Facing declining finances, criminal investigations of ex-board members and the ramifications of some poor management decisions, the Bitcoin Foundation has made some changes to its board and is considering a shift in mission to sustain its existence, according to Bloomberg.
During the advocacy group’s Dec. 15, 2015 board meeting, Executive Director Bruce Fenton said additional funding is needed to retain employees. At least $7 million disappeared in two years. Total assets were $12,553.06 as of Nov. 30.
Fenton said the foundation, which sponsors conferences, lobbies, and offers technical support for bitcoin, has to raise funds fast. He said cold calling ex-members has been considered. He is working on marketing materials to explain the organization’s purpose to prospective donors.
https://www.cryptocoinsnews.com/bitcoin-foundation-struggles-sustain-existence/
