149. Cryptocurrency + Fundraising: The Next Frontier? - Pat Duffy
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Overview
Raise your hand if you're still trying to figure out how the heck cryptocurrency and philanthropy intersect? 🙋♀️🙋♂️ We've got you! Meet Pat. He merged his nonprofit experience and passion for Bitcoin trading to create The Giving Block, a company helping nonprofits transact cryptocurrency donations. He's giving the simplest explanation into the ins and outs of cryptocurrency, blockchain and the underlying technology needed to accept this new form of currency. Tune in to hear which orgs are doing it well.
Today’s Guest
Pat Duffy, Co-Founder, The Giving Block
“Crypto is not just a donation method, it’s a donor demographic. A very active and young donor demographic that you can use to activate and enhance the reach of all things you do.”
Episode Transcript
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Episode Highlights
Pat’s story and journey to where he is today (3:00)
40,000 foot view of cryptocurrency: What is it? How does it work? What do we need to know? (5:30)
The founding story of The Giving Block and how they’re serving the nonprofit sector (9:50)
The sustainability of blockchain (13:30)
Where to start today if you are interested in accepting cryptocurrency at your organization (16:30)
A case study of an organization leveraging crypto to benefit their mission (20:00)
The tax benefits of cryptocurrency (24:52)
Who to target and advice about where to start if you are ready to start leveraging the crypto space (27:30)
Approaches to crypto fundraising (28:00)
A powerful story of philanthropy in Pat’s life (32:00)
Pat’s One Good Thing: Prioritize. (38:00)
Powerful quotes
“Cryptocurrency very desperately needs the nonprofit sector.” -Pat
“What blockchain pretty much allowed was the ability to move value assets digitally, online with no intermediaries. It created this ecosystem where for Bitcoin, the first real blockchain use case, we were able to see giant ecosystems of transactions going from every country in the world moved in a matter of seconds, you can move billions of dollars around the world in minutes.” -Pat
“Blockchain is a beautiful technology that allows a growing network to become more secure as it scales.” -Pat
“The biggest barrier, like you said, is fear or the education barrier for nonprofits in general.” -Pat
“We're very pro crypto, and we want to see that adoption happen.” -Pat
“First and foremost, if you're working at a nonprofit or profit service provider, in that industry, we should be much more comfortable with people building a career, building an irrigation system in Africa than, say, pumping oil out of the ground and then up into the atmosphere. We think there's like perverse incentive models economically.” -Pat
“We think the intersection between cryptocurrency and nonprofits will lead to both of those things, faster crypto adoption, and then a nonprofit sector that leads on technology, helps move the sector forward, balance the budgets, and push their revenue up.” -Pat
“Fundraising and money isn't necessarily the root of all evil. We should be incentivizing more capital going into nonprofit organizations specifically, because why would you want it to flow anywhere else?” -Pat
“The two big questions we ask are, “do you have an active Twitter account?” and, “Do you have like a stable revenue budget and fundraising program?”” -Pat
“If you’re fundraising effectively and using the internet effectively, then yes, crypto is a great thing to layer in.” -Pat
“You know, there's billions donated, and there's 300 profits realistically who are fighting for that headspace at all.” -Pat
“Crypto is not just a donation method, it’s a donor demographic. A very active and young donor demographic that you can use to activate and enhance the reach of all things you do.” -Pat
“I would never give to a nonprofit, ever again, that didn't have serious overhead.” -Pat
“Long term funds is something I care about and then getting nonprofits to tell their donors they're wrong. And spending more money on being innovative is what I would like to see most out of the sector.” -Pat
“I think, generally speaking, for me, as an individual, most of my frustration comes out of people doing awesome stuff, but they're doing number 17 on the list of 20, when they should be starting with number one. Putting things in order before taking actions will lead to disproportionately positive outcomes.” -Pat
Approach to crypto fundraising
Actively build out partnerships, integrations, and bridges that funnel crypto donors
Build crypto fundraising opportunities (The Giving Block created Bitcoin Tuesday and Crypto Giving Pledge)
Focus on your marketing
Remember: Crypto donations aren’t just a donation method, it’s a donor demographic. Use and activate them to enhance all you do.
Connect with pat and the giving block
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Watch the full Family Reach story mentioned in the midroll below! 🎉
