Shakeup at bitcoin lobby group

An organization created to unify the bitcoin industry is making changes at the top.

Bitcoin Foundation Executive Director Jon Matonis is stepping down from his leadership role at the end of this week, the group said on Thursday. He will be replaced by general counsel Patrick Murck.

{mosads}“Leading the Bitcoin Foundation has been a once in a lifetime opportunity,” Matonis said in a statement announcing his departure. “Merging the diverse interests of the Bitcoin community has been intellectually and professionally stimulating and now its time to pass the baton to longtime colleague Patrick Murck.”

Both Matonis and Murck were among the original founders of the Bitcoin Foundation, which got its start in mid-2012 to advocate for the nascent virtual currency.

During that time, bitcoins — which only exist virtually but can be bought and sold for cash or used to buy goods and services at some stores — have exploded into the public consciousness in ways both positive and negative.

The currency peaked in price late last year, when one bitcoin was worth about $1,000. Since then, the price has slowly slumped to the current value of about $350 per bitcoin.

As it gained popularity, however, the currency was also caught up in scandal, as an early advocate was arrested on money laundering charges. A formerly popular exchange site also went bust this year, taking hundreds of millions of dollars with it. 

In the meantime, regulators and lawmakers have begun to perk up their ears to bitcoin.

Peter Vessenes, chairman of the Bitcoin Foundation’s board of directors, said that Matonis’s hand was on display in turning the currency from a niche community to a global concept.

“Jon stepped up to the plate and proactively extended bitcoin awareness beyond the bitcoin community, engaging industry professionals in banking, finance, economics and regulatory affairs at a time when the world looked to the foundation for an organized voice,” Vessenes said.