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Doubling Up While Doubling Down - Announcing our Latest Funds blockchaincapital.com/blog/doubling-… #blockchaincap
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Bart Stephens
1.8K posts
Bart Stephens
@pbartstephens
#Blockchain #crypto VC - Founder & Managing Partner @bcap. 13 years of building an industry, 1 founder at a time. Legal disclaimer: Views are my own.
Katılım Ocak 2010
5.5K Takip Edilen12.4K Takipçiler
Bart Stephens retweetledi
@cows2crypto @xethalis Congrats Allie. I heard the event was awesome 💪🏻
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Thank you for coming @xethalis!!
Greg Xethalis@xethalis
Busy trip to DC with @BlockchainAssn and @fund_defi. There’s still a little wood to chop and not a lot of daylight to do it, but have confidence in and respect for the Hill staffers who have poured the better part of a decade in getting CLARITY to where it is. @SenLummis is a cattle herder and I look forward to her bringing the them home over the next three weeks. CLARITY introduces important protections for consumers and builders, replacing a complicated, ill-fitting and patchwork series of regulation with comprehensive rules that will guide global regulation and promote responsible innovation. You work hard for good bills because perfect bills are not possible. This is a good bill and the Senate must vote Yes. Happy 50th Bday to @ChairmanHeath and 1st to the GENIUS Act. Great party @circle. And Kudos to @glzavatone and @cows2crypto for outstanding @defenddevspac and @AIPLeads events.
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Excited to announce that @katiebiber is now the COO of Paradigm, alongside her role as CLO.
Katie is a maestro on the many legal-policy matters at the frontier of tech and a force-of-nature operator.
@alanapalmedo and I are lucky to have her partnership in running Paradigm!
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Bart Stephens retweetledi
Bart Stephens retweetledi
This is really good
"Companies internalize labor when the cost of coordinating through the market exceeds the cost of hiring"
So what happens when we add programmable labor (ai) and programmable money (stables/crypto)?
The cost of coordinating through the market collapses
Kinjal Shah@_kinjalbshah
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It is hard to create a category out of thin air. It’s called RWAs now, but we brought the first product to market 8 yrs ago. @bcap ‘s @wbrads & @carlosdomingo would keep going back into the lab and come out stronger. Iterating, because we were more than their multi round lead investor. We were their first customer. A well earned, proud moment for for the entire @Securitize team.
Jonah@jonah_b
Huge congrats to @carlosdomingo and the @Securitize team. Our relationship began in 2017 when we tokenized our 3rd fund (the first of its kind) then led Securitize's Series A in 2018 and co-led its Series B with @MorganStanley in 2021. So proud of the team!
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Working in crypto didn’t just put me on the path to finding my bliss in work. It also brought me closer to so many people I deeply admire and now have the privilege of calling close friends. An honor of lifetime 🫂
Emily Lai@emilylai
When I saw the 297+ page deck on brand building and strategy, all I was thinking was how lucky Blockchain Capital was in hiring someone like Enara I’m blessed to call her one of my closest friends over these last 7 years, well before I even started working in crypto She’s one of the most dedicated, grounded, well-intentioned, driven humans I know If you’re looking for your next marketing role, this is a dream opportunity to work at one of the top VCs alongside someone who deeply cares about her craft and impact (I mean just read how she articulates brand building in her writing!)
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Congratulations to @enaraxr for joining @bcap to run Marketing. We have been intentionally quiet builders of an industry - mostly from behind the scenes. For well over a decade. We put our founder and limited partners first. Our firm has avoided magazine covers, or the celebration on our own GPs. But we do hope our new messaging and branding reflects our integrity first, humble, values driven, approach to financing an industry from scratch for 14 yrs. It is such an honor working with @Enra to tell the @bcap story 🙏🏻.
Enara@enaraxr
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A bunch of awesome takes from @bcap Partner @yuan_han_li on the nuances of the crypto capital markets including a little history on @tether 's meteoric rise
Yuan Han Li@yuan_han_li
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Bart Stephens retweetledi
Had a lot of fun presenting today at
@JoinFutura
Jonah@jonah_b
Ppl are saying that >50% of all internet traffic comes from agents. If this repeats on blockchains and the dominant users are agents, who will benefit economically? The old blockchain value capture theses may no longer hold. I’ll lay out a new AI thesis at 3PM @JoinFutura.
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Bart Stephens retweetledi
The BCAP Team are in Berlin for @BerBlockWeek! Catch @jonah_b speaking at @JoinFutura Sovereign AI Day about where value accrues in the agentic world.
⏳3pm - Value Capture in the Age of Agents
📍Funkhaus
luma.com/k6kcftoo?tk=ca…
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So true. Network valuations don’t fit TradFi sell side Wall Street models. Banks can & will embrace new Blockchain architecture and improve. Bitcoin, Stablecoins, and Tokenization have all achieved escape velocity. Many things can be true at the same time. Liquid crypto assets are often mis-priced by the market based on sentiment and cycles I have humbly learned this in my 14 yrs of experience financing a new industry. This moment is exacerbated by potential over allocation to “anything AI” , like a basic physical construction project.
Aleks Larsen@alekslarsen
The mistake the banks are making is treating crypto like a technology rather than a network. It's great that they're using new tech to upgrade their backends, but it has nothing to do with the internet of value, which is the whole point.
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Bart Stephens retweetledi
The banking lobby has officially declared its opposition to the Clarity Act.
JPMorgan CEO Jamie Dimon went on national television this week and promised to fight the bill: "The banks will not accept it."
Here's what's at stake and what you can do about it. 🧵👇
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Well earned by years of fighting in the regulatory trenches 💪🏻They probably still don’t like you though @nathanmccauley 😂
Anchorage Digital ⚓️@Anchorage
2026: Absolute legend status confirmed. Today, American Banker named Nathan McCauley one of the most innovative people in finance.
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@Sonnenshein @cornerxyz Congrats @Sonnenshein ! A crypto OG joining a low key, but, highly successful, VC firm that is not a “crypto fund”
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Excited to join @cornerxyz as Partner & Group President to build for "The Intelligent Decade,” a moment when tech, capital, and human experience are all being reimagined. Can't wait to work alongside Jane Mathieu, Marvin Tien, and the rest of the team.
prnewswire.com/news-releases/…
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Fat Protocol Thesis RIP. Fat App Thesis emerges, and where do agents fit in wrt value capture? Great questions for the crypto investor to monitor. We debate this a lot internally @bcap. TY @jonah_b , @CremeDeLaCrypto and the entire investment team!
Jonah@jonah_b
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it's funny how @ethereum sees @solana as their biggest competitor
but the deep @solana folks see @HyperliquidX as their biggest competitor
Polymarket@Polymarket
JUST IN: Hyperliquid flips Solana in fully diluted valuation.
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Bart Stephens retweetledi
Seeing blockchain fees as "extractive" is the wrong mindset imo.
Fees pay for the security of the chain.
In a proof-of-stake system, the network is secured by the value of the native asset. For Ethereum the network to be valuable, ETH the token has to be valuable too.
There's a negative feedback loop here: if ETH's value declines, security weakens, which erodes the utility of using Ethereum, which further erodes ETH, and so on.
For the token to hold value, you have two options:
1. Seigniorage. But L2s are incentivized to push stablecoins for UX reasons, and most people in trading and DeFi now denominate in stables rather than ETH. Combined with ETH's lackluster price performance and other chains taking market share, fewer people view ETH as a safe monetary asset.
2. Fee capture. Fees are burned and deflate ETH supply, accruing value back to the underlying asset.
Folks can hope ETH remains a monetary asset, but day by day, as other chains chip away at that narrative, the hope gets harder to hold. So fees matter bec they protect the value of ETH, which in turn protects the chain itself.
0xGoku.eth@0xGoku_eth
I don't believe that blockchains derive their value from the fees they extract. All fees will go towards zero at some point (which is a good thing). The blockchain that will actually win the majority of tokenized assets needs to be the most decentralized, secure, and reliable one. That's why we see Ethereum dominate in DeFi TVL/RWAs etc. For app chains like Hyperliquid it's a different story, which is why I don't actually see HL as a competitor to Ethereum. It's good for trading, but after that I bridge my funds to Ethereum. I don't think Hyperliquid will gain traction as a strong DeFi chain or where large amounts of assets will be held long term. Solana definitely has a strong community (more Retail driven) and good apps, however I don't see it having any moat. Any L2 is fast and cheap nowadays and, on top, way more secure, reliable and better integrated into the EVM ecosystem.
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Bart Stephens retweetledi
When you buy a pair of shoes with a credit card, the merchant often doesn’t actually receive final settlement for days, sometimes longer. Part of the reason is consumer protection: there’s a window for chargebacks, refunds, fraud checks, and disputes in case the shoes never arrive.
But internet-native goods, especially data & APIs are different. Delivery is instantaneous and verifiable. If an AI agent buys data online, the product is received immediately, so the traditional delay between authorization and settlement makes less sense.
That’s where stablecoins become interesting. They enable instant, final settlement for digital commerce in a way legacy card rails weren’t designed for.
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