Bitcoin Needs Improvements, Says Barry Silbert
Barry Silbert is a prominent figure in the cryptocurrency industry who has been working to promote positive change and growth for Bitcoin. As the founder and CEO of Digital Currency Group, one of the largest cryptocurrency investment firms, Silbert has played a key role in the development of the crypto space. Through his various companies and initiatives, he is helping to make digital currencies more accessible and useful for the average person.
Barry Silbert established Digital Currency Group in 2015 as an investment firm and holding company that specializes in blockchain and cryptocurrency entrepreneurs. With holdings that include the cryptocurrency exchange Coinbase, the mining company Gensis Trading, and the institutional investing firm Grayscale Investments, it has now expanded to become a major player in the market. Digital Currency Group has invested over $2 billion to help hundreds of cryptocurrency firms through these subsidiaries and others. Their objective is to assist in the development of the financial infrastructure required to enable the broad acceptance of cryptocurrencies.
One of Barry Silbert’s most notable companies is Grayscale Investments, which manages over $30 billion in crypto assets. Grayscale offers some of the only regulated crypto investment vehicles, such as their Bitcoin Trust, providing an easy way for institutional investors like hedge funds and family offices to gain exposure. Their products have helped drive billions of dollars of institutional capital into the crypto space. Silbert saw the need for these types of regulated investment products early on and Grayscale has become the dominant player in this segment of the market.
Along with building significant businesses, Barry Silbert has assisted in the beginning of projects to promote the development and use of cryptocurrencies. He is one of the main sources of cryptocurrency news and information, having co-founded CoinDesk, an offshoot of the Digital Currency Group, in 2015. CoinDesk assists in informing the public and industry about significant advancements. Silbert established Foundry, a policy branch devoted to lobbying legislators and promoting pro-crypto regulations, more recently, in 2021. Their group seeks to inform policymakers and draft reasonable legislation that safeguards consumers and fosters innovation.
Through his various roles, Barry Silbert has helped rescue several prominent crypto companies from potential bankruptcy or collapse as well. In 2018, when crypto exchange Cryptopia suffered a large hack, Silbert’s Digital Currency Group acquired the exchange’s assets out of bankruptcy proceedings. They have since helped relaunch it under new leadership. In another example, during the crypto bear market of 2018-2019, Silbert negotiated a deal for Genesis Trading, a major crypto brokerage, to be acquired by DCG when its business was struggling. This likely saved the company from shutting down.
Barry Silbert is attempting to fortify the cryptocurrency ecosystem and increase the resilience of digital currencies by founding significant companies like Genesis Trading and Grayscale, in addition to non-profit advocacy through Foundry. As the head of one of the biggest cryptocurrency investment conglomerates, he is aware of the need of strong businesses and supportive legislation for the long term survival and expansion of the industry. Silbert acknowledges that although cryptocurrencies like Bitcoin have the potential to completely transform financial systems throughout the world, modifications are still necessary before they are widely adopted. He is assisting in directing Bitcoin and the cryptocurrency industry as a whole toward a more promising future of increased acceptability and utility through his advocacy work, business dealings, and promotional activities.