What You Should Know About This Year
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. Over the years Silbert has become a prominent figure in the cryptocurrency community and 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. This tends to be among Silbert’s most important contributions to the Bitcoin industry. Bitcoin fund was introduced ion 2013 which enabled 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.
The other contribution 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. 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. Silbert has also assisted in developing regulations that encourage innovation while safeguarding customer interests
Silbert has been 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. 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. 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.
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.
He tends also to be 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. Circle and Coinbase are some companies he has invested in that are making Bitcoin more accessible and user friendly.
