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Author Topic: [2015-12-31] PYMNTS: Bitcoin Foundation’s Days May Be Numbered  (Read 159 times)
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January 01, 2016, 12:59:50 PM

Bitcoin Foundation’s Days May Be Numbered

This isn’t the first time the legitimacy of the Bitcoin Foundation‘s future has been in question, and it very well might not be the last.

Bloomberg reported on Wednesday (Dec. 30) that Bruce Fenton, the group’s executive director, shared some very blunt news about the foundation: “We need additional funds if we wish to retain employees,” he said at a board meeting on Dec. 15. What the numbers have revealed over a two-year period is the loss of $7 million. According to Bloomberg’s report, the financials, as of Nov. 30, show that the foundation has just over $12,000 worth of assets.

What’s been done to keep the Bitcoin Foundation afloat has been fundraising, lobbying, events and helping digital currency players evolve into the space. But now, Fenton reminded the group, it’s time for the foundation to rake in some cash and do so quickly.

Minutes from the board meeting that were recently released showed tension among the board as board member Jim Harper, a senior fellow at the think tank Cato Institute, questioned what the foundation was bringing to its members in terms of value. He went on to say: “Asking for money is just throwing money away.” Another board member questioned if the foundation could even be fixed.




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