In this episode of the VNTR Podcast, we sit down with legendary crypto investor and industry pioneer Michael Terpin to break down one of the most misunderstood forces in the digital asset market — the 4-year Bitcoin supercycle.
With 30+ years in tech, a Sequoia-backed exit, early investments in Ethereum and Tether, and a decade building crypto communities and conferences, Michael brings a rare combination of historical context, data, narrative intuition, and cycle theory.
This conversation goes far beyond price predictions — it reveals how the structure of Bitcoin itself shapes market behavior and why, cycle after cycle, most investors still get it wrong.
Whether you’re a founder, investor, LP or operator in Web3, this conversation provides:
✔ Clear frameworks✔ Real cycle data✔ Hard-won investor lessons✔ Insider perspective on trends shaping 2025 and beyond
VNTR is building the world’s largest investor community by sharing lessons, hosting events, and offering opportunities. Active VC investors can join by claiming a free investor account at https://app.vntr.vc/
Timestamps:
00:00 Intro
01:02 Welcome Michael Terpin
02:40 Angel Investing with Equity Compensation: Wins, Losses, and a 100x Return
09:13 Early Money Is the Most Expensive Money
14:43 Bitcoin Cycles vs. Altcoin Narratives: A Decade of Patterns
24:13 The Token Flood Problem
26:09 Visionary Founder + AI-Enhanced Coder
29:46 The New Token Reality: Why Most Web3 Projects Need Equity
36:58 Why Banking Will Shrink When Stablecoins Scale
40:20 Stablecoins as Payments: Why Banks Don’t Need Circle or Tether
41:43 GBTC, Premiums, Discounts and the Birth of DATs
46:44 The DAT Bubble: Overvaluations and Regulation
50:50 The Power of Community-Led Deal Flow
53:43 Deal Flow, Community, and the Birth of CoinAgenda
59:16 The Four Seasons of Bitcoin
01:11:24 Supply Shock, Capitulation & the Long Game
01:16:30 Personal Passions: Reading, Lifting & Collecting Wine
🔹 VNTR Website: https://app.vntr.vc/
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Host:
Yuri G. Rabinovich
https://www.linkedin.com/in/byuric/
Guest:
Michael Terpin
