Every 18 months our team at Blockchain Capital commissions The Harris Poll to conduct a nationwide online survey of over 2,000 US adults to gauge the progression of the US general population through the crypto adoption funnel.

We first worked with The Harris Poll on this survey in Fall 2017 then ran it again 18 months later in Spring 2019. You can review the data results and analysis from the Spring 2019 survey here.

Most recently, we commissioned this survey October 7–9, 2020. This post will review those results. …


As the oldest venture firm dedicated to investing in the blockchain industry, at Blockchain Capital we’re always thrilled to find phenomenal early-stage companies that are building solutions at the frontier of our industry and tackling the universal problems that users of open blockchain networks will encounter over the coming years.

Transaction settlement is one such challenge: There is an increasing number of transactions competing for finite block space on open networks like Ethereum and Bitcoin. Moreover, as the value of these transactions continues to grow, the competition for that finite block space is escalating rapidly. …


What follows is the content from a comment letter submitted to the SEC in response to questions and concerns regarding Bitcoin’s value. The comment letter can be viewed in its entirety here but the content is copied below.

The Value of Bitcoin

Bitcoin is often described as digital money. However, given that reasonable people may disagree as to whether or not bitcoin meets the criteria of money and that money is simply a subset of property, it is sufficient to categorize bitcoin as property[1].

As digital property that does not generate cash-flows, it may be tempting to conclude that bitcoin…


What follows is a brief summary of where the blockchain industry has come from over the past 10 years, where (I think) it’s headed over the next 10 years — and a lens to help understand why. It’s lighter on the deep-history and heavier on the more recent and forward-looking perspective.

Where we’ve come from

Bitcoin Emerges (Jan ‘09)

Bitcoin launches in Jan 2009. Initially, awareness is limited to a small handful of people. Over the next 3 years, Bitcoin receives an increasing amount of media attention — but still very minor relative to what it receives today. …


What follows is data and analysis from a survey of American adults regarding general sentiment toward Bitcoin — the survey was conducted online by The Harris Poll, on behalf of Blockchain Capital, from April 23–25, 2019 among 2,029 American adults. The survey was an augmented version of one we ran in October 2017 (we added a few questions). Methodology can be found at the bottom of this post.

For context and because it’s material in considering the results, the survey in October 2017 was conducted in a bull market — Bitcoin was up over 800% YoY — whereas the most…


For the past year or two, Bitcoin’s lightning network has been one of the most closely watched developments in the crypto industry and while I’m very excited about the new possibilities enabled by the Lightning Network, I can’t help but ask: What about the other layers?!

After all, the Lightning network is just one layer in the emerging Bitcoin stack. These various layers, or protocols, will likely all serve different functions but with one underlying commonality: they all exist to make Bitcoin even more useful than it already is.

The Bitcoin stack is a set of building blocks that can…


As a venture firm that has been deploying capital to the crypto space for over 6 years, we see a plethora of future catalysts for crypto adoption but we often circle back to the question: What would be the biggest catalysts?

We tend to think that the biggest potential catalysts will have three primary ingredients:

1. A link between crypto and where capital resides today

2. A familiar form factor to minimize adoption friction

3. A highly engaged international user-base

As we take stock of all the various efforts in progress from startups, to tech giants, to banking behemoths, we…


What if I told you the most interesting property in the world was available?

Like all property, this property is appealing in that “they’re not making any more of it” — it’s scarce. And like all great property investments, this property is surrounded by what’s poised to be tremendous economic growth.

However, there’s a few things that make this property unique: some are favorable and others less so. Like I said, this is the most interesting property in the world, so let’s take a look.

First, this property is huge — So, it’s being sold in millions of pieces. Fortunately…


I’m expecting to see a series of relatively high-profile acquisitions in the crypto and blockchain industry over the next 12 to 18 months driven primarily by the rise of Cash-Flush Business-Light entities (CFBLs).

What are CFBLs?

These CFBLs are entities whose primary cash flow generation has been from the sale of an inventory of tokens. CFBLs can be structured in a variety of ways (non-profit foundation, for-profit corporation, etc) and these differences affect the organization’s objectives but not necessarily their appetite for acquisitions.

Foundations, for example, might be less focused on adding revenue producing business lines and instead more focused…


Symbolically, the Magna Carta marked a long-standing movement toward broader applicability of rule-of-law (Kings and Nobles not immune to rule of law) and people’s rights (rights for everyone, not just the elite).

By providing stronger assurances regarding property rights and rule-of-law, this movement changed economic incentives in favor of investment and growth which ultimately, hundreds of years later, led to the UK’s Bill of Rights, the industrial revolution, and a vast improvement in the human condition.

Similarly, highly decentralized networks are providing an open foundation with strong assurances for objective property rights, impersonal rules and consistent enforcement.

An important difference…

Spencer Bogart

General Partner at Blockchain Capital; Venture investing dedicated to crypto and blockchain industry

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