← The Minds Behind Money
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PHILIPPE HERLIN
Economist • PhD CNAM • Author • Early Bitcoin Advocate
Bitcoin Pioneer (2013)
Monetary Theory
BTC × Gold Analyst
WHO IS HE?
Philippe Herlin is a French independent economist with a PhD from the Conservatoire National des Arts et Métiers (CNAM). He is one of the very first French intellectuals to take Bitcoin seriously — writing about it as early as 2013, years before most economists even acknowledged its existence.
His book "Bitcoin : comprendre et investir" (Eyrolles, 2nd edition 2025) is considered the French reference on Bitcoin — a rigorous, pedagogical guide that covers the technology, monetary implications, and investment thesis.
He is also a regular contributor to GoldBroker.com, where he analyzes both Gold and Bitcoin markets with the lens of monetary history and economic theory.
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Bitcoin : comprendre et investir
Eyrolles • 2nd edition 2025 • Philippe Herlin
The French reference on Bitcoin. Covers blockchain technology, monetary implications, investment strategies, DeFi, NFTs. Rigorous and accessible — for beginners and advanced readers.
KEY INSIGHT — Complementary, Not Competing
Gold has been recognized and hoarded since the earliest civilizations. How could it ever be worth nothing? Bitcoin and Gold are complementary assets, not competitors.
— Philippe Herlin, GoldBroker.com, 2025
Unlike maximalists who believe Bitcoin will "absorb" Gold, Herlin argues both assets serve different but complementary roles in a portfolio. Gold is the millennia-old store of value; Bitcoin is the digital evolution. Together they offer better protection than either alone.
📊 LIVE — Where are we in Herlin's framework?
DIVERGENCE METER — BTC vs Gold Performance
₿ BTC dominates
🥇 Gold dominates
COMPLEMENTARITY INDEX (Herlin's thesis)
Higher = BTC and Gold are more complementary (low correlation). Lower = they move together (less diversification benefit).
ROLE SWAP DETECTOR
Analyzing...
THE 2025-2026 DIVERGENCE
Herlin has written extensively about the unusual divergence between Gold and Bitcoin since early 2025:
Since the beginning of 2025, gold and bitcoin appear to have swapped roles: usually placid and steadily rising, gold is now skyrocketing like bitcoin in a bull run, while the digital currency is enjoying a year of calm and stability.
— Philippe Herlin, "Why the Divergence Between Gold and Bitcoin?", GoldBroker.com
Key observations from his analysis:
- Since December 2024, Bitcoin has lost 30% of its value against Gold
- Gold has been breaking record after record while BTC stagnates around $70-100K
- This divergence mirrors historical patterns where one asset "catches up" to the other
- The roles may swap again — as they always do in the long run
HIS KEY IDEAS
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CENTRAL BANK FAILURE
Modern monetary policy (QE, ZIRP) destroys value. Both Gold and BTC are responses to this failure.
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COMPLEMENTARITY
Gold = millennia of trust. BTC = technological trust. Together = maximum protection.
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THE DIVERGENCE
BTC lost 30% vs Gold since Dec 2024. Historical pattern suggests BTC catch-up is coming.
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ROLE SWAPPING
Gold and BTC periodically swap roles. When one leads, the other follows. Cycles repeat.
WHY HE MATTERS FOR STRATEGY ARENA
Herlin's "complementarity thesis" directly informs our /btc-vs-gold page. Instead of treating BTC and Gold as enemies, we track their correlation, divergence, and wealth rotation cycles — exactly as Herlin recommends.
His analysis of the 2025-2026 divergence validates our Cycle Detection system (Risk On → Distribution → Risk Off → Accumulation) and the concept of a Swap Portfolio that rotates between BTC and Gold based on relative strength.
TIMELINE
2013
First writings on Bitcoin and electronic money
2014
Publishes analyses on the monetary implications of Bitcoin
2021
"Bitcoin : comprendre et investir" — 1st edition (Eyrolles)
2025
2nd edition updated with DeFi, NFTs, and the BTC/Gold divergence analysis
2025-26
GoldBroker articles on BTC/Gold divergence and wealth rotation
Educational content. Citations from public articles. Not financial advice. Not affiliated with Philippe Herlin or GoldBroker.