Press Contacts: San Francisco, CA, Kerryn Lloyd, [email protected]
San Francisco, CA – August 28, 2018 –The Bitcoin Foundation has received a commitment of $200,000 for its 2018/2019 plan – $100,000 from Brock Pierce, a venture capitalist, philanthropist, serial entrepreneur and Chairman of the Bitcoin Foundation and a further $100,000 commitment from the other members of the Board. The funds will be used as a starting block to raise more funding and roll out the Foundation’s 2018/2019 strategic plan.
Despite Bitcoin seeing a decline in the 80% market dominance it held in January 2017, Bitcoin is still the most recognizable name in cryptoassets. This brand recognition, along with the Foundation’s standing as the world’s largest and oldest cryptoasset advocacy organization, places the Foundation in a prime position to continue to advance the industry’s common causes with external stakeholders. To this end, the Foundation’s key priorities for 2018/2019 include operating at a global level to educate and engage with lawmakers and regulators, educate the general public and media through online and in-person training programs and seminars, and facilitate communication and cooperation across the industry.
According to Llew Claasen, The Bitcoin Foundation’s Executive Director, “most cryptoasset projects have shared objectives. It’s unfortunate that for too long the education, media and consumer outreach and lobbying efforts of projects have been siloed and duplicative. Fundamentally, these new projects have many things in common with each other. They came about after the creation of Bitcoin on the back of the availability of alternative blockchain technologies, different views on blockchain architectures, philosophical differences and people’s inherent desire to contribute where their effort would be most valued and incentives are greatest. They’re all children of Bitcoin and we want to embrace this diversity in our industry and represent these shared interests.”
“The cryptoasset industry is very young and often misunderstood by lawmakers, regulators, the public and the media. Our industry faces a real threat of massive global overregulation on the back of misunderstood, inaccurate and often politicized ideas of their potential for illicit purposes, rather than how these technologies are being used in reality. We continue to believe that these technologies hold massive potential for increasing levels of low cost, peer-to-peer economic participation. There is fortunately also a growing realization amongst project maintainers that it doesn’t make sense to fight each other for mind- or market- share at this stage of the industry, but rather to pool education and lobbying resources and stand together against very real external threats to the industry”, says Claasen.
For the Foundation to achieve its objectives, it needs to broaden its reach and operate at a global and regional level. One of the primary aims of the 2018/2019 strategy is to, through a phased approach, facilitate communication and cooperation by launching regional operations in North America, Asia & Australasia, Africa & Latin America, and Europe with a focus on local lobbying, local education and training and local member acquisition and engagement to assist in advancing the world towards a peer-to-peer, permissionless and decentralized financial system.
Over the past few years, the Bitcoin Foundation’s ability to execute on its plans has been severely constrained by a lack of resources. This funding from Pierce and the rest of the Board enables the Foundation to kick start its purposeful strategic plan, using the momentum that will be achieved from the initiatives rolled out with the first $200k, to expand the Foundation’s mandate and encourage the broader community to support its programs going forward.
“I am incredibly excited about playing an important role in ushering in the global adoption of both Bitcoin and other cryptoasset projects through this donation to the Bitcoin Foundation. It’s important to me as the Chairman of the Foundation, and as a part of the greater crypto community, that the roll out of the strategic plan can begin. I hope that my colleagues in the crypto community will follow suit and support our work financially”, says Pierce.
“The Bitcoin Foundation is already the go-to industry representative amongst regulators and lawmakers and our new focus on common industry interests is simply formalizing the role that we’re already playing informally. I hope that other donors, no matter which crypto project they most associate with, will be encouraged to assist us with raising funds that will enable us to implement our plan to support our industry’s shared interests”, concludes Claasen.
Those interested in donating to the Foundation or assisting with fundraising initiatives should contact the Foundation at [email protected].
The Bitcoin Foundation, Inc. is a non-profit organization founded in September 2012. Comprised of senior leaders in the Bitcoin and cryptoasset communities, the Foundation coordinates joint efforts of the Bitcoin and other cryptoasset communities, helping to create awareness of the benefits of Bitcoin and other cryptoassets, their responsible use and related technology requirements for global adoption. The Foundation’s audience includes technologists, regulators, and the media, and its reach is global. The Foundation has been at the forefront of campaigning for an unimpeded economic system for the future.