Bitcoin Foundation Has a Few Months Left, Recent Gift Not Enough


Bitcoin Foundation Has a Few Months Left, Recent Gift Not Enough

A recent Bitcoin Foundation Board of Directors meeting revealed that the organization is on the ropes, with only a few months worth of funding left.

Also read: Russia’s National Cryptocurrency Would Ban Rivals

This news comes after a $55-65 thousand dollar donation Brock Pierce secured from the BitClub mining organization. While the donation was substantial, it apparently was not enough to ease the Foundation’s financial woes for very long.

Bitcoin Foundation: ‘Only A Few Months of Capital Left’

Bitcoin FoundationIn its Board of Directors meeting on May 24, 2016, the Bitcoin Foundation discussed the organization’s goals and subjects concerning the group.

Those who attended the Foundation’s meeting were Board of Directors Vinny Lingham, Francis Pouliot, Elizabeth McCauley, Michael Perklin. Present staff members were Bruce Fenton, Amy Loughran-Dolan, and Eric Lombrozo.

The group began the event by thanking Brock Pierce for securing the group’s recent donation. However, the Blockchain Capital co-founder Brock Pierce was not in attendance, nor was BTCC exchange CEO Bobby Lee.

The Board says they have been considering offering grants to Core developers to continue its bolstering of Bitcoin infrastructure, but noted that Core developers may not be receptive to the idea due to possible political implications.

The meeting also addressed the recent letter that was leaked by a Core developer written by Bruce Fenton, which asks for cooperation with the Core developers. The letter wasn’t particularly damaging but was also not meant for the general public, says the Foundation.

Executive Director Bruce Fenton Could Use Help

Bruce Fenton Bitcoin Foundation Executive Director
Bruce Fenton Bitcoin Foundation Executive Director

After discussing of the letter to Core development Bruce Fenton started a conversation concerning hiring more staff and a possible co-Executive Director.

With various challenges and time commitments faced by the Foundation, Fenton believes the extra help could benefit the group. Fenton suggests that the group hire a full-time staff member or seek out a co-Executive Director to collaborate with.

Fenton has not given any notice to the group about stepping down from his position at the Foundation, but feels that he can only be a standalone Executive Director for roughly two months.

Elizabeth McCauley, who originally reached out to Fenton and asked him to take on the role, thanked him for his service during the meeting.

Francis Pouliot questions what the Foundation has to offer at this current vantage point, and believes the dialogue should not be about how funds are spent, but why the organization should even continue operating.

The board meeting conversation then turned to interactions with Core developers, as well as the roles and obligations of the protocols chief scientist. McCauley believes the group needs to expand its international efforts and continue discussions with core development.

Even after a substantial donation, the organization still seems to be having financial difficulties, and dialogue with certain Core developers seems to be an issue. Fenton believes he could use some help moving the Bitcoin Foundation forward, but there is no confirmation as to how or when this will take place.

With only a few months of spending capital left, the Foundation will continue its mission.

Fenton and Pouliot will be attending the Blockchain Training Conference in Toronto June 20-21. will keep you updated with any upcoming news concerning the Foundation and its role within the Bitcoin industry and community.

What do you think about the Foundation’s latest announcements? Let us know in the comments below!

Tags in this story
bitcoin foundation, Brock Pierce, Bruce Fenton, Francis Pouliot

Images courtesy of the Bitcoin Foundation, Pixabay.

Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about the disruptive protocols emerging today.

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