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. 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. 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.
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. Such helped legitimize Bitcoin as an investment and helped pave the way for the development of other Bitcoin investment vehicles.
Next 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. 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. 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. Such helps boost the capacity of the Bitcoin network. 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. Barry has also been outspoken in his criticism of flat currencies as he view them prone to inflation.
Last is being 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.