Road Capital, a fund started in early 2022 by Thomas Bailey, focuses on the intersection of traditional finance and crypto, including store of value, privacy, and DeFi.

Thomas Bailey finds that during a "crypto winter," deal flow is of higher quality, cheaper, and features more repeat founders, making it easier to identify authentic projects.

Thomas Bailey categorizes crypto assets into two groups: Bitcoin as a store of value without cash flows, and smart contracting platforms like Ethereum and Solana, which are designed to have cash flows...

Thomas Bailey predicts that AI agents will prefer to use cryptocurrency for transactions due to its 24/7 availability, global reach, near-instant settlement, and low transaction fees of 1-4 basis poin...

Thomas Bailey argues that a primary reason traditional iconic investors have been skeptical of crypto is that most prefer assets with a claim on cash flows, a feature that Bitcoin lacks and that has o...

Thomas Bailey predicts that the significant weekend trading volume for traditional assets on crypto platforms like Hyperliquid will attract the attention of Wall Street firms, who will use it as a pri...

Thomas Bailey asserts that while institutional adoption of crypto is currently at a high point, retail adoption and usage are at the lowest levels he has ever seen, including in 2015.

Thomas Bailey predicts a future need for identity, staking, or collateral systems for AI bots to prevent fraud and build reputation, potentially using slashing mechanisms or on-chain arbitration.

The stablecoin market grew from $40 million in 2018 to over $300 billion today, a trajectory Thomas Bailey believes could be replicated by other real-world assets as on-chain infrastructure matures.

Road Capital's fund has a 3-year hard lock followed by a 3-year gate, a structure designed to create a duration arbitrage advantage over market participants with shorter time horizons.

Superstate, a portfolio company of Road Capital founded by Robert Leschner, is working on encapsulating actual stock ownership on-chain, as opposed to creating synthetic derivatives.