THE MINDS
BEHIND MONEY

Key insight: Bitcoin follows Gold's trajectory with a 200-day lag and 15x amplitude. He launched the world's first Bitcoin fund in 2017 and sees BTC as the technological answer to Gold.

Key insight: One of the first French intellectuals to take Bitcoin seriously (2013). He applies monetary theory and sees BTC as the answer to central bank failures. His book is the French reference.

Key insight: Markets are not "normal" — they follow fractal patterns with fat tails. His work explains why BTC crashes of -30% happen quarterly and why Gold volatility clusters. Traditional finance underestimates risk.

Key insight: Diversification is the only "free lunch" in finance. His mean-variance optimization is the foundation of every portfolio that includes Gold — and now BTC. The efficient frontier changes when you add Bitcoin.

Key insight: The math behind the White Paper — double-spend prevention via proof-of-work, Merkle trees for transaction verification, difficulty adjustment as an economic balancing mechanism. The most influential anonymous mathematician in history.

Key insight: Created "Bit Gold" in 1998 — the direct precursor to Bitcoin. He coined "smart contracts" and drew the parallel between Gold's unforgeable scarcity and computational proof-of-work.

Key insight: Built the All Weather Portfolio with Gold as core hedge. His "Big Debt Cycle" framework explains why empires rise and fall — and why BTC might be the next reserve currency. He went from BTC skeptic to holder.

Key insight: Created the Sharpe Ratio — the universal measure of risk-adjusted returns. Gold's Sharpe is ~0.3, BTC's varies from -0.5 to 3.0. His CAPM model struggles with assets that don't fit the "normal" distribution.