Today we are sitting down with David Walls, owner of Florida Medicare Broker. Florida Medicare Broker is an insurance agency just outside of Ocala, Florida that serves the entire state in the Medicare market. They have been serving customers since 2012 and have earned the title of “One of Florida’s most trusted insurance agencies”.
Why does an insurance agency that specializes in the Medicare market want to get into the Bitcoin space? The two products don’t seem to complement each other.
David Walls: You’re right, the two do not exactly complement each other, but we are true believers in Bitcoin and want to do our part to bring the currency to the mainstream. And if that means bringing a new product to our portfolio, then that is what we will do.
Also, we do already offer traditional fiat-based life insurance. So, it does kind of mix in with our current product offerings. Bitcoin Life insurance is really no different than the traditional whole life insurance products that we already offer, the only difference is Bitcoin life insurance uses Bitcoin as the currency instead of the US Dollar.
How big do you think this market can get?
David Walls: I believe the sky is the limit. Eventually most, if not all, Carriers will offer a Bitcoin-denominated product. But that will be several years before that happens.
How does the industry get there? And how does that benefit Bitcoin?
David Walls: Well first, the carrier that we are representing that offers this product, Meanwhile Insurance, must be successful. If they fail, then the whole industry will be scared of Bitcoin for a generation. So, we are doing our part in sending them quality business, and as much as they can handle. Bitcoiners can do their part by investing their Bitcoin into this product. Once success happens, it will be contagious and every carrier in the industry will jump on board.
Now, this will benefit Bitcoin because it will bring the asset into the mainstream. The more people, companies and industries that use Bitcoin, the more recognizable it becomes.
Eventually, I think, doing business on the blockchain, especially in the insurance industry will become the standard.
Why is that?
David Walls: Because the blockchain is transparent. It brings trust to an industry that lacks trust. Our industry is suffering from a public that does not trust us anymore, and that makes it very difficult for our industry to grow, because we demand that from our customers. Bringing transparency to our industry, via the blockchain, will help restore that trust, as the customer can track payments, and even down the road begin implementing Smart Contracts in the equation so trust doesn’t even have to be a factor.
What are the biggest barriers, and how did you overcome them?
David Walls: The two biggest barriers are regulatory and perception.
Regulatory is hard to overcome, as that relies mostly on Congress. But we can put pressure on Congress to lighten the burden by overcoming the second biggest barrier, perception.
Perception is somewhat easy. The more Bitcoiners support business that putting themselves on the line, like we are, to bring Bitcoin into the mainstream, and the more Bitcoin get permanently intertwined into our economy the more pressure Congress is going to feel to create favorable regulations for our [Bitcoin] industry.
So, I ask Bitcoiners out there, if you truly believe in Bitcoin, then put your money where your mouth is. Support Bitcoin businesses like ours.
At what point will you say this product is a success?
David Walls: When we get to the point when Bitcoin comes into the conversation and people stop raising their eyebrow.
We are at the point where Microsoft was when they launched Windows 95. The PC was not yet mainstream, but it was close. And just a few short years later, everyone had a PC in their home with Windows 95 on it. That is where Bitcoin is right now, at its “launch of Windows 95 moment.” 5 years from now, it won’t even be a question.
But products like this have to exist to get us to that point.
About David Walls
David Walls is the owner of Florida Medicare Broker located in North-Central Florida. His life insurance division which is handling the Bitcoin-denominated Life insurance product, which he is simply calling Bitcoin Life Insurance, is advising clients on their life insurance and Bitcoin needs.
He says that the Bitcoin Life Insurance product not only meets the death benefit needs of his customers but also offer tax advantaged living benefits for Bitcoin investors.
