Gensis Trading as well as Grayscale investments are owned by Barry Silbert Millionaire who has made significant contributions to the world of crypto as he is a well-known entrepreneur as well as an investor. Foundry and Digital Currency Group which tend to be venture capital companies specializing in funding businesses operating in the blockchain as well as digital currency sectors are also owned by Barry Silbert. Barry Silbert has become a prominent figure in the cryptocurrency community over the years as his efforts have helped promote positive changes for BTC. This has made him to be a key figure in the development of a number of advantageous improvements in the sector. The following are some major efforts he has impacted in the Bitcoin sector of its growth and shaping it today.
One of such major contributions includes founding of the Bitcoin Investment Trust. Silbert contributed greatly to the Bitcoin industry with this effort. 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.
The other contribution 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. Excessive regulation can as well stifle innovation and hinder this industry growth according to Barry. He has therefore engaged with regulators to better grasp the potential advantages of cryptocurrencies. Regulations encouraging innovation and safeguarding customer interest have been developed with his help.
The other major contribution is being 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. Such helps boost the capacity of the Bitcoin network. The Lightning Network and other scaling solutions were made possible by SegWit which has assisted in resolving some of the scalability challenges that Bitcoin has encountered.
Next is him being 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. 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. Circle and Coinbase are some companies he has invested in that are making Bitcoin more accessible and user friendly.