Newsletter 70: on media, storytelling, and all things crypto featuring Ivan Boyanov
Web3 series
Welcome to another edition of the Struggle.
The Struggle is a bi-weekly newsletter where I share my thoughts and learnings from running a startup in Southeast Asia.
This week I am trying something new. I am interviewing my good friend Ivan Boyanov. We cover media, storytelling, career, and how Ivan's interest in Web3 led to starting the first Bulgarian show on all things crypto.
I have known Ivan for about 12 years. We met through common friends but bonded thanks to our study job at a catering firm.
Ivan is one of the smartest, kindest, and most humble people I have ever met.
Given that he is a big sports fan, his career started as a journalist in some of the largest TV stations in Bulgaria. In 2010, Ivan took on a role as a reporter at TV7. Several years later, he joined bTV, which is arguably the biggest Bulgarian TV station.
During his time at bTV, he took on all things sports. While Ivan is most known for covering UEFA Champions League, he did a lot more. He helped tell the stories of some of Bulgaria’s most prominent athletes across boxing, football, and swimming. In turn, Ivan quickly raised to become one of the nation’s leading sports reporters.
Earlier this year, he joined dir.bg, to take on a role as a video producer. In just ~8 months, he launched several documentary shows around football and crypto.
Despite his busy schedule, Ivan is working closely with the International Olympic Committee (IOC). In 2014, he spent a month in Nanjing, China, as part of the IOC’s Young Reporters Program, where he was chosen to represent Bulgaria.
Later in 2018, he returned to IOC as a mentor to teach aspiring reporters in Buenos Aires, Argentina.
Additionally, Ivan has been recognized as one of the world’s best young reports. Thanks to his documentary movie dedicated to the legendary marathon swimmer Peter Stoychev.
Between all that, he is an entrepreneur too. A few years ago, he co-founded with his brother and close friends an import/export firm called 8trade. In the process, bringing great products to the Bulgarian market like Levoit.
You can see why I was so excited when Ivan agreed to join this interview.
As a well-read and traveled person, Ivan brings interesting insights to any discussion. Yet, I was particularly excited about this one because it allowed me to dive deep into his journey and thought process.
Especially, Ivan’s activities in web3 since both of us find the space fascinating.
Read on to find out how one of Bulgaria’s leading sports reporters and video producers ended up running an educational show on all things crypto.
In this interview, we cover topics like:
Ivan’s journey
From traditional media to native online content
Launching Crypto
Pivoting into Web3
The Bulgarian Web3 ecosystem
Ivan’s journey
Viktor: Hey Ivan, good to see you. Thank you very much for attending today's interview. Why don't we start with a simple question? Tell me about your story. Where did you start, how long ago, what has been your journey like?
Ivan: Hi, Victor, it's always nice to talk to you on such a wide variety of topics. Since we're getting older, my story tends to get longer too. Let me start by saying that I'm a Bulgarian.
Yet, I was born 30 years ago in Manchester, where my family lived and studied. At the time, my father was doing his Ph.D. in computer science. So we lived in the United Kingdom for six-seven years. Later, our family returned to Bulgaria, where my brother and I went to primary and high school. We studied in English-speaking schools, but I was always very passionate about sports.
While I was never able to become an athlete, I found a way to be close to sports by building a career as a sports journalist. When I was 18 years old, I started an internship in a TV station in Sofia, where I stayed for the next six or seven years. Afterward, I was invited to join the biggest Bulgarian TV station - bTV.
Those were some exciting times. Then, I started covering the Champions League and many other high-profile football games. It was a great experience. Between the two jobs, I participated in the International Olympic Committee (IOC).
Every once in a while, the IOC chooses 30 people from around the world who are young, aspiring journalists to represent their home countries. All reporters go through an exciting program where we are mentored by some of the best in the field. In the process, covering a wide variety of topics like broadcasting, social media, photography, and writing. This was a great experience back in 2014; it took place in Nanjing, China. I am grateful for that experience because I am now a mentor after participating in two IOC programs. That allows me to coach and teach other aspiring journalists all I have learned. So far, I mentored reporters in Buenos Aires in 2018 and Lausanne in 2020.
Back to Bulgaria, this was just a quick disclaimer about my international experience. Last year, I changed my job. I left the TV station and started working in online media. My new role does not specialize only in sports, and I'm now a video producer. So, in general, I'm in charge of creating most of the video content for one of the biggest Bulgarian websites dir.bg.
Additionally, I create some of my own stuff and stories. Therefore, I have the freedom to cover topics that I find to be exciting. Thus, share those stories with a broader audience.
Viktor: Sounds like a great story. A lot of people are looking up to you. Yet, despite all your success and publicity, you have always been a humble person. It's something I appreciate about you. This reminds me of an interesting story about you as a kid. You participated in some TV show and won something. Could you share more about that?
Ivan: Unfortunately, I didn't win. There used to be a very famous Bulgarian quiz show, which was broadcast on national TV. A literal translation of the show's title would be "a minute is a lot." As the name suggests, the show requires every participant to answer a couple of questions in a specific field in under one minute. It was quite an excellent show. One of the most educational TV shows at the time. Today, we can check our smartphones to confirm if something is true or not. Back then, TV was one of our primary sources of information.
Since I have always had a strong interest in sports, I have read many books about football and athletes. So I was curious, what triggered all great players to become one of the best in their field? Which led me to take part in the show.
I did not win the show, though. I was 11 or 12 years old and competed against adults who were 40 or 50. In fact, some of the participants were professors from local universities. Luckily, I was good at the questions the host sent my way early in the show. But did not do so well in the last stages. So that was one of my first appearances on TV.
Now that we talk about it, I`ve never thought about that story as part of my journey. But I guess it was an important moment for building my career further on. Succeeding at something and observing how the audience appreciates you, shows you what's possible. If people enjoy the content, you are producing, that’s what counts. We create content for other people, and the way they feel about it matters.
So yeah, I got some positive feedback. People encouraged me to continue pursuing my dream.
Yet, I didn't think that in the future I would work in some TV station. Looking back, the idea of working in front or behind the camera, or as an anchor reporter, producer, etc., did not cross my mind. The media is such an exciting sector. Producing content is fascinating, especially when you're working with a large team towards a common goal…
Back to your question, the show was called "a minute is a lot," and it was an exciting experience. I finished second, another guy won. But with the money I won from the TV show, I bought a skateboard, which was a very special moment.
Before we move to other questions, I just want to add something else. As it comes to my journey, one of the most important moments was the work we did when we met. As you remember, we used to work as waiters throughout high school. I have honestly told many people how the long nights and days working at weddings and corporate events taught us a lot. We learned what hard work is, how to communicate with people, respect a chain of command, and met many great people in the process. After all, our friendship developed at that time.
From traditional media to native online content
Viktor: Yeah, good times. I remember that. While we weren’t paid well, we learned so much through that experience.
Thank you for elaborating on your first experience on national TV. That was quite interesting to hear.
Given that you built your career in sports and have been doing well, why did you decide to transition? Why become a video producer at dir.bg and focus on a wider variety of topics?
Ivan: To be honest, I needed a new challenge. I had spent the past 11 years in pretty much the same field. It's true, and my sports career was doing well. I feel honored to have covered three Champions Ligue finals while traveling the world to document the stories of our greatest athletes. But, at the same time, I could feel how I needed a new challenge. I wanted to tell different stories, not only about sports. Although I love sports, there are many other topics that I am interested in, too.
Today, we are producing two shows. One is covering amateur football across the countryside of Bulgaria, while the other one is on all things crypto. That form of content is quite different than what I am used to. There are many challenges when transitioning out of traditional media. For example, integrating advertisements into our content is not easy, especially when you want to keep the bar on storytelling high.
Additionally, the future of media is entirely digital. We are consuming content more and more on our computers rather than via traditional offline media channels. As a result, TV stations that are not embracing the internet are slowly dying.
In the past, traditional media had a competitive advantage. Starting a TV station required a significant investment. As a result, only a few people could afford to enter the industry. Today, with the help of our smartphones, we can broadcast as quickly as well-equipped teams of a large media business.
Viktor: Good job on having that level of awareness of how the world is changing and what’s next for media.
I am curious, what got you interested in crypto?
Ivan: The first time I heard about crypto was probably in 2013 - 2014. Meaning, I kind of heard of Bitcoin at the time. I clearly remember how most of the people I talked to told me how that’s a scam. In turn, I did not read too much on the topic. However, I do remember stumbling on Satoshi Nakamoto’s white paper and reading it. Back then, it seemed pretty complicated, though. Later on, in 2016 - 2017, during one of the bull markets for cryptocurrencies, Bitcoin hit about ~$20,000, and the topic got mainstream. The media started talking about the world of crypto. So I started paying more attention to the topic. Over time, I reached out to some friends I respect and find credible to pick their brains on crypto. That helped me to understand how money truly works. Up until that point, I never questioned the topic. We accept that we know how money work, but do we? We sure get the basics. For example, how money helps you to exchange value. But I do not know many people who truly understand how all that works. Why are we printing money? What’s the importance of spending?
Thanks to those conversations, I started understanding how money works. It was fascinating to discover how the system is centralized and the downsides of such an approach.
Here, I would like to make a disclaimer. I am not a die-hard Bitcoin fan. I do not think that’s the solution to all our problems. I simply got a better understanding of how the world works. What kind of problems exist. How the current system is centralized. In turn, how a small group of people makes critical decisions. Decisions that can have devastating consequences.
Let’s take an example. The most used global currency is the USD. Despite that, a small group of people decides how many dollars we have in circulation or the value of the USD. It’s the Central Bank of America and the American government. So although I live in Bulgaria, and our national currency is Lev, which is tied to the Euro in the first place, we are pretty dependent on the American dollar.
The concept of cryptocurrencies and how it is all decentralized was a utopian idea which resonated with me. I think that’s an absolutely genius invention by Satoshi Nakamoto, or whoever they are, came up with.
That’s an old problem, though, but only now it seems like we are on the right track to solve it despite all skepticism about digital money. Especially the common pushback on how such tokens have no value whatsoever, we see more and more traction in the space.
Think about it, even traditional forms of finance like today’s bank institutions operate very digitally. You rarely use hard cash. It’s all numbers in your bank account that come and go.
That, alongside the impact of the financial recession of 2010, slowly positions cryptocurrencies as a more viable option than traditional forms of money. So at about that time (2016 - 2017), I started talking to more people while reading on Bitcoin and Etherium. People like Vitalik Buterin were quite inspirational too. However, I am not sure how he is capable of operating at that level.
Since then, I have been paying attention to the world of crypto. I firmly believe the underlying technology can solve many of today’s problems.
Launching Crypto
Viktor: Thank you for breaking down your journey in that space. Could you speak a bit about the kind of content that you created around crypto and web3 in your current role?
Ivan: So far, we have released five episodes. The name of the show is Crypto.
It’s actually quite challenging to produce content in that space. Simplifying complex tech and translating to plain Bulgarian has proven to be complicated.
On the other hand, that’s precisely what makes it so attractive. In the process of preparing for the show, I am learning so much.
We started the show by talking about the history of money. Topics like how everything started and what solutions exist today. We are not trying to provide any financial advice but to educate. Given the pace of innovation and how everything is becoming digital, we thought it would make sense to have a show that simplifies the field. We try to include a lot of real-life examples so that people can relate and understand.
Another thing we learned is that most people have some surface-level understanding of how crypto works. Yet, people are too afraid to ask questions. After all, no one likes to look stupid. So we do our best to address all major terms in crypto, like what’s minting? What’s proof of stake or proof of work? How is that tech used to solve complex problems? What’s a ledger, etc.
Everyone is busy with their lives. The complexity of the space makes it hard to understand what’s going on, which leads to skepticism. That’s natural.
So we are doing our best to break down those concepts. To protect people from bad players in the ecosystem and all the scam that’s taking place.
I am genuinely excited about all the development in the space and what will happen next. And I am talking just about the technology behind blockchain. Let’s leave aside making money through trading and the price of bitcoin. It’s just a brilliant technology that could help many people by bringing transparency, trust, and security.
Viktor: What was the outcome? How is the show doing?
Ivan: Well, you have both fractions. Some people are thrilled. I've received hundreds of emails of people that are like, “please continue doing this.” But I also read a lot of the comments on the internet.
Viktor: Never read the comments.
Ivan: Exactly. If you are creating content, do not read the comments. I do it because I have spent the past ten years in media and have no problem with people attacking me online.
So far, the feedback has been that many people are curious about what will happen next. However, about 50 to 60% of our audience remains skeptical. I think it’s natural for people who are just discovering the world of crypto to be suspicious. After all, the concept of digital currency that you cannot touch is a significant departure from what we are used to. Most probably, it will take generations before people get more comfortable with that concept.
We live in exciting times. The first wave in crypto was predominantly about making money by investing in Bitcoin or Ether. But there is more to it. It’s essential to educate the average Bulgarian about what’s going on in an easy-to-understand language.
Pivoting into Web3
Viktor: It’s courageous of you to launch such a show. After all, you are a non-technical person with a background in media and sports.
I am curious, what was your process to build confidence and research the field? What steps did you take?
Ivan: It all starts with a lot of reading and research on my end. Once I gain enough confidence, I start looking for credible people to interview. Finally, I go to the people I strongly trust and admire because of their traction in the field. As I go through this research process and conversations with intelligent people, it gets easier.
I am reaching a point where I can even explain it to my mom or grandfather. The most critical part of the process is to surround yourself with people you trust and who are experts in the field. That brings a ton of value.
Viktor: I love that approach. I do the same thing. Whenever I want to learn something new, I find intelligent people in that space. People who are credible and trustworthy. Then have conversations with them until I feel confident enough.
Ivan: Yes. I know you are a content creator too. I have followed your newsletter and LinkedIn posts for a while. So you will understand what I am about to say.
Preparation is essential. But over time, you are developing better awareness about what will be appreciated. I guess that comes with experience. We create content for other people, not for ourselves. In turn, we have to make sure whatever we do will be valuable. If it does not resonate with the audience you are targeting, just kill it and move on. I am not producing crypto-related content to get more famous. We do it because we genuinely want to help other people understand.
The reality is that most people are pessimistic about new things. Given how fast everything develops, it gets pretty scary. If I am not mistaken, the crypto market has reached about $2 trillion. Looking at the big picture, it’s still perhaps 2 or 3% of all assets out there. Yet, we are talking about a few percent of the global economy, that’s massive. At the same time, many people still see it as a bubble that will pop. Can you imagine $2 trillion disappearing from the global economy? The ripple effect on everything will be severe.
Viktor: Yeah, I like to think that we are pessimists by default. That’s what helped us survive and dominate all other animals.
I recently wrote an essay on the topic as I got frustrated with all the pessimism out there. However, the world has changed quite a bit, and things are gradually getting better. That’s a part of it. Another issue is that a lot of people feel like they are missing on making money. Social media portrays insane returns from crypto investments. In turn, some people develop even more skepticism because of the fear of missing out.
Ivan: Do you think that most people connect crypto only to investment and trading? Or perhaps, people start understanding the benefits of the underlying technology and smart contracts?. Think of Etherium. The second most popular cryptocurrency after Bitcoin. While Bitcoin is designed to exchange and store value, Etherium is a platform where developers can build on top of it. Using such technology, we can have transparent, trustworthy, and smart contracts. You can design the contract to do a series of events, considering potential drawbacks in the process. The potential is mind-blowing.
Viktor: Well, there are two types of people. People in tech more or less agree that decentralization is good for the world. The question in those circles is, is it now the right time?
After all, think of the gas fees of Etherium, quite steep. We have been waiting for Etherium 2 for a while, and it’s still not out, despite all activity in the space. Luckily, we have alternatives like Solana.
On the other hand, you have the second group of people who are not tech-savvy and are scared. It's natural to push back when you do not understand something, yet it develops so fast.
Then you have China…
Ivan: Yeah, China woke up one day and pulled the plug on mining. Then it banned the trading of crypto. It’s crazy to think about all that. Why do you think that happened? Does China want to have its own centralized digital currency?
Viktor: If you look at how China operates, you will notice how centralized their world is. Decentralization goes against everything they believe in.
I do not think it was necessarily bad that it happened. It will have some short-term impact. But in the long run, other countries will benefit from embracing web3. Progressive governments will start investing in that space.
To be honest, no one knows how things will play out. It is a bit scary, but also exciting.
The Bulgarian Web3 ecosystem
Viktor: I would like to take on a different topic and touch on the Bulgarian crypto ecosystem. Given your experience with launching Crypto, you must have a good understanding of the local web3 ecosystem?
Ivan: There are a few exciting projects. For example, there is a Bulgarian team running a company called Nexo. They are in the Defi space and have done reasonably well. If I am not mistaken, their market cap must be a few billion dollars.
Nexo is a lending platform that allows you to earn interest on your crypto. I would have preferred if we had other projects that got as much attention as Nexo, though. Unfortunately, lending-related models tend to attract even more skepticism. Although the number of bad players has decreased a fair bit, people are still scared not to lose their money. As a result, we still see occasional multi-level marketing schemes even in the crypto space. In turn, most Bulgarians invest little effort in understanding the technology and what’s possible. Luckily, platforms like YouTube have enabled many creators to launch educational content. Another significant tailwind is that Bulgarians are pretty good at math and IT. After all, that's is the foundation of computer science and crypto.
I am excited about another project called Bithope. It is an NGO that accepts cryptocurrencies. That’s a massive win for the charitable sector because, as you know, Bulgaria has corruption issues.
Overall, I think the Bulgarian ecosystem is still young, and we have a lot to learn and build on. Most people think of crypto only as a way to make quick money, and we do not have too many other use cases.
Last but not least, I would like to mention that I have stumbled on some great Bulgarian experts in the blockchain field. Yet, in most cases, they work remotely for foreign organizations. So the ecosystem is definitely young.
Viktor: Got it. One final question. Given everything going on in the web3 sector, what excites you most?
Ivan: That’s a tricky question. I guess right now, NFTs have a lot of hype, and I have been paying attention to that. As a content creator, I see the benefits of NFTs, the value such tech brings to other people like me. NFTs enable us to skip the middleman, have clear rights to our work, and receive appropriate royalties. Alternatively, take a look at a different use case like e-games. It’s so exciting to see how the two verticals are merging and helping people earn a living while playing games they enjoy.
Viktor: Awesome, thank you so much. That was a lot of fun.
Ivan: Thank you as well, speak soon.