Have a Merry, Bear-y Christmas

Happy holidays from San Juan, where despite the doom and gloom headlines about the alleged death of crypto following the fraud-filled FTX collapse, we held a very upbeat sixth annual CoinAgenda here in San Juan, Puerto Rico. Check out our media coverage, including this lengthy piece from The Guardian.

More than 200 people attended CoinAgenda across its three days and more than 1,000 people participated in some portion of the second annual Puerto Rico Blockchain Week. We heard a litany of contrarian advice (at least contrary to the drumbeat of doom broadcast daily by mainstream media) from industry icons like Pantera Capital’s Dan Morehead, Market Rebellion’s Jon Najarian, Brock Pierce, Alpha Sigma Capital’s Enzo Villani, Tradecraft Capital’s Jake Ryan, Shima Capital’s Yida Gao, Bitfills’ John Divine, and Coral Capital’s David Namdar.

The advice on average? Don’t panic; this is not bitcoin’s first bear/bull cycle. Buy and build while the markets and competition are quiet, valuations are low and flexible, and top talent is on the sidelines. Dan Morehead noted “we may already be at the bottom.” I agree, and if we aren’t, we will be there very shortly. In the next 36 months, I predict bitcoin will outperform gold, NYSE, NASDAQ and the S&P. In fact, that’s an easy bet (and one I took and won in 2015 at a similar time of the cycle).

What’s ahead for 2023?

Well, first of all, there are parties. If you’re lucky enough to be in Puerto Rico this month, where it’s been mid-80s and sunny nearly every day, we will be holding our final (ever!) New Year’s Eve rooftop party, as we have now moved to our Beverly Hills (Puerto Rico) rainforest home and will be putting our three-story Miramar penthouse up for sale. Please rsvp here (password: NYECRYPTO).

Shortly after, Maxine and I will be flying to Las Vegas from San Juan via our Citation 650 (our favorite acquisition of 2022) and participating at CES 2023 (my 36th year in a row…). Transform Ventures will have a pavilion in Eureka Park, where we will showcase several of our portfolio companies (including OpenCarbon, Wire Networks and MegaMask), while Transform Greece (first EU Golden Visa program to incorporate an NFT community) will have a booth in the Aria C Space and will be holding nightly Greek wine and food parties at their suite in the Cosmpolitan. Finally, we will be running our famous CES Party List for the 18th consecutive year and will be bringing back to CES Party List Party at our Las Vegas home (former Mike Tyson mansion) on Saturday night, January 7, 2023. Space is limited, please rsvp here (password: CES2023).

Speaking of January 7, that date marks the five-year anniversary of my $24.7 million SIM swap, which is finally making substantial progress. We our trial against AT&T set for May, 2023, in federal court in Los Angeles and I’ll be keeping everyone apprised of developments there. To support these efforts, I still have my SIM Dogs NFT sale ongoing.

Looking ahead further into 2023, we will be holding our 10th annual (the first crypto conference in the world to make it that far) CoinAgenda Global in September in Los Angeles; our fifth CoinAgenda Europe in early October in Athens; and our seventh annual CoinAgenda Caribbean in San Juan in December. More information at CoinAgenda.com.

We are also very active building out our BitAngels city chapters, which just added its 23rd chapter as it heads into 2023. We remain committed to eventually having 100 chapters of this global network of investors and blockchain startups. Please check out our website if you wish to participate or have any suggestions on how we can continue to support the blockchain startup ecosystem.

I look forward to seeing many more of you in person this year, either in Puerto Rico or at the many global conferences I will continue to speak at or otherwise actively support. I plan on spending far more time in Europe this year than in the past few years, now that the borders are relatively open, post-COVID lockdowns, as well as look forward to the opening of the first two Transform Greece luxury hotel properties in the Greek Islands this summer. See you there!

Warmest regards from the Caribbean,

Michael, Maxine and Monkey (our toy poodle)

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Michael Terpin

Serial entrepreneur/investor. Founded Transform Ventures, CoinAgenda, BitAngels, MarketWire; active in 300+ crypto projects/10 years. Puerto Rican since 2016.