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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. This millionaire tend also to be the founder as well as CEO of Foundry and Digital Currency Group, venture capital companies that specializes in funding businesses operating in the blockchain as well as 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. 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. 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. Such helped legitimize Bitcoin as an investment and helped pave the way for the development of other Bitcoin investment vehicles.
The other contribution is being a vocal advocate for Bitcoin regulation. He recognizes the need for governments to regulate the cryptocurrency industry to 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. Regulations encouraging innovation and safeguarding customer interest have been developed with his help.
The other major contribution is being 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. Some of the scalability challenges Bitcoin has encountered has been resolved at the end.
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.
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. Circle and Coinbase are some companies he has invested in that are making Bitcoin more accessible and user friendly.