Categories: News

The Bitcoin Foundation might be close to running out of money

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.

Related Post

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.

If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

 

Daniel Dob

Daniel is a bitcoin investor and journalist for numerous news outlets in the financial sector. When he's not writing, trading, or interviewing people, you can find him swimming, reading or taking one of his hobbies to the next level.

Share
Published by
Daniel Dob

Recent Posts

BlockDAG’s Exciting New Crypto Payment Options | Predictions on Ethereum’s Value | XRP Whales Activity

BlockDAG Broadens Its Crypto Offerings with 10 New Deposit Options, Overshadows Ethereum's Price Forecast, &…

11 hours ago

BlockDAG’s X1 Mining App Beta Release Set for June 1st, Eclipses Recent Cosmos News and Positive Render Price Forecasts

The most recent updates in Cosmos cryptocurrency indicate a notable decline in its social engagement…

14 hours ago

BEFE Coin’s Rally: Analysts Predict Unprecedented 2000% Price Surge

The analysts are all buzzing with predictions of how the BEFE Coin is set to…

15 hours ago

Bitgert Coin Forecast: Crypto Experts Predict +500% Price Surge Ahead

Within the cryptocurrency ecosystem, there is a constant expectation that the value of a specific…

15 hours ago

BDAG X1 App Overshadow Bitcoin and Sui Network

Crypto Analysts Answer: Will BlockDAG be set to Eclipse Bitcoin and Sui Network With its…

1 day ago

Influencer Ignites BDAG Presale, Beats SHIB & Cardano Price Prediction

BlockDAG’s $23.2M Presale Gains Recognition Worldwide as Major Influencers Vouch For It Outshining Cardano's Price…

1 day ago