Blockchain Capital’s Spencer Bogart says crypto is still in its “email era,” arguing the biggest onchain breakthroughs will be entirely new financial primitives, not faster legacy systems

CBRS pre-IPO perps clearing near $300 with ~$25M OI before the $185 Nasdaq allocation is the clean live example. Prediction markets pushing toward ~$26B monthly volume in March turns Arrow-Debreu from econ textbook into product surface: trade the event, hedge the state, let the official process settle later. Underwriters, private secondaries, and IR desks are going to hate it, because the first liquid price can come from CT orderflow instead of the bookbuild.

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