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Free Software Foundation saw their Bitcoin donation go down 14 percent before conversion

According to a blog post published by the founder of the Free Software Foundation, the organization saw a Bitcoin donation lose 14 percent of its value before they could convert it to fiat.

The donation had been received in January of 2018 from the Pineapple Fund and was to empower the free software activists and developers around the globe.

The bear market had an effect on the Bitcoin donation

However, the downturn of the crypto market last year saw the $1 million Bitcoin donation shrink to $860,000 by the time it was converted to U.S dollars.

In the post, Richard M. Stallman who is the founder of the foundation noted:

“The donation from the Pineapple Fund arrived in the form of Bitcoin and had gone down to around $860,000 by the time we could convert it all to dollars.”

According to Stallman, the foundation had received two donations of $1 million each. One was from the Pineapple Fund and the other from Handshake an IT development firm.

He adds that the donation from Handshake would be used for specific software projects. Some amount will be set aside to improve Replicant, the free Android fork. However, the amount will not be enough to fund the foundation’s general operations.

The Free Software Foundation maintains and also funds the GNU C Compiler (GCC) which is among the most essential open source packages in the world.

Both donations will help the foundation run its operations smoothly also enable them to add to their staff. It will also help the organization to tackle some projects that they have needed to do but haven’t managed to.

“Because of the success of Respects Your Freedom, we have a long backlog of products to evaluate. Expanding the team will increase our ability to help people purchase hardware that runs entirely on free software.” 

Moving forward the foundation is planning to develop a free JavaScript code that will help improve the functionality of certain websites.

What can the FSF do the next time they receive a Bitcoin donation to avoid losing money? Share your thoughts in the comment section below.

coinmag

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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