Venture Capitalist Brock Pierce Named Chairman of the Board of Directors at the Bitcoin Foundation

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Venture Capitalist Brock Pierce Named Chairman of the Board of Directors at the Bitcoin Foundation

A lot of things are happening at the Bitcoin Foundation. The latest announcement is that venture capitalist Brock Pierce has been named chairman of the board of directors at the digital currency’s oldest trade organization. According to the official communication Pierce was elected to the position by a 3-0 vote Tuesday, with board member Olivier Janssens abstaining.

Nonetheless, as the 34-year-old was nominated by board member and BTC China CEO Bobby Lee, with whom Pierce was elected to the foundation in May of 2014, there were not many doubts about the win. Talking to media Pierce indicated that his role will now be to work with newly appointed executive director Bruce Fenton.

The new team at the Bitcoin Foundation aims to shape the nonprofit’s 2015 strategy and work to create consensus on how the organization can move forward on rebuilding its image. Pierce says that a lot of people believe in the foundation and it believes it can be effective at advocating on behalf of the industry.

Pierce says that some people might say there are aspects that are broken; he would say it is a lot harder to be part of the solution than the problem, that’s why he ran for the board. Nonetheless, the election follows weeks of heated debate about the future of the organization among its board members, its membership body and the wider digital currency community.

Pierce believes that the board of directors including its newly elected industry members is eager to put recent disagreements in the past and find a “common alignment”. The latest development has come after board member Olivier Janssens took to social media to alert the community of the foundation’s financial state.

The Bitcoin Foundation and Financial Transparency

The Bitcoin Foundation faced a lot of embarrassment thereafter as this was being questioned. However, Pierce says that he desires to work with all current board members on a path forward, one that would find the body disclosing its decisions faster and with greater transparency.

Pierce says that he has a strong desire to work with everyone on the team as everyone is elected by the membership, and it’s their job to figure out how to come together and collaborate. He admits that the Bitcoin Foundation board will remain comprised of both individual and industry members, even as it become a more general interest group.

To contact the reporter of this story: Deepak Tiwari at