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. 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.
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. This move helped legitimize Bitcoin as an investment asset and it helped pave the way for the development of other Bitcoin investment vehicles.
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. Silbert also notes 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. He 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. 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. This has been beneficial in the sense that it has assisted resolve some of the scalability challenges that Bitcoin has encountered.
Next is him being 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. Additionally he has been outspoken in his criticism of flat currencies which he view as intrinsically prone to inflation and manipulable by the government.
He tends also to be 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. He has invested in companies working to make Bitcoin more accessible and user-friendly like Circle and Coinbase.