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.
Foundation Value Questioned
Jim Harper, a senior fellow at the Cato Institute and a foundation board member, questioned whether the organization provides enough value to members to warrant its continuation, according to meeting minutes. Harper said asking for money is just throwing it away.