Cape Town based venture capitalist Llew Claasen has been appointed as executive director of the global Bitcoin Foundation.<\/p>\n
The Bitcoin Foundation, which was founded in 2012, aims to promote the use of the cryptocurrency.<\/p>\n
Claasen \u2013 who is described as a technology startup \u201cgo-to-market strategist\u201d \u2013 joins another South African, board member Vinny Lingham, as part of the Bitcoin Foundation.<\/p>\n
Both Claasen and Lingham are partners of local investment firm Newtown Partners. But in a press statement, Lingham said he recused himself from the board vote owing to his \u201clong business relationship and friendship with Claasen\u201d.<\/p>\n
Nevertheless, the board still voted in Claasen who replaces outgoing Bitcoin Foundation executive director Bruce Fenton.<\/p>\n
Claasen\u2019s appointment as executive director is effective from July 1.<\/p>\n
\u201cBroadly speaking, we\u2019re the oldest and largest Bitcoin advocacy group globally,\u201d Claasen told Fin24.<\/p>\n
\u201cI\u2019ll be working with our Board, the developers, customers and other ecosystem players over the next few weeks to put together a plan that enables us to increase the adoption of Bitcoin worldwide,\u201d Claasen added.<\/p>\n
Vinny Lingham \u2013 who shot to Silicon Valley fame in the US when he sold his virtual gift card service Gyft to First Data for over $50m in 2014 \u2013 has also commented on Claasen\u2019s appointment.<\/p>\n
Lingham now heads up US-based identity protection startup Civic.<\/p>\n
\u201cI\u2019ve known Llew for many years and have worked with him in several capacities,\u201d said Lingham in a statement.<\/p>\n
\u201cI think he will be a perfect fit for the organisation as we build on the significant progress we have made,\u201d Lingham added.<\/p>\n
Meanwhile, Claasen\u2019s appointment at the Bitcoin Foundation comes amid the cryptocurrency coming under particular focus in the last few weeks over its surging price.<\/p>\n
Over the last month, the price of Bitcoin on South African linked exchange BitX has increased almost 40% from R7 496 on May 22 to R11 169 on June 21 amid weaknesses in China\u2019s Yuan and an impending halving event for miners of the currency.<\/p>\n
But the cryptocurrency has started to experience a downward turn this week as on Tuesday, the price of a Bitcoin on BitX had fallen around 14%.\u201cI think that short-term fluctuations in the Bitcoin price are short-term signals of a combination of market sentiment and a short squeeze and no indication of long term market value,\u201d Claasen told Fin24.<\/p>\n
Fin24<\/a><\/p>\n Bitcoin price surges on SA-linked exchange<\/strong><\/a><\/p>\n Is Bitcoin still worth it?<\/strong><\/a><\/p>\nMore on Bitcoin<\/h3>\n