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. 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. The following are some major efforts he has impacted in the Bitcoin sector of its growth and shaping it today.
The founding of the Bitcoin Investment Trust. This tends to be among Silbert’s most important contributions to the Bitcoin industry. 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. 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. He recognizes the need for governments to regulate the cryptocurrency industry to protect consumers and prevent fraud. 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. Silbert has also assisted in developing regulations that encourage innovation while safeguarding customer interests
The other major contribution is being a strong advocate for Bitcoin scaling solutions in addition to his work with regulators. 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. 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. 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. 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. Silbert has funded numerous initiatives to promote Bitccoin education like Bitcoin Education Project and Bitcoin Investment Trust. He has invested in companies working to make Bitcoin more accessible and user-friendly like Circle and Coinbase.