INTERVIEW with the CEO of BITRACE Investment Ltd.
Tell us about Bitrace — what do you guys do?
BITRACE Investments Ltd is an investment company operating under the laws of the UK. The company was incorporated to raise the needed funding of 500 Million US$ to realize the development of the major Formula 1 project in Tunisia: TUNISIA RACING F1 CITY, a major development of an F1 Circuit, Golf Course, Tennis Club, 3 Hotels, Shopping Mall, Housing area, commercial area and much more. The company is fully owned by the Holding company KJ Holdings SARL. BITRACE has set up a plan to achieve the funding of 500 Million US$ bu undertaking the following:
(1) ICO Initial Coin Offering to raise up to 57 Million US$
(2) IPO Initial Public Offering to raise up to 200 Million US$
(3) Sell Off-plan contemporary Apartments and Villas to raise up to 120 Million US$
(4) Rest of the funding sum in the level of 123 Million US$ can be accessed via loans from local banks.
Why F1? Where did the inspiration for Bitrace come from?
Due to the fact that the funding is needed for developing an F1 circuit and a small community surrounding the circuit to be built on 3 Million square meters (741 Acres), the brand BITRACE was inspired out of that, and it was meant to create a cryptocurrency exclusively for the F1 City, therefore, we have designed the BITRACE to be as an investment mean and for those who hold the BITRACE they will be entitled to receive returns on investments commencing from 2021 as 20% of the net profit generated out of all operations during 2020 will be distributed proportionally among the BITRACE holders.
Waiting until 2021 to see some returns will be quite a long period for some of the investors, therefore, we designed the BITRACE token to be used in various fields right after completion of the ICO:
(1) Trade on the Cryptocurrency markets
(2) Purchase Holiday Packages
(3) Purchase Timeshare Packges
(4) Rent a car
(5) Use to trade on BDSwiss trading platforms
(6) and others
Apart from as an investment, who would receive the most value by investing in your ICO?
When someone invests and purchases BITRACE, he is helping the company to realize its vision and assisting us to build the F1 City in Tunisia. Please allow me to do some analyses here to explain who is getting the most value by investing into our ICO:
The project is being realized on a beach-front land of 3 Million square meters, if I only take a price of 500 US$ per square meter then we have a total valuation of 1,5 Billion US$. We are offering our BITRACE during the ICO pre-sale Phase at 0.10 US$, leading to a total cap of 100 Million US$, so the potential for our BITRACE to reach a market price of 1,5 US$ per BITRACE is very realistic. Within less than 2 years, the square meter price will increase to 2000 US$, so we will achieve a total valuation of 6 Billion US$, hence the BITRACE price could reach the level of 6 US$ per BITRACE.
Beside all that, the F1 City will create 10.000 indirect and direct jobs, and will attract up to 1 Million tourists per annum, therefore this will benefit the Tunisian economy and enhance its growth.
To respond to your question, Our BITRACE holders and the country Tunisia are receiving the most value by investing into this project.
How does Bitrace differentiate itself from its competitors (if there are any)?
Sorry, I am not aware that there is competitor on the market following our Business Model, we are unique and we shall remain unique using this Business model and strategy.
How have you grown Bitrace’s presence in the market?
It is important to mention here that promotion and marketing are 2 important elements to spread the word among the investors community, we are investing heavily and we will continue to invest heavily into promotion and marketing of our BITRACE product in order to be on the investors’ radars.
How is your team structured? What benefits do you believe that brings?
On the Holdings company’s level, the management is very experienced in the capital markets and few members used to be and still are CEOs or Executives of public companies with solid know how to deal with heavy regulations vis-à-vis the capital markets and their regulators.
Whereas, the management of the operational company: TUNISIA RACING F1 CITY is a diversified team led by Mr. Chadly Zouiten, the President & CEO of the Automobile Club in Tunisia and in the Maghreb.
The Advisors are world class executives, specialist in their various fields and are of great help and assistance to the management.
What are the biggest challenges in the industry you have had to overcome?
When we first had a look at the Business case of the Formula 1, we knew exactly that building an F1 circuit and hosting F1 racing would never be a profitable Business, therefore, we were forced to modify the Business case and build an entire community, a small city with diversified products and services and with contemporary property developments. The diversification of the F1 city is leading to a profitable Business. The biggest challenge is to make a Business model that will allow you to break even in less than 5 years and start making positive return on investment. The fact of having 600 Apartments and 300 Villas on the F1 City with a total selling value of 600 Million US$ have secured the ROI within 5 years of time.
How have you found starting a cryptocurrency and trying to take your company global?
The F1 City in Tunisia would need plenty of market awareness, as it shall start welcoming tourists in 2020 to attend the various organized events within the city, the first thing that comes into mind why don’t we create a cryptocurrency that should be accepted within the F1 City, this is extremely confortable for tourists to pay in BITRACE rather than going to banks and exchanging their money to local currency. Hence BITRACE was born and it will be the Cryptocurrency that all the tourists should have in their wallets prior to undertaking a vacation in Tunisia.
What’s next for Bitrace? Do you have plans to grow, expand or diversify?
Yes, we would like BITRACE to become the Tourists cryptocurrency once it comes to visiting Tunisia, we will introduce it to Tours Operators, Travel Agencies, Hotels, Commercial centers and we already view that BITRACE will become the standard cryptocurrency in the next years to come.
Where would you ideally like to be in 5 years?
I like to be among the spectators watching one of the exciting Formula 1 event, no that was a joke, we see ourselves as the official cryptocurrency to be used in entire Tunisia and maybe some neighbor markets like Morocco or Spain.
If you had to give one piece of advice to an up and coming blockchain entrepreneur, what would it be?
The only advice I could pass to future blockchain entrepreneurs is to be unique in designing your concept, and completely disregard all negative opinions about your product that could be meant to be nothing but obstacles in front of your success, just go for it, out of failure we learn and success is natural consequence of hard work after experiencing multiple failures.