Spencer Bogart says the best crypto returns will come from products impossible without programmable assets, not from improving traditional finance. He calls it 'The Great Repricing'.
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Spencer Bogart, a general partner at Blockchain Capital, has laid out a direct challenge to the crypto industry's dominant playbook. He argues that the best investment opportunities over the next decade will come from products that could not exist without programmable assets, not from faster or cheaper versions of existing financial tools.
Bogart co-authored a research post on February 19, 2026, titled "The Great Repricing." It sets the intellectual foundation for his thesis. The core claim: crypto has excelled at value creation – building novel technology, shipping protocols, expanding what is possible on-chain. Value capture, the part where token holders actually benefit from that innovation, has lagged far behind.
In a May 2026 update, he said the most significant opportunities will involve products that could only exist after the development of programmable assets. He dug into the details on a June 2026 podcast episode, "Blockchain Capital's Contrarian Bet on Crypto's Next Decade."
Where the thesis hits concrete markets
Stablecoins are a major focus. They represent the clearest product-market fit in crypto. The open question is who captures the value from that adoption. Issuers, the chains the stablecoins run on, and the applications built around them all have claims. Bogart's framework says the answer depends on token value accrual mechanisms: does holding the token actually entitle you to anything as usage grows?
Privacy versus regulatory compliance is another tension. Programmable assets make sophisticated privacy features technically possible. The investment thesis here is not about picking a side. The resolution of this tension will create entirely new market categories, Bogart argued.
The public versus private blockchain distinction also matters more now than during the initial debate. The stakes are higher and the technology is more mature, per his framework.
The common thread across all three areas is token economics. Blockchain Capital's view is that the market has not finished sorting out which tokens actually deserve to accrue value and which are just along for the ride. That sorting process – "The Great Repricing" – is the investment opportunity.
Blockchain Capital was founded in 2013, making it one of the oldest dedicated crypto venture firms. It was an early investor in Coinbase and BitGo. Bogart joined as a general partner in February 2017. Before that, he authored Wall Street's first blockchain-focused industry report while at Needham & Company.
The firm is explicit that the best crypto returns will come from non-consensus strategies – the investments other funds overlook because they are chasing the next AI-crypto crossover play.
For investors, the practical implication is uncomfortable. Holding tokens in projects with growing usage is not enough if the token itself does not have a clear mechanism for capturing that value. Investors who ignore the value accrual question may find themselves owning tokens in successful protocols that systematically fail to reward holders, a pattern that has repeated throughout crypto's history.
Bogart's pitch boils down to a single question: instead of asking how to make finance cheaper, ask what can be built that finance could never do. The market is still deciding which tokens answer that question correctly.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.