to recent reports, it seems like the Bitcoin Foundation will soon run out of funds, as mentioned during a meeting of the foundation’s board of directors.
The discussion, which was recently published, begins with Brock Pierce, the chairman of the board, making an interesting declaration, meant to raise awareness of the current financial issues that the Foundation is struggling with.
It seems like the Foundation’s series of workshops, recently carried out, only managed to raise around $2,000 in sponsorship fees. Together with this, the foundation also went ahead and initiated a couple of cost-cutting measured to further staunch its flow of cash. At this moment in time, the Foundation spends around $7,500 a month, and has enough funds to last until March.
Its executive director, Bruce Fenton, declared that: “We need to do serious fundraising … Revenue is key, we can’t do much more to cut expenses.”
There are also a couple of reports hinting that the Foundation lost some of its bitcoin during a recent mining experiment.
During the meeting, the board also discussed about ways of increasing their income, by raising more money from the DevCore workshops, and partnering up with various organizations.
The meeting was then wrapped up with an interesting request made by Pierce. He proceeded to pledge a donation of $10,000, in case the rest of the board would be committed to carry out the same exercise.
“We are the Foundation, we have no resources, this is us, if you don’t like the foundation as it stands, you don’t like yourself … each board member should be prepared to do the work themselves, to keep the Foundation going.”
Based on everything that has been outlined so far, do you think that the Bitcoin Foundation will end up running out of money? Let us know your thoughts in the comment section below.
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