Tuur Demeester is a Belgian-born macro economist and early Bitcoin investor who published what is believed to be one of the first institutional-grade Bitcoin investment reports in January 2012 — when Bitcoin traded at approximately $5 — co-founded Adamant Capital, a Bitcoin-focused fund and research firm, in 2018 with Adam Taché, and has since been a respected long-form voice on Bitcoin monetary theory, Austrian economics, and on-chain market cycle analysis, operating from a sound money perspective that frames Bitcoin as the successor monetary network to the gold standard.
Background
Tuur Demeester studied political economics at Ghent University in Belgium and pursued graduate studies in the history of economics, developing a strong background in Austrian economics — the school of economic thought, descended from Ludwig von Mises and Friedrich Hayek, that emphasizes sound money, free markets, and skepticism of central bank monetary manipulation.
He was living and working in Argentina in the early 2010s, where direct personal experience with Argentine peso inflation and capital controls sharpened his interest in alternative monetary systems. This practical exposure to fiat currency failure is a significant part of his intellectual biography.
Early Bitcoin Coverage
Demeester began following Bitcoin in 2011 and, in January 2012, published a detailed investment report recommending Bitcoin to his readers — one of the earliest known documents of this kind written for an investment audience rather than a technical/cypherpunk audience. At the time of publication, Bitcoin’s price was approximately $5 per coin.
This position was contrarian to an extreme degree; Bitcoin had limited exchange infrastructure, no regulatory clarity, and was known primarily in cypherpunk and libertarian circles.
Adamant Capital
Demeester co-founded Adamant Capital in 2018 with analyst Adam Taché. Adamant focuses on:
- Institutional-grade Bitcoin research — Detailed reports on market cycles, on-chain metrics, macro context, and monetary theory.
- Long-duration Bitcoin investment — Managing capital for institutions and high-net-worth individuals in Bitcoin positions.
- Educational publishing — Long-form essays and presentations on Bitcoin’s role as monetary infrastructure.
Adamant’s most widely-cited publication was a 2019 report titled “Bitcoin at the Crossroads” — a detailed bear-market analysis of Bitcoin’s on-chain state, miner economics, and long-term cycle positioning, published during the 2018-2019 post-bubble correction. The report argued that Bitcoin was building a long-term base similar to prior cycle recoveries.
Key Intellectual Contributions
Austrian Monetary Theory Application
Demeester applies the Austrian framework — specifically Mises’s Regression Theorem and Hayek’s concept of the denationalization of money — to argue that Bitcoin represents:
- A money that emerged spontaneously from voluntary adoption rather than government mandate.
- A monetary network with a hard supply cap that mirrors gold’s historical scarcity premium.
- An asset that is in an early “monetization” phase, moving from collectible → store of value → medium of exchange over decades.
Bitcoin Cycle Analysis
Demeester has been a proponent of longer-duration Bitcoin market cycle analysis — particularly the idea that Bitcoin moves through multi-year adoption S-curves, and that within each S-curve there are structured boom-bust cycles driven by halving-induced supply shocks.
Key Dates
- January 2012 — Publishes early Bitcoin investment report (~$5 BTC price).
- 2018 — Co-founds Adamant Capital with Adam Taché.
- 2019 — Publishes “Bitcoin at the Crossroads” report during bear market bottom.
- 2020–2021 — Active in Bitcoin bull cycle commentary and institutional education.
Common Misconceptions
- “Tuur Demeester is an Ethereum skeptic for technical reasons.” — Demeester’s skepticism of Ethereum (which he expressed publicly through approximately 2019–2020) was primarily monetary and governance-based rather than purely technical. He argued that Ethereum’s changing monetary policy and governance dynamics made it unsuitable as a savings technology, not that smart contracts were technically unworkable.
- “Adamant Capital made huge returns.” — Adamant’s fund details are not public. Its well-documented analytical work should not be assumed to reflect equivalent trading perfection — the gap between macro analysis quality and fund returns is common in investment management.
Last updated: 2026-04