In an almost unanimous vote, Bruce Fenton emerged as the new executive director of the Bitcoin Foundation by clear majority. He was elected for a lifetime position after replacing the provisional director Patrick Murck who was in charge of this position for the last five months after the resignation of Jon Matonis.
The announcement was declared on the afternoon of Monday when the Foundation believes that Fenton is the perfect candidate for the elected post. One of the board members, Elizabeth Ploshay told in an interview to Bitcoin Magazine that Fenton will add a lot of value to the foundation and its members with his leadership skills. His vast experience and understanding of the Bitcoin space makes him indispensable in this domain.
This leadership announcement came in a period of uncertainty when the Foundation is unsure about its fate amid prospects of solvency, public image and transparency. Fenton in an interview stated that his first job after holding the chair will be to get the accurate picture regarding the financial status of the foundation and also an open discussion with the members and the stakeholders about the plan of action.
The Financial truth of the Foundation
Fenton is highly optimistic about the future of the Foundation despite its shaky financial ground. He believes that as the operational costs are already being controlled to some extent, the Foundation stands a good chance of stability. His plan is to lay emphasis on all the activities that are highly impactful but incur less cost. Spending has already been controlled to a great extent. It is imperative to have the foundation to be of the right size for its financially practical functioning.
Larger Plans in the Offing
Fenton wants that the role of foundation must expand, unlike Murck who advocated that the Foundation should concentrate in the direction of its core development only. In his opinion, focus only on the core functionality of the Bitcoin Foundation is an expensive affair. The funding for which comes from large donors with vested interests which may not be in line with the goals of the Foundation.
Welcoming Suggestions and Plan of Action
The transparency, which is the biggest issue in the Foundation, is most importantly required in financial spending. He is encouraging the members to come up with ideas and suggestions regarding how they want to see the foundation. He plans to stay accessible both internally and externally so that all the stakeholders can approach him in strictest confidence.
Fenton brings in extensive experience in the field of Bitcoin and financial planning because of his background of a consultant, investor and advisor who put together Satoshi Roundtable Retreat and Dubai Bitcoin Conference. He is also on the advisory board of Bitcoin Shop, an e-commerce marketplace that is being traded publically.