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A well-known entrepreneur and investor who has made significant contributions to the world of cryptocurrency and also owns Gensis Trading and Grayscale investments is Barry Silbert. 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. 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.
The first one is founding of the Bitcoin Investment Trust. This tends to be among Silbert’s most important contributions to the Bitcoin industry. It was such a great fund that was introduced in 2013 thereby helping investors be exposed to Bitcoin without having to buy as well as 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. He has therefore engaged with regulators to better grasp the potential advantages of cryptocurrencies. 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. Silbert has helped adopt SegWit with his backing to expand the capacity of the Bitcoin network. 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.
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. Flat currencies are intrinsically prone to inflation and manipulable by the government which has made him face criticism.
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. Circle and Coinbase are some companies he has invested in that are making Bitcoin more accessible and user friendly.