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The Bitcoin Foundation is close to dying out

The Bitcoin Foundation is close to dying out

A while ago, Bitcoin fans from all around the world looked up to the Bitcoin Foundation, due to their positive influence on the market. However, things changed as time passed, and now, it looks like the Foundation might be close to dying out.

According to Olivier Janssens, one of the latest additions to the Foundation’s board, he was removed from the board by force, after the latest board meeting, when he proposed a couple of measures that would encourage an increase in the Foundation’s income in the long term. His tenure ended after members voted for him to be removed, following his motion meant to encourage the Foundation to come up with a business plan, prior to engaging into yet another funding process.

Janssens said that: “I guess it is bad intent on my behalf to ask to come up with a business plan before you decide to raise money.”

Based on this, it seems like the rest of the board members wouldn’t agree with the idea of planning before fundraising. The main reason behind this might be the fact that they only have enough money to last for another couple of months, with little to no actual activity.

It’s worth pointing out that the Foundation got in the position of losing most of its credibility and income, following a community-wide hate-storm that took place back in 2014. Last year, the Foundation reportedly spent most of its money by supporting politicians, and legislation that was unpopular in the Bitcoin world, rather than supporting the actual interests of the community. Another event which diminished their credibility was the Foundation’s lack of resistance towards the hated New York BitLicense legislative act, and their suggestion of global Bitcoin regulation.

Once the organization noticed that their pockets were emptying rapidly, they decided to impose a couple of measures, and make changes in their activity. When this happened, the community applauded the Foundation, but new drama associated with the block size debate quickly appeared, thus damaging the Foundation’s popularity once again.

The BF’s plan to remove Janssens for the simple idea of making a plan prior to their fundraising campaign simply shows the fact that the organization is unfortunately desperate to earn more money, and doesn’t actually mean to use its influence for the good of the bitcoin community.

Based on everything that has been outlined so far, the chances that the organization has to get back on its feet are meagre, considering their lack of credibility, and of funding. In case they do happen to disappear, this won’t truly affect the community. Instead, it’ll make way for other organizations which truly want to change something to step in.

Based on everything that has been outlined so far, what do you personally think about the current state of the Bitcoin Foundation? Let us know your thoughts in the comment section below.

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