Though the markets are turbulent and a recession looms, opportunities remain abundant.
In our previous post, we looked at some contributing factors to the cryptocurrency bear market and Bitcoin's plunge down past the $30,000 level. In summary, the general worldwide equity markets along with crypto have seen large selloffs strongly influenced by high inflation, war, and reactive interest rate hikes.
Since then, Bitcoin and the greater crypto market have fallen another ~30%. In this post, we'll discuss three simple strategies your organization can adopt to leverage the current bear market conditions and prepare for the next bull market.
Continue to Educate Yourself
Bear markets provide an incredible opportunity for those that believe they've missed the "crypto bandwagon." The good news is that while some are jumping off, they're making room for new pioneers in the space. Take this season to grow in your understanding of blockchain and cryptocurrency. Here are a few resources to consider:
- Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond - This book provides a great introduction to blockchain and cryptocurrency investing.
- Crypto101 - Crypto101 is an open-source educational content platform covering everything from Bitcoin's basics to Ethereum smart contracts.
- Blockgeeks - Blockgeeks offers online courses, workshops, and mentorship for those looking to enter the blockchain space.
- Educate Yourself on Cryptoeconomics - Understanding economic principles is critical to assessing the value of crypto assets. A few key concepts to learn: Metcalfe's Law, network effects, and game theory.
Grow Your Rolodex 📇
While educating yourself and your organization about the blockchain is important, at the end of the day, it's not always what you know, but who you know. These current market conditions create perfect opportunities for networking and building relationships with others in a similar space. Attending meetups, and conferences and getting more involved in online communities can be a great way to expand your relational reach.
Some notable Conferences
Crypto-specific conferences are popping up all over the world and they're growing in popularity. Attending these events will both educate you and help you build relationships with other like-minded individuals and organizations. Consider checking out the following events:
The North American Bitcoin Conference: TNABC is one of the longest-running cryptocurrency conferences in the world. It's held annually in Miami and focuses on education and networking.
Coindesk's Consensus Conference: Consensus is Coindesk's annual flagship event that focuses on all things blockchain.
RX 2022 - Rock RMS, a Church Management Software, will hold its annual Arizona conference this year. While this isn't a crypto-specific event, it's a great event for church leaders wanting to take their organizational management to the next level.
Thank God For Bitcoin Conference - This Christian-focused event is held annually and focuses on the impact of cryptocurrency on ministry and missions. Engiven was the main sponsor at the previous event. Be on the lookout for 2023 Dates!
Network Through Social Media
If you're not already active on social media, that's certainly commendable. However, if you decide to want to begin using social media to further your organization's efforts, I would suggest starting with LinkedIn. It's a great platform to share news, articles, and other content related to your work in the space. It's also a great way to connect with other individuals and organizations that have a similar vision.
When many of us think of social media, we think of Facebook, Instagram, and Twitter. As the web gets older though, social media has found new roads to pave. Platforms like Reddit, Discord, Substack, Twitch, and Tik Tok are all projects that could provide educational and community-building value if used properly. Here's a great list of online communities you can join and begin to engage with (more on this below 👇).
Test new marketing channels
The next crypto bull run will bring many new people into the space. It will also generate many new high-net-worth individuals (HNIs). Reaching and connecting with these individuals may take some unique approaches. Here are some ideas for your marketing team to explore:
Take advantage of free grants - In conjunction with organic reach, consider using paid advertising to reach individuals interested in Crypto. Google Ads and Facebook Ads are two popular options. Google for Nonprofits offers organizations a suite of tools and resources, one of which is the Google Ad Grant. The Google Ad Grant provides $10,000 per month in free advertising spend to help organizations promote their cause and reach new audiences.
Grants Watch is a great resource to find other grant opportunities for non-profits.
Build a Crypto-specific marketing campaign - Develop creative and compelling content that speaks to individuals interested in Crypto. This could include an email drip campaign, social media posts, etc. For churches and ministries, continue to get in the habit of mentioning cryptocurrency from the pulpit when addressing giving and stewardship. The simple point is consistent communication will pay dividends in the long run. We’ll be sending you more tips and strategies for effective communication.
Seek Out Matching Donors - Matching donations proves to be one of the most effective fundraising strategies. They allow nonprofits to leverage a donor's investment and amplify their voice to the rest of the community.
When polled 84% of donors say they're more likely to give if a matching gift is available. On top of that, one in three individuals said they would give more when a match is available. (Source: Double the Donation's Review of Matching Gift Programs)
Plan For Giving Tuesday is a perfect time to launch matching donation campaigns. We encourage you to start engaging with prospective crypto donors to discuss what a partnership could entail. Some of you may already have donors on deck, and they could be the perfect candidate to launch this sort of campaign.
Launch your own communities - This idea may feel the most foreign of all the things we suggest in the article. The average age of a cryptocurrency investor is 38 years old; thus, they will be hanging out in places that the average cash donor, aged 65, wouldn't.
As mentioned above, engaging in communities like Reddit, Discord, Telegram, and Twitter are potential gold mines for relationship-building with prospective crypto donors.
Discord is a great place to launch a community around your nonprofit. It's free to set up and use, and it's very user-friendly. You can also use it to run live events or launch fundraising campaigns.
Not sure where to start? We suggest joining a few relevant Discord channels and getting a feel for their operations. Some excellent nonprofits use Discord servers to form a community and spark conversation.
Though the markets are turbulent and a recession may be looming, the opportunities in the world of crypto haven't left. It's times like this that present new roads to growth.
If past emerging market dynamics are a guide, the next crypto bull run is inevitable, it's just a matter of when. By preparing through the current market conditions, your organization will be well-positioned to take advantage of the influx of interest and new donors when bullish sentiment returns.
What else are you doing to prepare your nonprofit for the next crypto bull run? We'd love to hear your thoughts in the comments below.
Disclaimer: All views in this article are solely the author’s opinions. You should not treat any opinion expressed in this article as a specific inducement to make a particular investment or follow a specific strategy, but only as an expression of his opinion. Before acting on any information, consider seeking advice from your own financial or investment adviser.
About Engiven: Engiven believes cryptocurrency is a valuable asset that can benefit the nonprofit community. That's why we've developed a donation platform that helps nonprofits, ministries, and enterprise-level organizations accept cryptocurrency donations to help fund their causes.
Engiven provides a safe and easy path for a 501c3 nonprofit to get set up quickly, receive crypto donations, and exchange them for fiat (US dollars). Our system verifies the gift on the blockchain and sends the proceeds via bank ACH as a direct deposit into the nonprofit's bank account. Engiven's proprietary software helps also aids in tax reporting. We provide 8282 and 8283 tax form automation.
Engiven's founders have a lifelong passion for living at the intersection of technology and doing good. With diverse skills, Engiven's founders have collaborated on numerous companies and a wide range of technology products. Most recently, they developed Mogiv, an early-to-market online giving application that was acquired in 2016. Now, with the emergence of blockchain-based technologies, they have developed Engiven.
If you'd like a free demo of our crypto donation platform, we'd love to connect. Please give us a way to reach you by filling out this form.
About the Author: Matt Herringshaw is the Director of Client Success at Engiven. He loves engaging with Engiven Clients to help them leverage the impact of the Engiven Software. He currently lives in Minneapolis with his wife and two beautiful daughters.