Positive Changes for BTC Promoted by Barry Silbert
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. 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. 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. Its among Silbert’s major 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. Such helped legitimize Bitcoin as an investment and helped pave the way for the development of other Bitcoin investment vehicles.
Next 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. However he also believes 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
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. 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. 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. Flat currencies are intrinsically prone to inflation and manipulable by the government which has made him face criticism.
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. He has invested in companies working to make Bitcoin more accessible and user-friendly like Circle and Coinbase.