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. 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. This has made him to be a key figure in the development of a number of advantageous improvements in the sector. He has helped shape the industry and drive its growth with some of his major contributions listed below.
One of such major contributions includes founding of the Bitcoin Investment Trust. Silbert contributed greatly to the Bitcoin industry with this effort. Bitcoin fund was introduced ion 2013 which enabled 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.
The other contribution is being 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. Silbert has therefore engaged with regulators to better grasp the potential advantages of crypto currencies. 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. 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. The capacity of the Bitcoin network has been boosted as a result of such expansion. 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.
Silbert has also been a strong proponent of Bitcoin as a store of value. He thinks that the restricted supply and decentralized features of Bitcoin make it a compelling alternative to established reserves of value like gold. 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. 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.
