In a medium saucepan, bring 4 cups of water and 1 teaspoon of salt to a boil. Gradually whisk in the grits. Reduce heat to low and cook, stirring occasionally, for about 20-25 minutes until thickened. Stir in the butter and set aside.

In a large skillet over medium heat, cook the chopped bacon until crispy. Remove the bacon and set aside, leaving the drippings in the skillet.

In the same skillet, add the olive oil and shrimp. Season with paprika, cayenne pepper (if using), and salt. Cook for 2-3 minutes on each side until the shrimp are pink and cooked through. Add the minced garlic and cook for an additional minute.

Stir in the heavy cream and let it simmer for 2-3 minutes until slightly thickened. Add the cooked bacon back into the skillet and mix well.

To serve, spoon the grits onto plates, top with the shrimp mixture, and garnish with green onions, cheddar cheese, and fresh parsley.