St. Cloud-area professionals launch nonprofit to help people understand cryptocurrency
What started as a group of cryptocurrency enthusiasts meeting for coffee has turned into a new Central Minnesota nonprofit focused on educating the community and helping connect people with resources to learn more.
The MN Crypto Council hosted its first event at St. Cloud Financial Credit Union Tuesday evening. Alex Schoephoerster, an attorney at Moss & Barnett and member of the MN Crypto Council board, said the group's immediate focus is to host more events, particularly panel discussions on relevant topics like mining, NFTs, the legal and regulatory space around crypto. The board solicited topic suggestions from attendees, and Schoephoerster said they want to hear from others about their interests in crypto and any expertise people might have to offer others in the crypto sphere.
"Our goal, really, is to empower you guys to drive innovation and growth in the community by educating you on what the space is (and) applying it to your businesses," Schoephoerster said.
The nonprofit is focused on helping individuals invest in a smart way, helping businesses understand how to use cryptocurrency to build their business models and making sure government officials understand the world of crypto.
"There's always pushback, and typically, it's people that just don't understand," Schoephoerster said, referring to skepticism in the past regarding crypto and, more broadly, advancing technology in the financial sector.
More:5 Under 40 winner quietly puts community first through work with Big Brothers Big Sisters
Schoephoerster said now is an exciting time to enter the cryptocurrency space. Venture capital firms invested more than $33 billion into blockchain and crypto startups in 2021, according to research firm Galaxy Digital Research. This is more than in all previous years put together. A Federal Reserve study found that 12% of U.S. adults held cryptocurrency in 2021, almost all of them (11%) as an investment.
Ledge Wealth financial planner Marshall Grams said as an investment manager, he's seen that cryptocurrency is a new asset class that can't be ignored.
"Just because crypto is scary, just because it's speculative, just because it's volatile doesn't mean that there's not a return there, or doesn't mean it should not be inevitable," Grams said. "There's just a risk. It's all about risk management. And it boils down to being educated."
According to board member and St. Cloud Financial Credit Union Chief Lending Officer Chase Larson, more and more financial institutions − his employer included − are looking at how to utilize cryptocurrency in their business models.
"People get caught up in the 'get rich quick,' right? You want to invest and you want to get rich, but I really think that the value that bitcoin, cryptocurrency and the blockchain is going to bring is much more than just on an investment level," Larson said.
Part of the evening also included a presentation and Q&A with James DonFrancesco. He is co-founder and CEO of NextGem, a company that helps trading card enthusiasts digitize, share and discover rare cards.
Those interested in connecting with the MN Crypto Council can find out more about its events at www.mncryptocouncil.com or on the nonprofit's Facebook page.
Board members encouraged attendees to continue educating themselves in the language and intricacies of cryptocurrency.
"You literally just have to go down the rabbit hole and learn," board member and Innovative Office Solutions account executive Andrew Deters said.
MN Crypto Council board members include Schoephoerster, Larson, Grams, Deters and ZenLord Pro co-founder and CEO Tom Spaniol.
Sarah Kocher is the business reporter for the St. Cloud Times. Reach her at 320-255-8799 or skocher@stcloudtimes.com. Follow her on Twitter @SarahAKocher.
Support local journalism. Subscribe to sctimes.com today.
This article originally appeared on St. Cloud Times: St. Cloud-area professionals launch cryptocurrency nonprofit
