While most of the crypto industry is busy trying to make traditional finance faster and cheaper, one of the sector’s longest-tenured investors is making the case that the real money lies somewhere else entirely.
Spencer Bogart, General Partner at Blockchain Capital, has laid out a contrarian investment thesis centered on a deceptively simple idea: the next decade’s biggest winners will be “net-new” products and infrastructure that only exist because programmable assets exist. Not better versions of what Wall Street already has. Entirely new things.
The great repricing
Bogart co-authored a research post on February 19, 2026, titled “The Great Repricing,” which serves as the intellectual foundation for his broader thesis. The core argument is that crypto has spent years excelling at value creation, building novel technology, shipping protocols, expanding what’s possible on-chain. But value capture, the part where tokens and their holders actually benefit from all that innovation, has lagged behind.
In a May 2026 update, he stated that a decade from now, the most significant opportunities will involve products that could only exist after the development of programmable assets.
