Stacked CEO Brandon Bucher says a capped, decentralised cryptoasset is appealing to some New Zealanders frustrated by inflation and housing affordability – and has built a platform aimed at making it easier to access.
Buying, spending and paying bills – these are the everyday ways New Zealanders are using Bitcoin. They’re leaning into the ‘currency’ part of cryptocurrency, using Bitcoin to accumulate holdings, buy a coffee, or sort out the utilities.
“Bitcoin is money and people are treating it that way,” says Brandon Bucher, CEO of Stacked, a Bitcoin-only buying and payments platform.
“For me, it’s been a better financial outcome. My money is completely within my control, and it can’t be inflated the way the New Zealand dollar can.”
Traditional saving is only getting harder
It’s only getting harder to spend less than you earn and stay on top of the cost of living.
The property market, which has historically been a key vehicle for Kiwi household wealth, has in recent years become more difficult to access – and Bucher says New Zealanders are increasingly looking at alternative options.
“I started saving 20 years ago, and at that time it was possible. I did okay with a decent salary and I own a home,” he says.
“But if I was starting today, I’d never get there, and that’s a tough realisation. Every decade it seems our ability to save for the future gets harder, and it’s more difficult to turn the salary we’re getting into progress.”
Traditional currencies can be affected by central bank policies, such as increases in the money supply, which can contribute to inflation and reduce the purchasing power of money held in bank accounts.
Because Bitcoin is decentralised, it operates outside the traditional banking system, and no central bank or government can change its supply.
“Bitcoin can be volatile, but each major fall has bottomed out higher than the one before. More and more people are seeing value in a money that can’t be debased,” says Bucher.
Bringing Bitcoin into everyday life
Most Stacked customers use automated recurring buys of between $100 and $200 a week in Bitcoin, says Bucher. Customers can then choose to spend their Bitcoin at a growing number of Kiwi merchants.
According to Stacked, more than 100 New Zealand businesses now accept Bitcoin, from food to haircuts to flights to accountancy services. When paying a merchant with Bitcoin, “the cost [to the merchant] is effectively zero; it’s the equivalent of paying in cash,” Bucher says, though small fees may still apply to these transfers.
Merchants avoid scheme charges and bank fees, and shoppers don’t face contactless surcharges.
Bitcoin held in Stacked Wallet can also be used to pay bills. Stacked converts the required amount of Bitcoin into New Zealand dollars and sends payment to the recipient’s bank account. This conversion is a disposal of Bitcoin and may have tax consequences.
If you have been accumulating Bitcoin to put towards a renovation, for example, you can pay a construction company’s invoice using the balance in your Stacked Wallet. You can also load your utilities into the app and pay your monthly bills through Stacked.
The power company gets a standard payment in New Zealand dollars, without ever knowing it came from your Bitcoin holdings.
“We’re ultimately trying to get Bitcoin closer to your everyday life. We’re still relatively small, but it’s going really well,” says Bucher.
“The thing we hang our hat on is that people using Stacked seem to keep doing it. They stay with us, which is different to most crypto companies which have high customer turnover.
“We’re integrating better money in a way that’s persistent, and the way customers stick with us tells us that we’re giving them value.”
Start from $10
At the time of writing, Bitcoin was close to NZ$150,000. Its price can rise or fall sharply over short periods, so it suits buyers who are prepared to hold through those swings better.
That said, Bucher points out that in recent years its volatility has been comparable to, and at times lower than, some of the largest tech stocks.
Acknowledging that Bitcoin can feel daunting for everyday Kiwis, Stacked allows you to set up an automatic recurring purchase from your New Zealand bank account, starting from $10, so “you can just start small and get a feel for it”.
Because the supply of Bitcoin is capped at 21 million, it can’t be inflated indefinitely, and it’s not subject to the same pressures as national currencies.
This is an important selling point for many Stacked customers, Bucher notes: they appreciate holding an asset that operates outside the traditional banking system.
The self-custody wallet means it’s your keys, your Bitcoin, from day one – with all the responsibility that comes with that: if you lose your keys, the Bitcoin cannot be recovered.
“We’re spoiled for choice in how we invest now, and that’s a good thing,” he says. “We think money is broken, and Bitcoin is better money.”
Disclaimer: This article is general information only and is not financial advice, nor a recommendation to buy, hold, dispose of or spend Bitcoin. Any opinions expressed are those of Stacked and Brandon Bucher. Bitcoin is a highly volatile cryptoasset; its price can rise or fall sharply and you may lose some or all of the money you put in. Past performance is not a reliable indicator of future performance. Bitcoin is not a bank deposit and is not covered by any government or deposit compensation scheme. Fees – including Bitcoin network fees and any acquisition spreads – may apply when buying, spending or transferring Bitcoin through Stacked. With a self-custody wallet, you are responsible for keeping your keys safe – lost keys mean lost Bitcoin, and there is no reset. Tax may apply on disposal of cryptoassets, including when Bitcoin is used to pay for goods, services or bills. Consider whether Bitcoin is right for you and, if you need advice, speak with a licensed financial adviser.