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. 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. 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.
Next 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. To better grasp the potential advantages of cryptocurrencies, Silbert has engaged with regulators. Regulations encouraging innovation and safeguarding customer interest have been developed with his help.
Next is being an advocate for Bitcoin scaling solutions. He has helped adopt with his backing Segregated Witness which is a scaling solution that expands the capacity of the Bitcoin network by segregating transaction data from signature data. 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.
The other one is he has 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. Barry has also been outspoken in his criticism of flat currencies as he view them prone to inflation.
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. Circle and Coinbase are some companies he has invested in that are making Bitcoin more accessible and user friendly.