According to an internal document obtained by Bitcoin Magazine, the Bitcoin Foundation is considering splitting into two separate organizations. Under this proposal, an entirely new entity would be created to fund core development (the Bitcoin Foundation’s current focus), while a slimmed-down Foundation would continue as a promotional organization supported by its current membership. This pivot would return the Foundation to its original vision in a bid to ensure its survival.
The internal document cites the many challenges that the Foundation has faced, including reputational damage, declining membership, and continued operating losses. These hardships are the same ones mentioned by newly-elected Bitcoin Foundation Board Member Olivier Janssens in his controversial weekend post, which claimed that the Foundation was “effectively bankrupt.” However, according to the leaked document, the Foundation still has several months of operational expenses covered at its reduced burn rate.
The proposal advises that the new entity to fund core development be created immediately and kickoff a $2 million fundraising round led by Patrick Murck and Gavin Andresen. By doing this, the Foundation could separate itself from the increasingly-controversial but essential topic of core development and return to its original vision of being a community-driven promotional organization for Bitcoin. Andresen would take an active role in leading the new organization for core development through this critical time.
This is a developing story and Bitcoin Magazinewill update it as more information becomes available. Attached is the full document obtained by Bitcoin Magazine.
Tyler Evans is a Bitcoin early adopter, entrepreneur, and investor. He manages business development and product for BTC Media, the world's leading Bitcoin media group, and is an editor at Bitcoin Magazine.