Spencer Bogart

Crypto sentiment is at a funeral while on-chain fundamentals are off the charts. This disconnect and the current subdued environment indicate we are entering the sweet spot for generating the bulk of crypto returns, presenting a contrarian opportunity.

Stablecoins are misunderstood as mere payments products; they are actually the most efficient financial infrastructure, attracting and retaining capital on-chain with 100-150x velocity. Stablecoin issuers like Circle (already public) generate massive profits and are positioned for an order-of-magnitude step increase in value creation as the use cases expand beyond simple transfers.