The Next Bull Market is Here, and Obvious | Spencer and Aleks, 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?
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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
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RESOURCES
Spencer Bogart
https://x.com/CremeDeLaCrypto
Aleks Larsen
https://x.com/alekslarsen
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Blockchain Capital's $580M Dollar Bet on Crypto | Spencer Bogart & Aleks Larsen
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.
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Follow Aleks: https://twitter.com/_alekslarsen
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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
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Resources:
Blockchain Capital
https://www.blockchaincapital.com/blog/doubling-up-while-doubling-down-announcing-our-latest-funds
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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.