In a striking display of civic duty and personal initiative, Bitcoin millionaire Peter McCormack has embarked on an ambitious mission to reclaim the struggling streets of his hometown, Bedford. Faced with rampant shoplifting, escalating drug abuse, and a palpable sense of insecurity, McCormack, often dubbed ‘Bitcoin’s Batman’, is channeling his cryptocurrency fortune into a private security operation aimed at revitalizing the town centre and restoring peace of mind to its residents.
The heart of Bedford, once a bustling hub, now tells a grim tale of urban decline. Dozens of retail spaces, including entire arcades, lie eerily empty, with iconic chain stores like Debenhams and Marks & Spencer long gone, replaced by discount outlets. McCormack vividly recounts a childhood where he felt safe walking the streets, a stark contrast to his current reluctance to let his 15-year-old daughter do the same, underscoring the profound societal shift.
To combat this pervasive sense of unease, McCormack has launched a pioneering £10,000 initiative, personally funding ten private security guards. Every Saturday, these highly visible patrols, equipped with body cameras and radios, will sweep the streets of Bedford. Their presence is designed to deter a range of anti-social behaviours, including hostile begging, public drunkenness, and drug-taking, aiming to create an environment where citizens and shoppers feel secure once more.
Bedford’s plight mirrors a broader trend affecting many British town centres, which have suffered a generation of decline exacerbated by the rise of online shopping, out-of-town retail parks, and the enduring impact of the pandemic. Compounding these issues, the justice system often appears to have loosened its grip on enforcing laws against petty crime, leaving a void that individuals like McCormack feel compelled to fill.
McCormack’s journey to becoming Bedford’s unlikely savior is as unconventional as his solution. A heavily tattooed 46-year-old, he built a significant fortune in Bitcoin, largely through his acclaimed podcast, ‘What Bitcoin Did’. His personal narrative includes a battle with cocaine addiction, a struggle he overcame with inspiration from recovery podcasts, which ultimately led him to explore the world of digital currency.
His foray into Bitcoin began with a pragmatic, albeit illicit, purpose – using it to buy cocaine. However, this initial contact evolved into a deep dive into the industry, culminating in the launch of his podcast in 2017. ‘What Bitcoin Did’ soared to global success, generating millions in advertising revenue, much of which McCormack shrewdly reinvested into the online currency, cementing his status as a very wealthy man.
Beyond security, McCormack’s investment extends to local sports, having acquired and rebranded Bedford FC as Real Bedford, the world’s first ‘Bitcoin club’ where transactions can occur in crypto. He sees his efforts as akin to the ‘budget Ryan Reynolds’ of his town, drawing parallels to the actor’s investment in Wrexham AFC. His ultimate goal is to entice local residents, especially the affluent, to spend their money within Bedford rather than seeking safety and leisure in nearby cities like London or Cambridge.
While McCormack’s actions are driven by a profound desire to improve his community, they also spark debate. Local authorities, represented by figures like Mr. Tizard, maintain that responsibility for town centre safety primarily rests with publicly accountable police and local councils, not private individuals. This highlights the complex interplay between private initiative and public duty in addressing the challenges faced by declining urban areas.
