While making the announcement via a blog post, Gavin stated that the developers collectively decided that MIT is the best place to continue their work on Bitcoin Core.

Gavin Andresen is the co-founder of the Bitcoin Foundation, an organization which was formed to benefit the Bitcoin ecosystem but has rather been mired in controversies. Cory Fields and Wladimir van der Laan have been formerly associated with the foundation as well.

Gavin took upon himself to answer the query of numerous Bitcoin enthusiasts that whether MIT will become the new center for "core development" leaving behind the Bitcoin Foundation? He said,

"No. The Bitcoin Foundation was never the center of development; the Bitcoin Core open-source software project has been the center, and like most open-source software projects, the developers who work on Bitcoin Core are supported in many different ways. Some work for companies that want to see Bitcoin succeed, some for nonprofits, and many are self-funded and self-motivated."

The decision to join the MIT cryptocurrency initiative comes closely after it has become obvious that the Foundation has failed miserably in its operations and will not be able to raise sufficient funds to contribute to the growth of the Bitcoin ecosystem and support the developers working on the Core.