Four months into his role as executive director of the Bitcoin Foundation, Patrick Murck believes the organization has turned a corner. In a letter to CCN, Murck said the Foundation can meet its mission of promoting research and development of Bitcoin Core and advance the development of an open and participatory digital economy.
He noted the Foundation was in a weak financial position when he took over as executive director. By better managing costs and creating better value for members, he said revenue now exceeds costs.
Murck, general counsel for the Bitcoin Foundation and a member of the original founding team, replaced Jon Matonis, who resigned as executive director in October.
The challenges facing the Foundation include bitcoin’s reputation, a thin spread due to lack of focus, declining membership, revenue, falling bitcoin price and a weak balance sheet, Murck noted.
Despite these challenges, he said the Foundation has an opportunity to create a clear value proposition for its members and the community interested in blockchain technology and digital currency.
In his first two months as executive director, Murck said the foundation reduced staff and brought costs in line with revenue. It has also accelerated membership development and launched DevCore as a complementary revenue stream.
Murck presented a chart comparing revenue and losses for the period from July 14, 2014 to where it expects to be Feb. 15, 2015. The chart shows that losses fell from over $200,000 to under $50,000 while revenue rose from below $50,000 to over $100,000.
The improvement came as a result of DevCore’s success and increased confidence from the membership that the foundation will stay the course. “Our ability to grow revenue while cutting expenses in such a short period of time has been a tremendous accomplishment for the team and a clear indication that we are on the right course,” Murck wrote.
He encouraged Foundation members to thank staffers Jodie Brady, Greg Egan, Helen Disney, Mark Woods and Jinyoung England.
“They have all made sacrifices and persevered in the face of daunting challenges to come together as team and turn the Foundation around”