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. 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. Over the years Silbert has become a prominent figure in the cryptocurrency community and his efforts have 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 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. Bitcoin was legitimized as an investment coin and paved way for the development of other Bitcoin investment vehicles at the end.
Silbert has also been 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. 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.
Next is being an advocate for Bitcoin scaling solutions. 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. In order to boost the capacity of the Bitcoin network, he has backed the adoption of Segregated Witness a scaling solution that separates transaction data from signature data. 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. 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. 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.