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. He tends also to be the founder and CEO of Foundry and Digital Currency Group, venture capital companies that specializes in funding businesses operating in the blockchain and 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.
The first one is 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. 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. Silbert 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. This has been beneficial in the sense that it has assisted resolve some of the scalability challenges that Bitcoin has encountered.
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.
The last contribution is being a strong supporter of Bitcoin education and adoption. Some of initiatives he have funded to promote Bitcoin education includes 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.