Blockchain Capital’s Contrarian Bet on Crypto’s Next Decade

Watch on YouTube ↗  |  June 11, 2026 at 14:02  |  52:15  |  The Block
Speakers
Spencer Bogart — General Partner, Blockchain Capital
John Wu — President, Ava Labs

Summary

Blockchain Capital's Spencer Bogart joins Kelvin Sparks and John Wu to discuss the current crypto landscape. Despite negative sentiment, he sees strong on-chain fundamentals and believes we are entering a sweet spot for returns. The discussion covers stablecoins as capital magnets, the evolution of prediction markets, the shift of value to applications, and the importance of things that don't exist yet.

  • Crypto sentiment is extremely negative while on-chain activity is at record highs.
  • Spencer Bogart believes we are entering the 'sweet spot' for generating crypto investment returns.
  • Stablecoins are not just payments products; they keep capital on-chain with 100-150x velocity, benefiting issuers like Circle.
  • Prediction markets are moving beyond elections into financial products (e.g., earnings events).
  • Value accrual is shifting from infrastructure to the application layer.
  • The most valuable crypto applications of the future likely do not exist yet.
  • Privacy remains a key barrier for institutional adoption.
  • Several venture capitalists are pivoting to AI/robotics; Blockchain Capital is doubling down on crypto.
Ideas
Spencer Bogart General Partner, Blockchain Capital 17:43
Crypto sentiment overly negative, fundamentals strong.
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.
BITO HIGH
Spencer Bogart General Partner, Blockchain Capital 20:42
Stablecoin issuers like Circle are undervalued.
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.
USDC MED
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This The Block video, published June 11, 2026, features Spencer Bogart discussing BITO, USDC. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Spencer Bogart  · Tickers: BITO, USDC