Blockchain Capital GP: The Most Valuable Crypto Apps of the Future Don’t Exist Yet

The most transformative crypto applications of the next decade likely haven’t been invented yet, according to Spencer Bogart, a general partner at venture capital firm Blockchain Capital. Speaking on a panel at a recent industry event, Bogart suggested that while current market attention is focused on existing tokens and protocols, the real value creation will come from entirely new categories of decentralized applications that are still in their conceptual infancy.

Stablecoins and Prediction Markets as Mega-Trends

Bogart, whose firm has backed major crypto projects including Coinbase and Kraken, identified two sectors as foundational mega-trends: stablecoins and prediction markets. He argued that stablecoins are already demonstrating product-market fit as a global payments and settlement layer, while prediction markets are gaining traction as a novel mechanism for aggregating information and hedging against uncertain events. Both sectors, he noted, are expanding beyond early adopters and into mainstream financial and consumer use cases.

“The killer apps of 2035 are being built in garages and hackathons right now,” Bogart said during the discussion, which also included Ava Labs CEO John Wu and The Block’s Kelvin Sparks. “We’re still in the dial-up era of crypto.”

Token Value Accrual: Beyond Buybacks

A significant portion of the conversation centered on the ongoing debate about how tokens capture and retain value. Bogart offered a nuanced perspective, cautioning against simplistic comparisons to traditional stock buybacks. While some projects have implemented token buyback-and-burn mechanisms to reward holders, Bogart warned that such structures do not guarantee long-term protocol health or user retention.

“Focusing on superficial metrics like buyback schedules can mislead investors,” he explained. “Sustainable value accrual comes from genuine utility, network effects, and a protocol’s ability to solve real problems — not from financial engineering.”

This viewpoint aligns with a growing consensus among crypto analysts that tokenomics must prioritize long-term alignment between users, developers, and token holders rather than short-term price support.

Why This Matters for the Broader Market

Bogart’s comments arrive at a time when the crypto industry is grappling with a fragmented landscape of layer-1 blockchains, scaling solutions, and application-layer projects. Venture capital continues to flow into the sector, but returns have become more unpredictable as the market matures. His emphasis on undiscovered applications suggests that the next wave of crypto adoption may not resemble today’s dominant categories of decentralized finance (DeFi) or non-fungible tokens (NFTs).

For retail and institutional investors alike, the implication is clear: the most promising opportunities may lie in areas that are currently overlooked or underdeveloped. Stablecoins, for example, are increasingly being integrated into traditional payment systems, while prediction markets are being explored for use in corporate forecasting, sports betting, and political risk assessment.

Conclusion

Blockchain Capital’s Spencer Bogart has reinforced a theme that is becoming central to crypto investment strategy: the most valuable applications of the future are not yet visible. By focusing on foundational trends like stablecoins and prediction markets, and by urging a deeper analysis of token value mechanisms, Bogart is encouraging the industry to look beyond the hype cycles of the present. For readers, the takeaway is to remain open to emerging categories and to evaluate projects based on genuine utility rather than market momentum alone.

FAQs

Q1: What did Spencer Bogart say about future crypto apps?
He stated that the most valuable crypto applications of the next decade likely do not exist yet, and are still being developed in early-stage environments.

Q2: Which sectors did Bogart highlight as key trends?
He identified stablecoins and prediction markets as two mega-trends that will drive mass adoption and market growth over the next ten years.

Q3: What is Bogart’s view on token buybacks?
He warned that token buyback structures alone do not guarantee long-term protocol sustainability, and that genuine utility and network effects are more important for value accrual.