Sonny Meraban - Bitcoin of America

Sonny Meraban - Bitcoin of America

Right Timing Can Make a Critical Difference in the Road to Success

BY MARY J. WEST

The road to success is seldom a straight line with entrepreneurs achieving prosperity on their first venture. Instead, it often involves detours and wrong turns as they learn what works and what doesn’t. Missteps are actually stepping stones to profitability because they teach valuable principles needed to establish a strong enterprise. Such is the case with Sonny Meraban, CEO of Bitcoin of America (BOA), who changed businesses several times before entering the cryptocurrency industry. The wrong timing appeared to underlie his missteps, while the right timing seems to undergird his current soaring profits. “Timing is everything,” he says.

Referring to himself as a serial entrepreneur, Meraban’s twisted path to success involved two disappointments previous to finding his niche in bitcoin. The entrepreneur first ventured into the automobile industry and became the owner of three dealerships while he was in his twenties. When the economic crash of 2008 put a damper on car sales, he decided to switch gears. It obviously wasn’t the ideal time for this type of business.

Next, he delved into real estate, but the housing crash hindered this venture from gaining a solid footing. Once again, the timing wasn’t right. “Basically, the real estate business was my second career change,” Meraban says. “I hear that a working male goes through three career changes, and it probably took me a couple of years to figure out bitcoin in 2015.” So after getting out of real estate, Meraban’s business dabbling during the next two years led him to the bitcoin industry and the creation of Bitcoin of America. The idea started when he had an interest in becoming a a drop-ship merchant who could provide an automated method of payment for customers wanting to buy his product. Yet again, this venture hit a roadblock when he encountered difficulty in finding a merchant processor.

One day, while buying bitcoin from a website to play online poker, he had an epiphany. “What if I could process bitcoin in a similar way?” Meraban began researching the bitcoin industry and eventually developed an interest in owning a bitcoin ATM known as a BTM. His inspiration got a boost one day in 2014 when he came across the first BTM in his hometown of Chicago. It was near his home and the owner happened to be there, so Meraban started talking to him. Through this relationship, Sonny acquired his first BTM in 2015, which was the catalyst for starting Bitcoin of America and launching his third career.

So exactly how does a BTM work? “Basically, you punch in your name and contact information to get verified,” Meraban explains. “Then, you put money into the machine to purchase bitcoin, which will appear in your digital wallet. Afterward, you may use the cryptocurrency to make purchases from companies that accept it as a payment option, such as Microsoft, Starbucks, and Overstock.”

Meraban’s decision to enter the bitcoin industry was partly based on timing. The bitcoin industry was young at this point but he felt it might play a more prominent currency role in the future. The time seemed right to take the plunge, and in this case, Sonny's third foray into entrepreneurship with Bitcoin of America turned out to be a charm. Even so, success wasn’t immediate. Meraban spent the first year with just one BTM while he learned the software and placed the machine in a store. However, his persistence and patience paid off handsomely, and after ironing out the initial difficulties, his business took off.

The rest, as they say, is history. The seven short years following BOA’s launch have shown impressive growth. Although the company started modestly with one BTM, it now has over 1,400 BTMs throughout the United States. This number makes up 5% of the U.S. BTM market. In addition, the initial location was in Chicago, but it is now in 31 states with more on the horizon. The company’s growth in the past year has been particularly phenomenal. Their top-line revenue increased 220%, and their earnings rose eight times the amount of last year. Such expansion has led to growth in the company’s team. The number of employees spiked 32% in one year. BOA’s robust growth garnered the attention of Inc. Magazine, which named it one of the fastest growing companies in the U.S. In fact, the magazine has included BOA in its Inc. 5000 list. Meraban is excited about the honor and the exploding expansion of his company that it represents.

Bitcoin of America is not limited to BTMs. Its services include tablets and online exchange as well. “Tablets are like an ATM in the palm of your hand,” says Meraban. BTM recently took another step forward in May of 2021 when it introduced what Sonny calls a “Universal Kiosk”. This offers services beyond those of a BTM, as it allows people to purchase cryptocurrency in different ways. Meraban’s journey to success shows that timing may just be the secret ingredient that makes a critical difference in entrepreneurship. Certainly, it plays a key role when an aspiring magnate builds a flourishing company.

Even if an individual possesses considerable business acumen, when the business climate isn’t right for a particular undertaking, it poses a hurdle that is almost impossible to overcome. Conversely, when the timing is right to launch an enterprise, it can serve as the fuel that propels profits into the stratosphere. Meraban's great success in the launch and growth of Bitcoin of America illustrates this principle.

To find out more about Bitcoin of America, one can visit BitcoinOfAmerica.org or BitcoinOfAmerica.com.