We all use money, but very few people have a deep understanding of its origins and how the monetary system works. The last decade since the financial crises has exposed many of the flaws of our system. During this period we have seen an evolution of cryptocurrencies seeking to be the next evolution in currency, ushering in an era of transparency. One entrepreneur whose desire to understand money has taken him from teenage entrepreneurship through to launching Bitstocks back in 2014 as a Bitcoin market advisory house. Since, the focus has shifted to building and delivering a quick, easy and secure Bitcoin investment platform, called Gravity.
Hudson grew up in London, England in what he describes as a “volatile household” where money was a contentious topic. From as early as 8 years old he can remember trying to understand why money played such an important role in his household and led to periods of happiness but also periods of difficulties. In his early teens, still in secondary school, he developed an interest in tech, tinkering with computers and other pieces of hardware. “I remember receiving a TV for Christmas and the first thing I did was dismantle it then figure out how to put it together” he says. This interest led to success as Michael would not only fix other people’s appliances to earn income, but also built custom computers with ‘suped-up’ performance, called overclocking. With this side of the business he had numerous world records for top computer speeds on certain applications, which led to him developing a reputation online on tech forums, something that would benefit him later in life.
First Foray Into Business
Whilst in college and working in a tech shop his uncle ran, Hudson met Gary McKinnon, a hacker notoriously famous for being accused in 2002 of the biggest military hack of all time. A brief but interesting conversation with McKinnon led Hudson to develop an interest in wanting to understand the esoteric mechanics of the world and money flows. This thought process of questioning basic assumptions led Hudson to go into entrepreneurship full time. Realizing during a Business Studies class that his teacher had never actually run a business and he was earning more than his teacher through his tech business on the side, he decided there was no point finishing college so he dropped out.
Hudson then went on to set up an import business. This was in the mid 00’s when ordering products from China was relatively new for many businesses and wholesalers required large minimum order quantities that many small to medium-sized businesses based in the U.K. could not afford. Additionally, the language barrier was more pronounced back then so he partnered with a Chinese native to launch a business importing HD webcams, speakers and a variety of tech products in bulk to then sell in the U.K. Things were going well for the business and Hudson was doing well financially. However, in 2008 the global financial crisis hit, and exchange rates between the pound and the Renminbi worsened which left Hudson and his business partner overleveraged with serious debt. This proved to be Hudson’s first major failure and “one of the most stressful periods of my life” he recalls. The situation fuelled his interest in modern money mechanics and he was determined to uncover the ins and outs of the system. Ultimately realizing it was “a game of musical chairs”, he challenged himself to make a difference.
Still relatively young at 23, Hudson came across Bitcoin “Initially I thought it was a knock off version of Paypal but over time I realized much of the narrative around it being digital gold or against banks and governments was incorrect; it is a public ledger that could create greater transparency and hold people and institutions accountable” he says. After further developing knowledge on the subject and a network, many of whom came from the friendships he had built in the tech community in his teens, he decided to set up Bitstocks in 2014, focusing on educational content on why Bitcoin should be part of your portfolio which later evolved into advising clients on their Bitcoin investments.
However, whilst the benefits of Bitcoin were obvious to Hudson, he realized the only way to unlock the true utility of it is if the people who understand it create products that the general population can understand, without doing the extent of research he had to. The foundation of these tools is Gravity – an online platform centered around Bitcoin SV – one where you can buy and sell both Bitcoin SV (BSV) and Bitcoin Core (BTC) with seamless links to your bank account. Hudson has focused the Gravity platform on BSV as, in his view, it is the one digital asset that upholds the true vision of what Bitcoin can deliver to the world: a low-cost, peer-to-peer, electronic cash system, accessible by anyone through the Internet and the potential to scale to handle millions of transactions per second.
Next year, Hudson intends to roll out cash accounts and debit cards across their current UK & European user base where, unlike traditional financial institutions, you have full transparency and know exactly where your money is at any given point in time. As we move into a digital age where many people are paid online and sometimes even in micropayments through services like streaming, the real-time transparency a service like this provides will become increasingly important.
Hudson is relatively early in his journey to improve the monetary system which has fascinated him since he was 8 years old, but the lessons he has learned along the way so far position him to make a difference using cutting-edge technology that’s very much needed right now.
This article is part of a series featuring underrepresented people making a difference. You can find more articles (click here) and if you have a story to tell or want to be updated as soon as new features are released get in touch via Twitter @TommyASC91