Bogart Sees Next Decade's Crypto Winners in Programmable Asset Innovations

Spencer Bogart, a General Partner at Blockchain Capital, is arguing that the crypto industry will see significant opportunities in the next decade from 'net-new' products and infrastructure made possible by programmable assets.

Bogart's contrarian thesis centers on the idea that value capture has lagged behind value creation in the sector. He believes that a decade from now, the most significant opportunities will involve products that could only exist after the development of programmable assets.

The firm's research post, 'The Great Repricing,' explores how token economics is a crucial aspect of determining which tokens actually deserve to accrue value and which are just along for the ride. Bogart argues that investors who ignore the value accrual question may find themselves owning tokens in successful protocols that somehow fail to reward holders.