Newly elected Bitcoin Foundation chief Bruce Fenton believes that a decentralized tool like crowdfunding can be an optimum solution for the cash-strapped organization which was founded in 2012 to promote, protect and standardize the use of Bitcoin around the globe.
Crowdfunding is the method of raising money through monetary contributions from a large number of people via the Internet, in order to fund a project.
Earlier, board member of the Bitcoin Foundation Olivier Janssens had termed the Bitcoin Foundation “effectively bankrupt.”
The foundation made an official announcement via its blog on April 13, welcoming Bruce Fenton as the new Executive Director who replaced the interim ED of 5 months, Patrick Murck. The Board had a vote of 5 ayes to 1 abstain in favor of Bruce taking on this position.
Taking the helm of the controversial organization, Fenton said in an email that, “I’m confident that we run a lean and effective foundation and run at a budget surplus by using our resources carefully.”
Bruce added that, “I’d also like to see us use more decentralized tools like crowdfunding. Crowdfunding can be a creative way for members to support the projects they care about.”
Under the new chief, the foundation will regularly seek feedback and engage corporate and individual members of the foundation.
Once a Morgan Stanley broker, Bruce will review the foundation’s assets in detail very shortly.
Bruce Fenton is a lifetime member of the Bitcoin Foundation, an investor, consultant and advisor in the Bitcoin community and has been credited with successfully organizing the Dubai Bitcoin Conference and the Satoshi Roundtable retreat.
Transforming the disgraced Bitcoin Foundation into a trustworthy, legitimate Bitcoin promoting organization would definitely be an uphill task for Bruce Fenton. But, unlike previous times, when board members quit in frustration over the working of the foundation, hopes are high that Bruce may indeed be the “best man for the job.”