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Spencer Bogart. He\u2019s a managing director and the head of research for Blockchain Capital, the premier venture firm for investing directly in the blockchain companies. Prior to joining Blockchain Capital, Spencer was a VP of Equity Research where he covered traditional software and internet stocks. He had his first industry report on blockchain technology and is the most active analyst covering bitcoin.

Famous Five:

• Favorite Book? \u2013 Zero to One
• What CEO do you follow? \u2013 Balaji Srinivasan
• Favorite online tool? \u2014 Telegram
• How many hours of sleep do you get?\u2014 6
• If you could let your 20-year old self, know one thing, what would it be? \u2013 \u201cI just wish I would have spent more time on bitcoin\u201d

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Time Stamped Show Notes:

• 01:48 \u2013 Nathan introduces Spencer to the show
• 03:10 \u2013 Crypto hedge fund has created a \u201choney pot\u201d for hackers
  • 03:18 \u2013 The \u201choney pot\u201d is actually bigger on the exchanges
• 04:23 \u2013 Most companies are now making bitcoins more accessible
  • 04:45 \u2013 Spencer shares how to use Coinbase
• 05:00 \u2013 Spencer has predicted that there\u2019s a sub 25% chance that the US SEC is approving a bitcoin ETF
  • 05:21 \u2013 It is difficult for regulators to get comfortable with bitcoin
  • 05:30 \u2013 Spencer shares the pros and cons of approving a bitcoin ETF
  • 06:02 \u2013 There has been changes in US SEC\u2019s administration that could be favorable with the approval
  • 06:39 \u2013 There\u2019s an ETF that was disapproved, but appealed and it was then granted
  • 07:34 \u2013 There are speculators who moved in beforehand
• 08:03 \u2013 Blockchain Capital is a VC firm that has focused on blockchain for the last 4-5 years
  • 08:14 \u2013 The last fund they did was their own ICO
  • 08:23 \u2013 Their cap was a $10M offering
  • 08:33 \u2013 Their offering\u2019s sold out in just 10 minutes
  • 08:50 \u2013 They are currently raising their fourth fund
• 09:10 \u2013 The industry has been changing consistently
  • 09:36 \u2013 \u201cWe\u2019re just all hands on deck\u201d
• 10:08 \u2013 Blockchain Capital\u2019s fund one was $3-5M and fund two was $15M
  • 10:40 \u2013 Target fund for the fourth one is $250M
• 11:12 \u2013 Spencer shares about their Civic deal
  • 11:50 \u2013 Civic allows you to provide your identity to others without them getting your identity
  • 12:28 \u2013 Civic\u2019s ICO
• 12:50 \u2013 Spencer discusses with his team how they handle situations where they had an initial investment of token sales
  • 13:22 \u2013 Tokens are not dilutive
  • 13:57 \u2013 People who bought into token issuance won\u2019t directly benefit from the acquisition of companies
  • 14:08 \u2013 There\u2019s a lot of demand for under-line technology
• 15:35 \u2013 Spencer shares the problems Civic is trying to solve
  • 16:18 \u2013 Civic wanted to sell enough tokens to get the attributions abroad to create an initial user base
  • 16:35 \u2013 A company won\u2019t sell its equity upfront
• 17:45 \u2013 Spencer made their acquisition and token issuance in two totally different time frames
  • 18:13 \u2013 Token offerings have different models
• 20:19 \u2013 Nathan asks Spencer how an entrepreneur can manage his money in order to run the business vs. what to keep
  • 20:31 \u2013 Most of the funds that have been raised should be converted to dollars so they can pay the bills
  • 21:05 \u2013 Spencer is liquidating usually 80%
  • 21:19 \u2013 \u201cDo yourself a favor, convert into a currency that you can actually pay your bills in and pay the developers in\u201d
• 21:57 \u2013 Spencer believes that Coinbase is the biggest brand in the space, especially in exchange
• 22:38 \u2013 Nathan asks Spencer, \u201cwhat if any government starts normalizing crypto?\u201d\u2014 the demand for the exchange would decrease drastically
  • 22:58 \u2013 Coinbase was incentivized to not see widespread government adoption of cryptocurrency because they need people to put money into their system
  • 23:20 \u2013 Spencer believes that if this happens, this will be a high class problem for Coinbase
  • 23:25 \u2013 There are companies who are using Coinbase, not just for exchange
• 26:24 \u2013 The Famous Five

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3 Key Points:

1. Bitcoin is becoming more accessible to people because of the demand.
2. The government\u2019s regulation on cryptocurrency is still in its beginnings.
3. Liquidation of the funds depends on the company\u2019s decisions regarding what they need and their what their goals are.

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Resources Mentioned:

• Simplero \u2013 The easiest way to launch your own membership course like the big influencers do but at 1/10th the cost.
• The Top Inbox \u2013 The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
• GetLatka - Database of all B2B SaaS companies who have been on my show including their revenue, CAC, churn, ARPU and more
• Klipfolio \u2013 Track your business performance across all departments for FREE
• Hotjar \u2013 Nathan uses Hotjar to track what you\u2019re doing on this site. He gets a video of each user visit like where they clicked and scrolled to make the site a better experience
• Acuity Scheduling \u2013 Nathan uses Acuity to schedule his podcast interviews and appointments
• Host Gator\u2013 The site Nathan uses to buy his domain names and hosting for the cheapest price possible
• Audible\u2013 Nathan uses Audible when he\u2019s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books
• Show Notes provided by Mallard Creatives