Blockchain Capital

Crypto prices are weak, OG sentiment is exhausted, and institutions are leaning in. Blockchain Capital GPs Aleks Larsen and Spencer Bogart join David Hoffman to explain why this disconnect may be the opportunity. They unpack crypto’s shift toward application-layer value, stablecoins as onchain working capital, tokenized equities, Aave V4, public blockchains, and BCAP. Is the cypherpunk dream fading, or becoming the foundation of global finance? --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔓NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near-pod 🔑BITKEY | GET 10% OFF USE CODE: BANKLESS | #bitkeypartner https://bankless.cc/bitkey ✈️COINBASE ONE CARD | EARN 5% BACK IN BITCOIN https://bankless.cc/coinbase-one-card 📊BITGET | TOKENIZED STOCKS 2.0 https://bankless.cc/bitget-stocks 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless --- TIMESTAMPS 0:00 Buybacks, Burns and Tokenholder Trust 5:47 Why Blockchain Capital Is Doubling Down 14:38 Institutions Arrive as Crypto OGs Lose Faith 21:03 From Infrastructure Scarcity to Abundant Blockspace 30:24 What AI Can Learn From Crypto 38:43 Stablecoins Become Onchain Working Capital 44:41 The Stablecoin Revenue Multiplier 47:40 Aave and Open Financial Infrastructure 55:08 The Roadmap for Tokenized Equities 59:41 Public Chains, Ownership and Compliance 1:04:24 Blockchain Capital’s Tokenized Fund 1:09:03 Bringing BCAP Fully Onchain --- RESOURCES Spencer Bogart https://x.com/CremeDeLaCrypto Aleks Larsen https://x.com/alekslarsen --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Aleks Larsen

General Partner

Blockchain Capital

Spencer Bogart

General Partner

Blockchain Capital

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. The past few days have been a busy stretch in the run-up to a potential spot Bitcoin ETF approval by the SEC. Goldman Sachs was revealed as a possible authorized participant (AP) for BlackRock and Grayscale’s offerings, the SEC met with representatives of major stock exchanges, and a report skeptical of an imminent SEC approval likely caused a 7% decline in Bitcoin. Spencer Bogart, general partner at venture capital firm Blockchain Capital, joined Unchained to break down what all of these events mean, as well as discuss who the likely winners will be among ETF issuers, the impact of a spot bitcoin ETF on companies such as MicroStrategy and Coinbase, and how a spot ETF will affect Bitcoin futures ETFs and leveraged crypto ETFs. Show highlights: Why the newly authorized participants in the spot Bitcoin ETFs are critical for maintaining the ETF’s price alignment The reasons behind the excitement over Goldman Sachs becoming an authorized participant in the spot Bitcoin ETFs How the Matrixport report led to a 7% drop in BTC value The importance of seed funding for ETFs and its impact on their stability and growth The pivotal role of distribution in an ETF and why Spencer emphasizes its significance Whether the fees charged by ETF issuers will become a decisive factor for consumers in choosing their preferred ETF The potential impact of changes in the Grayscale board on its aspirations to launch an ETF How the introduction of a spot Bitcoin ETF might influence BITO, the futures-based Bitcoin ETF Whether the launch of a spot Bitcoin ETF could affect the stock value of MicroStrategy Spencer's reasoning behind why Coinbase stands to "absolutely benefit" from the introduction of a spot Bitcoin ETF Thank you to our sponsors! Arbitrum Foundation Popcorn Network iTrustCapital Guest Spencer Bogart, General Partner at Blockchain Capital Links Previous coverage of Unchained on spot Bitcoin ETFs: Why the SEC May Want Cash Creation of Spot Bitcoin ETFs Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF Matrixport report Why the SEC will REJECT Bitcoin Spot ETFs again Jihan Wu’s tweet defending the analyst  Unchained: Why Did Bitcoin's Price Dip as ETF Approval Nears? Market participants: Unchained: Goldman Sachs Could Take Vital Role in BlackRock, Grayscale Spot Bitcoin ETFs: Report The Block: Nasdaq to meet with SEC today to discuss spot bitcoin ETFs: Source Reuters: BlackRock, VanEck among asset managers that submitted updated filings for spot bitcoin ETF CoinDesk: BlackRock, Valkyrie Name Authorized Participants Including JPMorgan for Bitcoin ETF 8-As The Block: Fidelity, Grayscale filing 8-A forms show progress for spot bitcoin ETF applications Fees Fidelity set their fee to .39% Invesco/Galaxy chose to waive fees Grayscale: Unchained: DCG CEO Silbert, President Murphy Exit Grayscale Board  Learn more:  Unchained:  Bitcoin ETFs Explained: What Are They & How Do They Work? Why The Spot Bitcoin ETF Is a Big Deal Deciding on Bitcoin: Should New Investors Jump In Now or Wait for an ETF? Learn more about your ad choices. Visit megaphone.fm/adchoices

Spencer Bogart

General Partner

Blockchain Capital

Today we're diving deep into the mind of Spencer Bogart, who is a partner at Blockchain Capital. Spencer has played a pivotal role in shaping the landscape of decentralized technologies and digital assets over the last decade. We get into his journey impact in the blockchain sector, their investment thesis around the controversial WorldCoin, how he's continued to thrive among many economic downturns, and we get into their recent news of a $580 million for two new funds. But first, Spencer tells us about the history of the firm.

Spencer Bogart

General Partner

Blockchain Capital

In today's episode of Empire Jason and Santi interview Blockchain Capital General Partners Aleks and Spencer. Blockchain Capital recently closed two new funds, early stage and opportunity, totaling $580 million. Since its inception in 2013, Blockchain Capital has invested in more than 110 companies, protocols and crypto assets across the ecosystem. Today's discussion dives into their fund thesis and overall managing strategy, the time horizon for mass adoption, deploying capital in U.S. based projects, and existing discounts in later stage start-ups.  - - Follow Aleks: https://twitter.com/_alekslarsen Follow Spencer: https://twitter.com/CremeDeLaCrypto Follow Jason: https://twitter.com/JasonYanowitz Follow Santiago: https://twitter.com/santiagoroel Follow Empire: https://twitter.com/theempirepod Subscribe on YouTube: https://tinyurl.com/4fdhhb2j Subscribe on Apple: https://tinyurl.com/mv4frfv7 Subscribe on Spotify: https://tinyurl.com/wbaypprw Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/  - - Get 5% off your business insurance today with Vouch, the leading insurer of crypto startups. With over 4000 clients, Vouch offers exclusive coverages with crypto enhancements including Directors & Officers with digital asset regulatory defense and Cyber that includes smart contract vulnerabilities.  Get started today at https://vouch.us/web3/blockworks - - Bumper is an innovative DeFi protocol that protects the value of the crypto you hold from the downside & simultaneously preserves gains when the price climbs.  - A superior alternative to crypto options for traders  - 30% cheaper and more efficient than traditional tools - Liquidity providers earn 3-18% real yield on USDC - Get a share in $250,000 of BUMP rewards for Early Adopters Visit bumper.fi for more info! - - Timestamps: (00:00) $580M Fund Raise (08:00) Fund Performance and Power Dynamics (16:45) Time Horizon for Mass Adoption (22:04) Allocating Capital in U.S. (29:58) Exciting Innovation (38:30) Bumper Ad (39:34) Vouch ad (40:42) Balancing Portfolio Competition (44:50) Investment Stage Discount (47:18) What's Misunderstood about WorldCoin (51:01) Potential of AI & Crypto (54:09) Lessons Learned from Previous Cycles (58:56) Revisiting Old Ideas - - Resources: Blockchain Capital https://www.blockchaincapital.com/blog/doubling-up-while-doubling-down-announcing-our-latest-funds - - Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

Spencer Bogart

General Partner

Blockchain Capital

Aleks Larsen

General Partner

Blockchain Capital

Spencer Bogart, general partner at Blockchain Capital, the first VC firm to tokenize one of its funds, talks about how well offering tokenized shares has worked out, why it didn't do so for the following fund, the appeal of security tokens generally and what advantages tokenized securities offer over non-blockchain platforms like Second Market, in which investors can trade shares in private companies. He also explains what entrepreneurs are looking for from VCs now that they have more ways to raise from the crowd, how Blockchain Capital decides between investing in equity vs. tokens when there is an option, and why the firm believes there will only be five or fewer dominant blockchains. He describes why he thinks it's likely Bitcoin will take the lion's share of the market, noting its $200 billion market cap vs. the $20 trillion in other store-of-value assets such as gold, real estate and art, and whether or not it's possible to invest in Lightning, the second layer built on top of Bitcoin. We also cover the Bitcoin ETF proposals, stablecoins, how crypto might take off in video games and its 66x return within two years on its investment in Block.One.  Thank you to our sponsors! Simbachain: https://simbachain.com Kraken: https://kraken.com CipherTrace: http://ciphertrace.com/unchained Episode links:  Blockchain Capital: https://blockchain.capital/ Spencer Bogart: https://twitter.com/CremeDeLaCrypto Unchained interview with Brock Pierce: https://unchainedpodcast.com/this-vc-is-sure-venture-capital-is-about-to-be-disrupted/ BCAP Q2 Nav: https://blockchainloop.com/blockchain-capital-releases-q2-2019-bcap-token-nav/ Upgrading of BCAP to Securitize platform: https://www.globenewswire.com/news-release/2018/09/04/1565117/0/en/BCAP-Tokens-to-be-Upgraded-Utilizing-Securitize-Platform.html Funding of Securitize: https://www.coindesk.com/coinbase-backs-security-token-startups-12-75-million-funding-round Blockchain Capital’s fourth fund: https://www.prnewswire.com/news-releases/blockchain-capital-closes-fund-iv-at-150-million-300617495.html Story about Blockchain Capital trying to separate itself from Brock Pierce: https://decrypt.co/6876/is-blockchain-capital-trying-to-scrub-co-founder-and-mighty-ducks-star-brock-pierce-from-its-history Interview with Brock Pierce in which he describes leaving Blockchain Capital: https://hackernoon.com/brock-pierce-interview-tales-from-the-bitcoin-floor-e479693a49bd Lightning Network statistics: https://bitcoinvisuals.com/lightning Tweets from LNBig on how they earned $0.10-$0.30 a day on Lightning fees: https://twitter.com/lnbig_com/status/1163055682964348934?s=20 https://twitter.com/lnbig_com/status/1159538637597487104?s=20 LNBig on how they spent $1,000 or so to open their Lightning channels: https://www.reddit.com/r/btc/comments/bxh0ny/lightning_network_capacity_takes_a_sudden_dive/eq9x4i9/ Profitability of running a lightning node: https://www.reddit.com/r/Bitcoin/comments/a9dmzw/how_profitable_is_running_a_lightning_node/ Letter to the SEC: https://blockchain.capital/examining-bitcoins-valued-attributes-a-letter-to-the-sec/ Blog post about Bitcoin’s likely dominance: https://blockchain.capital/the-past-future-of-blockchain-where-were-going-and-why/ Spencer's Reddit post with questions/concerns about MakerDAO: https://www.reddit.com/r/MakerDAO/comments/asb9n6/a_couple_questions_concerns_about_maker_and_mkr/ + tweetstorm: https://twitter.com/cremedelacrypto/status/1103428046621618178 Learn more about your ad choices. Visit megaphone.fm/adchoices

Spencer Bogart

General Partner

Blockchain Capital

In this panel, recorded at the Oslo Freedom Forum 2019, I moderated what an attendee described as a "lively" discussion on the relationship between finances and freedom with Bitcoin author and educator Jimmy Song; Alena Vranova, Head of Strategy at Casa; and Coin Center founder Jerry Brito. We talked about what it's like to live under a regime where people don’t have a lot of financial freedom, how the move to a cashless society is leading to a surveillance state, and how we're seeing the emergence of a corporate surveillance state. We talked about how cryptocurrency could bring us more financial freedom, how crypto is/should be regulated, privacy coins and the imminent Financial Action Task Forces rules that require crypto exchanges and other services send each other information on customers for each transaction. Plus, we discuss bad state actors using crypto. Read the show notes on Forbes! http://www.forbes.com/sites/laurashin/2019/06/11/how-bitcoin-and-cryptocurrencies-can-further-financial-freedom/ Help make Unchained better! Take our survey and enter the giveaway for a free Bitcoin lightning node and a yearlong Casa Gold membership, -- including a multisig security app for iPhone and Android, a Trezor hardware wallet, a Casa faraday bag, and 24/7 support! https://www.surveymonkey.com/r/unchainedsurvey2019 Those of you interested in learning more about Casa, or about protecting your Bitcoin investment generally, should check out my interview with CEO Jeremy Welch. https://unchainedpodcast.com/how-casa-makes-it-harder-for-someone-to-steal-your-bitcoins/ Thank you to Casa for donating! Thank you to our sponsors! Kraken: https://www.kraken.com CipherTrace: http://ciphertrace.com/unchained Episode links: Oslo Freedom Forum: https://oslofreedomforum.com Human Rights Foundation: https://hrf.org Jimmy Song: https://twitter.com/jimmysong Alena Vranova: https://twitter.com/AlenaSatoshi Jerry Brito: https://twitter.com/jerrybrito Programming Blockchain: https://programmingblockchain.com Casa: https://keys.casa Coin Center: https://coincenter.org FATF rules: https://www.coindesk.com/beyond-kyc-global-regulators-appear-set-to-adopt-tough-new-rules-for-crypto-exchanges How regulation could spur the development of technology in the crypto space toward more P2P: Vitalik blog post on this: https://vitalik.ca/general/2019/05/09/control_as_liability.html Michael Casey on the topic: https://www.coindesk.com/the-cat-and-mouse-game-of-crypto-regulation-enters-a-new-phase Learn more about your ad choices. Visit megaphone.fm/adchoices

Jimmy Song

Bitcoin Author and Educator

Blockchain Capital

Alena Vranova

Head of Strategy

Casa

Jerry Brito

Executive Director

Coin Center

In an episode of strong positions, Blockchain Capital  partner and Bitcoin educator Jimmy Song explains why private blockchains will never work, why smart contracts will never work, and why Bitcoin will be the one and only valuable cryptocurrency. He also gives his definition sound money, describes why Bitcoin is sound money, and talks about how he finds new companies to invest in if he believes Bitcoin is already the winner. Plus, he recounts the story of his buzz-generating debate with ConsenSys's Joe Lubin at the Consensus conference, which ended with a challenge to come up with a bet in Bitcoin, and what terms Jimmy would like to make the bet on. Lubin, it's your move. Jimmy Song on Twitter: https://twitter.com/jimmysong Medium: https://medium.com/@jimmysong Blockchain Capital: http://blockchain.capital/ Programming Blockchain: http://programmingblockchain.com Off Chain with Jimmy Song on Youtube: https://www.youtube.com/channel/UCEFJVYNiPp8xeIUyfaPCPQw Medium post on smart contracts: https://medium.com/@jimmysong/the-truth-about-smart-contracts-ae825271811f Jimmy's rebuttal to the responses to his post: https://medium.com/@jimmysong/crypto-keynesian-lunacy-16bb9193a58 Video of Amber Baldet, Joe Lubin and Jimmy's panel at Consensus -- video 31 under Day 1: https://www.coindesk.com/events/consensus-2018/videos/ Thank you to our sponsors! Blockchain Warehouse: https://www.blockchainwarehouse.com Clarity PR: http://clarity.pr Preciate: https://preciate.org/recognize/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Jimmy Song

Bitcoin Author and Educator

Blockchain Capital

Spencer Bogart, partner at Blockchain Capital, discusses why he think Bitcoin's growing pains are a sign of success, how the SEC regulatory gloom could affect the development of crypto and how a liquidity crunch could affect crypto hedge funds. We also take a peek at the coming platform wars. Blockchain Capital: http://blockchain.capital/ New crypto hedge funds: https://hackernoon.com/the-fate-of-crypto-hedge-funds-ca5850e8421c Learn more about your ad choices. Visit megaphone.fm/adchoices

Spencer Bogart

General Partner

Blockchain Capital

Don't forget to take the Unchained Podcast survey! http://surveymonkey.com/r/unchained  Blockchain Capital's recent BCAP token offering is a harbinger of things to come in venture capital and private equity, says the firm's managing director Brock Pierce. And Stan Misohnik, the CEO and cofounder of a new investment bank focused on cryptocurrency called The Argon Group, seconds that. Pierce talks about how his career in cryptocurrency started with video games, how Blockchain Capital's three funds have evolved over time, why he is taking the step to disrupt himself, and why his phone number is being handled by the office of T-Mobile's president. And Miroshnik explains how his background in capital markets helped him see the business opportunity and why the BCAP token issuer was based in Singapore. Show notes: http://www.forbes.com/sites/laurashin/2017/04/18/this-vc-is-sure-venture-capital-is-about-to-be-disrupted/ Blockchain Capital: http://blockchain.capital/ The Argon Group: https://argongroup.com/ Blockchain Capital III Digital Liquid Venture Fund: https://blockchaincapital.tokenhub.com/ The phone hijacking article Brock and I reference: http://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/ The episode with Jerry Brito and Peter Van Valkenburgh of Coin Center: https://www.forbes.com/sites/laurashin/2016/10/18/how-coin-center-is-helping-define-the-big-fuzzy-gray-area-of-blockchain-and-cryptocurrency-law/   Learn more about your ad choices. Visit megaphone.fm/adchoices

Brock Pierce

Managing Director

Blockchain Capital

Stan Miroshnik

CEO & Cofounder

The Argon Group