A well-known entrepreneur and investor who has made significant contributions to the world of cryptocurrency and also owns Gensis Trading and Grayscale investments is Barry Silbert. 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. This Millionaire has become a prominent figure in the cryptocurrency over the years due to his efforts that has helped promote positive changes for BTC. Such efforts has made him a key figure in the development of a number of advantageous improvements on 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.
One of such major contributions includes 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. Bitcoin was legitimized as an investment coin and paved way for the development of other Bitcoin investment vehicles at the end.
Silbert has also been a vocal advocate for Bitcoin regulation. There is need for governments to regulate the cryptocurrency industry as a way to protect consumers thereby prevent fraud according to Silbert. However he also believes that excessive regulation can stifle innovation and hinder the growth of the industry. To better grasp the potential advantages of cryptocurrencies, Silbert has engaged with regulators. He has also assisted in developing regulations that encourage innovation while safeguarding customer interests.
Silbert has been a strong advocate for Bitcoin scaling solutions in addition to his work with regulators. Silbert has helped adopt SegWit with his backing to expand the capacity of the Bitcoin network. The capacity of the Bitcoin network has been boosted as a result of such expansion. Some of the scalability challenges Bitcoin has encountered has been resolved at the end.
Silbert has also been a strong proponent of Bitcoin as a store of value. The restricted supply and decentralized features of Bitcoin makes it a compelling alternative to established reserves of value like gold according to Barry. Additionally he has been outspoken in his criticism of flat currencies which he view as intrinsically prone to inflation and manipulable by the government.
The last contribution is being a strong supporter of Bitcoin education and adoption. Silbert has funded numerous initiatives to promote Bitccoin education like Bitcoin Education Project and Bitcoin Investment Trust. Silbert has also invested in companies that are working to make Bitcoin more accessible as well as user-friendly such as Circle as well as Coinbase.