New Bitcoin Foundation chief eyes crowdfunding

A former Morgan Stanley stockbroker, Bruce Fenton says the foundation could run on a surplus budget

The newly appointed head of the Bitcoin Foundation, a group that promotes development of the digital currency, believes crowdfunding is one part of the solution for its troubled finances.

A one-time Morgan Stanley stockbroker, investment advisor Bruce Fenton was appointed executive director based on a vote of five ayes to one abstention by the group's board of directors, the foundation wrote on its blog. He replaces Patrick Murck, who was interim executive director.

The move follows an admission by the foundation that it faces large financial problems linked to the drop in the value of its bitcoin holdings. It rejected board member Olivier Janssens' claim that it is effectively bankrupt.

"I'm confident that we can run a lean and effective foundation and run at a budget surplus by using our resources carefully," Fenton said via email, adding he has not had a chance to review the foundation's assets in detail yet.

"I'd also like to see us use more decentralized tools like crowdfunding," Fenton said. Crowdfunding can be a creative way for members to support the projects they care about, he added.

He also stressed the need for feedback and engagement from corporate and individual members of the foundation.

Fenton, founder of investment firm Atlantic Financial in Massachusetts, worked at Morgan Stanley in the 1990s, specialising in emerging technologies. He is a member of the Bitcoin Association, another bitcoin promotion group, and has organized the Dubai Bitcoin Conference and advised bitcoin startups.

Fenton takes the helm of an organization marked by controversy. Among its founding members are Charlie Shrem, who pleaded guilty to transmitting money linked to the Silk Road online drugs site, and Mark Karpeles, who presided over the collapse of MtGox, once the world's largest trading place for bitcoin. Board members have quit in frustration or spoken out against the foundation.

Tim Hornyak covers Japan and emerging technologies for The IDG News Service. Follow Tim on Twitter at @robotopia.

Join the Good Gear Guide newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection

Tags Internet-based applications and servicesBitcoin Foundationinternet

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Tim Hornyak

IDG News Service
Show Comments

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Matthew Stivala

HP OfficeJet 250 Mobile Printer

The HP OfficeJet 250 Mobile Printer is a great device that fits perfectly into my fast paced and mobile lifestyle. My first impression of the printer itself was how incredibly compact and sleek the device was.

Armand Abogado

HP OfficeJet 250 Mobile Printer

Wireless printing from my iPhone was also a handy feature, the whole experience was quick and seamless with no setup requirements - accessed through the default iOS printing menu options.

Azadeh Williams

HP OfficeJet Pro 8730

A smarter way to print for busy small business owners, combining speedy printing with scanning and copying, making it easier to produce high quality documents and images at a touch of a button.

Andrew Grant

HP OfficeJet Pro 8730

I've had a multifunction printer in the office going on 10 years now. It was a neat bit of kit back in the day -- print, copy, scan, fax -- when printing over WiFi felt a bit like magic. It’s seen better days though and an upgrade’s well overdue. This HP OfficeJet Pro 8730 looks like it ticks all the same boxes: print, copy, scan, and fax. (Really? Does anyone fax anything any more? I guess it's good to know the facility’s there, just in case.) Printing over WiFi is more-or- less standard these days.

Ed Dawson

HP OfficeJet Pro 8730

As a freelance writer who is always on the go, I like my technology to be both efficient and effective so I can do my job well. The HP OfficeJet Pro 8730 Inkjet Printer ticks all the boxes in terms of form factor, performance and user interface.

Michael Hargreaves

Windows 10 for Business / Dell XPS 13

I’d happily recommend this touchscreen laptop and Windows 10 as a great way to get serious work done at a desk or on the road.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?