you're doing. And we just feel, you know, we feel so good about it because we know we're we're making a difference. And so, >> you know, Mike, I after talking to you, I I you're what you're doing is is you have $40,000 that you invest every year or every five years? >> Every year. >> Every year. And then any of your employees that stick around for that five years get to bear the fruits, >> get it for free >> of those seeds that you planted. And we like you, we have other we have other uh benefit pack, you know, we have 401k and health and all those things. This is just an additional benefit and all they have to do is stay five years and they get it for free at no there's no risk to them whatsoever. Um, but I I was thinking that it's pretty interesting because if you give someone that maybe they've never seen 10,000 or 20,000, but you know, if you would give that to them right away, you know, they might go to Vegas and go crazy, right? But I if you if if you have five years to think about that and >> honey, maybe we should put that as a down payment on a house. >> Yeah. >> I think it's it's very innovative. And I think what we wanted to teach was we need to teach them to think out into the future. And so during these five years, they've seen it like it immediately we did this in 2022. So immediately the price went down to 16,000. It immediately dropped, but then they watched it go from 16 to 126 and they kind of saw the value in it. So I'm I'm really trying to teach them, hey, if you'll take a five-year outlook, you know, then when you actually get custody of it yourself, maybe you'll maybe you'll spend your dollars but hold on to your Bitcoin. That's kind of what we are hoping that they will do. And so, um, it's just made a big difference in terms of what they think they can accomplish going forward. That that that's been, I think, one of the most impactful things. >> Yeah. And the other very impactful thing is is there's something about Bitcoin that seems to create community and and this modern day and age, it seems like we're so disconnected from everyone with their individualized life. And you know, we have our own individualized houses and our cars, but you know, in the the vast majority of human existence, we've always been a community. We're like the bees or the ants. >> Yeah. >> And that's pretty awesome what you're what you're doing because it seems like it does create a community and a >> Yeah. >> And I just think like, you know, look, we're we're not special. We're not famous. We're just too He's a business owner in New Mexico. I'm a business owner in Kentucky. >> Country boy from Kentucky, huh? Well, I'm not really country boy, but I'm from Kentucky. But, you know, we've just found a way to use this really incredible technology to just impact just impact regular people, like I said. And this morning, I had the neatest experience. I I was in the I was in eating breakfast and uh I saw Jeff Booth sitting at a table and I just I really wanted to meet him. So, I walked up and I I talked to him about what we were doing and and then he said, you know, all these people that are here this week, like it's not about number go up. It's not about, hey, let's get rich. It's about how do we use this technology to impact people, to change people's lives, to give them hope, to give them certainty, to give them something that can't be taken away. And you know, everybody that's here is working towards that, or at least everybody there's we we want them to work towards that. You're working towards that every day. You're making a difference for 20 people, but that makes a difference in your community because those 20 people have kids. Those people go to those kids go to school. They they coach ball teams, you know, like like it's making people better. It's building that community up and and it's it's furthering adoption and it's just furthering the network and that's what I'm really proud to be doing that and I and I know you probably are too. What's one thing you might want to leave with everybody as we wrap up here? >> Well, just to reiterate, I I do think we have a responsibility to take care of our our staff and our you know extended family and and also I would like to you know come to New Mexico, visit the ranch. It's beautiful. Uh I'm very excited about implementing some other changes like your your the 40,000 I >> Yeah. So that's what I'd like to leave people. It is like not so much what we take but also I feel better when I give. >> Yeah. Well, if you guys want to support these businesses is your website beckandbulo.com >> beckinbulo.com. >> All right. You can order me have it shipped >> in two days. We are bluecotton bluecotton.com. We were happy to sell you some custom t-shirts and uh thanks a lot for being here today. Tony, thanks a lot to you too. >> Thank you everyone. >> Every year this community comes together to celebrate, to debate, to build what comes next. And every year the stage gets bigger. Sound money center stage. So where do you go to celebrate the next chapter in Bitcoin history? You come home. Nashville, July 2027.