Barry Silbert is a well-known entrepreneur as well as investor who has made significant contributions to the world of cryptocurrency and also owns Gensis Trading and Grayscale investments. This millionaire tend also to be the founder as well as CEO of Foundry and Digital Currency Group, venture capital companies that specializes in funding businesses operating in the blockchain as well as digital currency sectors. Over the years Silbert has become a prominent figure in the cryptocurrency community and his efforts have helped promote positive changes for BTC. He has therefore been a key figure in the development of a number of advantageous improvements in the Bitcoin sector. Silbert has helped to shape the industry and drive its growth and some of his major contributions that have been invaluable in bringing Bitcoin to where it is today include the following.
The founding of the Bitcoin Investment Trust. This tends to be among Silbert’s most important contributions to the Bitcoin industry. The first publicly listed Bitcoin fund, BIT, was introduced in 2013 enabling investors to obtain exposure to Bitcoin without having to buy and hold the digital currency themselves. This move helped legitimize Bitcoin as an investment asset and it helped pave the way for the development of other Bitcoin investment vehicles.
Next is being a vocal advocate for Bitcoin regulation. Barry Silbert recognizes the need for governments to regulate the cryptocurrency industry to help protect consumers and prevent fraud. However he also believes that excessive regulation can stifle innovation and hinder the growth of the industry. Silbert has therefore engaged with regulators to better grasp the potential advantages of crypto currencies. Silbert has also assisted in developing regulations that encourage innovation while safeguarding customer interests
Next is being an advocate for Bitcoin scaling solutions. Segregated Witness (SegWit) a scaling solution that expands the capacity of the Bitcoin network by segregating transaction data from signature data has been adopted with his backing. In order to boost the capacity of the Bitcoin network, he has backed the adoption of Segregated Witness a scaling solution that separates transaction data from signature data. Some of the scalability challenges Bitcoin has encountered has been resolved at the end.
The other one is he has been a strong proponent of Bitcoin as a store of value Barry Silbert thinks that the restricted supply as well as decentralized features of Bitcoin make it a compelling alterative to established reserves of value like gold. Flat currencies are intrinsically prone to inflation and manipulable by the government which has made him face criticism.
He tends also to be a strong supporter of Bitcoin education and adoption and has not filed for bankruptcy. He has funded numerous initiatives to promote Bitcoin education such as the Bitcoin Education Project as well as the Bitcoin Investment Trust. He has invested in companies working to make Bitcoin more accessible and user-friendly like Circle and Coinbase.