The Bitcoin Layer
The Bitcoin Layer
The Bitcoin Layer is a premium markets research provider, covering bitcoin through a global macro lens | Research, Analysis, & Education
Featuring Nik Bhatia, author of the #1 Amazon bestseller Layered Money and USC Marshall School of Business professor.
Subscribe to our research publication and YouTube channel to learn about global macroeconomics, bitcoin, Lightning Network, the monetary and financial system, the Federal Reserve, interest rates, and geopolitics. Most importantly, develop a framework for understanding global markets—connect the dots between economic and financial concepts to see the bigger picture. Look no further for your bitcoin and macro education!
Bitcoin $100,000 Journey: Our Most Powerful Conversations of 2024
In this video, we highlight the groundbreaking conversations that shaped Bitcoin’s historic rise to $100,000 in 2024. Featuring Senator Cynthia Lummis on Bitcoin’s role in U.S. financial policy, Caitlin Long’s insights on regulatory clarity, Eric Balchunas’s analysis of ETF market dynamics, and Daniel Batten’s environmental breakthroughs, this compilation connects the dots between macroeconomic uncertainty, political shifts, and Bitcoin’s emergence as a global financial instrument. With addition
The Bitcoin Classroom Part 3: Bitcoin’s Scarcity and Global Impact
In this episode, USC professor Nik Bhatia builds on his conversation with economics student Demian Schatt, addressing new questions about Bitcoin’s hard cap, credit systems, and global accessibility. Demian asks whether the fixed supply of 21 million coins limits Bitcoin’s adoption and how it fits into a world reliant on credit. Nik explains the dynamics of lending in a Bitcoin-based system, explores the role of stablecoins like Tether in volatile economies, and discusses Bitcoin’s potential to
The Bitcoin Classroom Part 2: Bitcoin’s Intrinsic Value
In this episode, USC professor Nik Bhatia continues answering questions from economics student Demian Schatt, diving deeper into the challenges and opportunities of integrating Bitcoin into modern economic systems. Demian asks about Bitcoin's impact on savings, its intrinsic value, and the feasibility of a Bitcoin-backed system. Nik explains how mining and hashing create Bitcoin’s value, reflects on lessons from historical bank runs, and explores Bitcoin’s coexistence with fiat as an alternative
Bitcoin Nears $100,000: How High Can It Go?
In this episode, Nik delivers a global macro update as Bitcoin surges to $99,000, nearing six figures after a major breakout. He analyzes the drivers behind this rally, including institutional demand, market cycles, and Bitcoin’s dominance over Ethereum. Nik reveals why recession fears are fading, with resilient housing and labor markets, booming corporate bond issuance, and anticipated Trump-era fiscal policies like tax cuts and infrastructure spending. Wrapping up, he explores Bitcoin’s path t
The Bitcoin Classroom Part 1: Challenging a Bitcoin Professor on Monetary Policy
In this episode, USC professor Nik Bhatia answers questions from economics student Demian Schatt, exploring how Bitcoin could fit within modern fiscal and monetary policy frameworks. Demian asks thought-provoking questions about operating under a Bitcoin standard during recessions, such as how governments could stimulate the economy without increasing the money supply. Nik explains the role of fiscal policy, free markets, and Bitcoin’s deflationary nature in supporting sustainable growth, while
Goodbye Recession: Welcome to the 2025 Economic Boom
In this episode, Nik Bhatia sits down with Eric Wallerstein of Yardeni Research to dissect the forces driving today’s financial markets. They explore how rising interest rates and evolving monetary policy are reshaping recession expectations and the resilience of the corporate bond market, dive into the Fed’s cautious balance sheet management, the risks of private credit, and the impact of bond volatility on equity returns. The discussion highlights the effects of a strong dollar, the Treasury’s
Mastering Bitcoin Self-Custody with BTC Sessions
In this episode, BTC Sessions, a seasoned Bitcoin educator, dives into the essential skills and tools for achieving true self-custody and financial sovereignty in bitcoin. In this insightful conversation with Nik, BTC Sessions shares his personal journey, highlighting how he learned about self-custody, using hardware wallets, and running Bitcoin nodes. They also discuss the evolution of the hardware wallet ecosystem. This episode comes in an effort to help our viewers understand the practical as
Building a U.S. Strategic Bitcoin Reserve: A New Era in Bitcoin Policy
In this episode, Nik welcomes David Zell, co-founder of the Bitcoin Policy Institute, to analyze the shifting tides in Bitcoin policy and the regulatory challenges posed by Operation Choke Point 2.0. As the post-election landscape evolves, David shares what these changes mean for Bitcoin advocacy, the institute’s strategy with lawmakers, and the push for Ross Ulbricht’s freedom as part of broader policy shifts. He and Nik discuss a Strategic Bitcoin Reserve (SBR) as a priority for the new admini
The Math Behind Bitcoin's Move to $96,000
In this video, Nik discusses bitcoin's recent path to all-time highs as it surges above $85,000. Nik breaks down why his technical analysis points to $96,000 as the next major target. Bitcoin's exit from a $23,000 consolidation funnel has pushed its current market cap up to $1.5 trillion, and Nik dives into what it means for bitcoin to approach 2% of the value of total global equities. He also discusses traditional markets and explains why money market parity suggests potential upside to $300,00
Why Bitcoin $77,000 Is Just The Warm-Up Act
In this episode, Nik analyzes the historic market movements following Bitcoin’s surge to an all-time high of $77,000 amidst Donald Trump’s return to the White House. He explores how the election impacted financial markets, focusing on prediction markets like Polymarket that signaled Trump’s victory early. Nik examines the S&P 500’s reaction, shifts in U.S. Treasury yields, and projections for upcoming tax cuts, deficit spending, and increased liquidity. He wraps up with insights into the U.S. do
Store Your Bitcoin SECURELY: Multi-Sig & Key Control
In this episode, Nik sits down with Unchained co-founders Dhruv Bansal and Joe Kelly to unpack why Bitcoin security demands a unique approach—far different from traditional financial services. They discuss why bitcoin's structure requires holders to prioritize collaborative custody over standard methods. Dhruv and Joe also provide technical insights behind multi-signature (multi-sig) security, key management, and inheritance planning. The logistical background behind managing your bitcoin illust
BITCOIN SPECULATORS ARE BACK: Inflows & On-Chain Analysis
In this episode, Nik Bhatia and James from Checkonchain dive deep into Bitcoin's current market landscape, breaking down the driving forces behind Bitcoin's recent volatility. This in-depth analysis covers the role of options trading, the impact of ETF inflows, and the latest on-chain data insights. As speculators return to the market and "hodlers" hold steady, Nik and James discuss how the tug-of-war between short-term traders and long-term investors shapes Bitcoin's price movements. With the u
Bitcoin Hits $73,000: The Hidden Money Printer Fueling All-Time Highs
In this episode, Nik examines the powerful forces pushing Bitcoin toward new highs, revealing how government spending sets off new money creation that flows directly into assets. Starting with a breakdown of Bitcoin’s recent breakout and technical setup, he then explores the global backdrop, including China’s $1 trillion stimulus and shifts in U.S. fiscal policy. Using a balance sheet approach, Nik illustrates how Treasury issuance, bank purchases, and government payments lead to new deposits an
Beyond the Headlines: How to Really Understand Financial Markets.
In this video, Nik shares his journey from a confused college student to a professional analyst, revealing how discovering Zero Hedge in 2010 transformed his approach to financial information. As a money market practitioner, Nik discusses his use of primary sources with tools like Macrobond as his foundation, while also relying on trusted outlets like The Wall Street Journal, Bloomberg, and Zero Hedge for stories. Through the methods and insights that shape his research at The Bitcoin Layer, Nik
Global Macro Update: Treasury Yields Hit 4.25% & Bitcoin’s Path Amid Rising Market Fear
In this episode, Nik delivers a global macro update covering the economy and every asset class. He analyzes Bitcoin’s performance versus Ethereum as ETH faces steep declines and unpacks TBL Liquidity, focusing on key indicators like 10-year Treasuries, real yields, inflation breakevens, and the 2s10s curve, while highlighting the MOVE index as a sign of rising market fear of inflation. Nik then explores the impact of spiking mortgage yields, the Fed’s balance sheet, QT, and the ongoing RRP decli
Treasury Freefall: What Surging Yields Mean for Bitcoin, Gold, and Markets
In this global macro update, Nik covers the Treasury market selloff and its impact on global markets. With U.S. Treasury yields hitting new highs, driven by fiscal concerns, strong economic data, and political uncertainty, Nik explains what this means for Bitcoin, risk assets, and the broader economy. He also discusses key levels in the bond market, S&P 500, Bitcoin, gold, and the dollar, while examining the role of fiscal deficits and Fed policy. As Trump’s return to the White House looms, Nik
Bitcoin ETFs: The Death Knell for Crypto VC?
In this episode, Galaxy's head of research Alex Thorn helps Nik unpack the evolving landscape of crypto venture capital and Bitcoin's unique position in today's market. They discuss how, despite Bitcoin's impressive price recovery, VC funding in the broader crypto space is drying up, highlighting a significant shift in investment trends. Alex explains the growing interest in Bitcoin ETFs and what this tells us about changing institutional sentiment, as major players like pension funds now have e
Bitcoin’s Power Law Path to $1 Million
In this video, Nik dives into the mathematical heart of Bitcoin's future with statistical wizard Stephen Perrenod. They unravel the complex relationship between power laws and Bitcoin's market, and explain why bitcoin's growth isn't just exponential, but follows a fascinating power law pattern that could push its value to $1 million by 2033. From the diminishing impact of halvings to the mysterious Lindy effect, this deep-dive analysis compares bitcoin's volatility with gold, explores market bub
Global Macro Update: Bitcoin Surges as China Stimulates and Trump's Trade War 2.0 Looms
In this video, Nik dives into what could be a perfect storm brewing in global markets. He unpacks Bitcoin's sudden 5% surge due to major economic shifts. To do so, he explores China's massive 6 trillion yuan bond stimulus and its global ripple effects, alongside the potential return of Trump's aggressive trade policies. Nik discusses the shocking scope of Trump's proposed tariffs and why economists are raising red flags. As the U.S. and China continue clashing, this video explains the overall ef
The Recession That Never Came: Is the US Economy Defying Gravity?
In this episode, Nik presents a global macro update, breaking down conflicting signals in the US economy. He starts with inflation data, a recession that never seems to come, the surging US dollar’s impact on global markets, and the signal we derive from the shape of the yield curve. He tackles the Fed's balancing act between inflation, unemployment, and market expectations, while exploring if traditional recession indicators still apply. We make sure to include a segment on the bitcoin price an
Countdown to Trump: Expert Breaks Down the Global Power Shift
In this episode, Nik sits down with geopolitical expert Jacob Shapiro to explore the potential global impact of Donald Trump’s return to the White House in 2024. Jacob discusses why he believes Trump will win and how a second term could reshape key conflicts in the Middle East and Eastern Europe. Nik also dives into questions regarding Trump’s potential approach to the Red Sea crisis, global trade, and foreign policy with China, Russia, and NATO allies. With insights on economic predictions, wor
HBO's Bitcoin Documentary: Bombshell or Blunder?
In this video, Nik dives into HBO's latest Bitcoin documentary, "Money Electric: The Bitcoin Mystery," exploring its take on Bitcoin’s evolution and influence. He covers key moments like the hunt for Satoshi, the documentary’s explanation of Bitcoin’s mechanics, and its perspective on the Blocksize Wars. Nik also discusses Adam Back’s role, Blockstream’s portrayal, and where the film misses on important topics like money and banking. This review provides a balanced look at how the documentary pr
The Hidden Forces Driving Bitcoin's Price: A Global Macro Masterclass
In this video, Nik walks through our weekly global macro risk report, Mean Median Mode, where we examine the dynamic relationship between interest rates, bond volatility, stock market, and Bitcoin’s price movements. Nik discusses how interest rates impact bitcoin, how bond volatility affects global markets, and the correlation between stocks and bitcoin. Nik also explains how he analyzes and finds signals in on-chain data. All this in an attempt to help viewers better understand what moves bitco
Operation Chokepoint 2.0: The Fed's Secret War on Crypto with Caitlin Long
In this episode, Nik is joined by Caitlin Long to dissect the evolving landscape of crypto banking. She dives into the impact of Operation Chokepoint 2.0, exploring how government agencies viciously attacked the crypto sector. She explains how the powerful influence of the banking lobby shapes regulatory frameworks and sheds light on the inherent fragility of the traditional banking system and the dangers of blending crypto with legacy finance. The discussion also covers the double-edged nature
RECESSION WATCH, Economic Update, & SOFR Trouble
In this episode, Nik recaps the day in economic data and financial markets, including a look at JOLTS and the slowing labor market, weak ISM manufacturing data and prices, and the repo market. In the most important financial development of the day, elevated SOFR volumes and repo rates confirm there is some scarcity in the money markets. We believe this type of calendar activity may signal an end to QT very soon. Catch up on Treasury yields and money markets with this timely global macro update.
Wall Street Veteran GRILLS Bitcoin Professor
In this comprehensive conversation—and Part 4 of our "Teaching Bitcoin" series—Michael Howell takes the wheel and asks Nik his lingering questions about bitcoin. The pair explore bitcoin's tax implications, regulatory frameworks, and its role in the global economy. They discuss the differences between Bitcoin and stablecoins, the significance of Gresham's law, and try to dream up a future in which bitcoin, dollars, and stablecoins all coexist. The conversation also delves into practical aspects
EXPLAINING BITCOIN To Finance Expert Michael Howell
In this extensive educational video explaining bitcoin, Michael Howell joins Nik Bhatia and The Bitcoin Layer as a student this time instead of as our liquidity teacher. In Part 1, Nik dives into bitcoin's history as Michael inquires whether bitcoin is better described as an asset or as money. Part 2 continues with a deep dive into hashing, mining, and bitcoin's blockchain architecture. Michael grasps key cryptography concepts essential to comprehending bitcoin's uniqueness. In Part 3, Nik bring
Bitcoin Business Adoption Is A Grassroots Movement
In this episode, Nik is joined by Sam Baker, researcher at River, to analyze the growing trend of bitcoin adoption by businesses. Sam explains the findings of his report, explores the motivations behind businesses adopting Bitcoin, the implications of accounting and tax treatment, and the differences between public and private companies in their Bitcoin holdings. The discussion also delves into the challenges of measuring Bitcoin ownership and the anatomy of a business treasury, providing case s
Teaching Bitcoin Part 3: How Bitcoin’s Supply Is Fixed
In this third episode of our ongoing series with Michael Howell, Nik dives deep into the intricacies of Bitcoin, focusing on its limited supply, mining mechanics, and the integrity of the network. They get into the weeds of individual nodes and the role they play in maintaining network security. They also discuss the impact of government actions, the rise of ETFs, and the role that bitcoin could one day play as a form of collateral in the financial system. Nik also explains the main differences
China Launches MASSIVE Stimulus, BlackRock & Coinbase On Bitcoin ETF Custody
In this episode, Nik is joined by Matt Dines to break down the latest monetary stimulus from China. In a strong move from the Chinese central bank, rates were lowered and significant tailwinds for equity prices were provided via a new collateral facility. The pair analyze currency moves in Chinese yuan and gold, and Matt breaks down the historical context for these actions. Is China engaging in a form of financial warfare? Additionally, bitcoin custody at Bank of New York via a new Senate ruling
Teaching Bitcoin Part 2: Hashing & Mining
In Part 2 of our "Teaching Bitcoin" series with legendary financial researcher Michael Howell, Nik delves into the intricacies of bitcoin's cryptography, mining mechanism, and decentralized network. The pair discuss the origin of a blockchain, and Michael learns about hashing algorithms for the first time. A discussion of bitcoin's supply schedule, difficulty target, and difficulty adjustment offer Michael and viewers a solid foundation of bitcoin's blockchain mechanics.
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Fed Slashes, RISK ON: First Rate Cut Since 2020
In this episode, Nik recaps the latest in global macro after the Fed slashed rates by 50 basis points. As the promise of greater liquidity and less interest rate uncertainty hit financial markets, risk is rallying with stocks reaching an all-time high and bitcoin's price increasing by 6%. Nik discusses the Fed cut, QT, stocks, bitcoin's price, the housing market, and what is motivating the Fed right now.
The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
The Bitcoin Layer
DANGERS of SIM Swaps: How Hackers Steal Bitcoin From Exchange Accounts
Do you understand the dangers around SIM swaps? In this sponsored episode, Nik interviews Mark Kreitzman of Efani to discuss mobile security, bitcoin theft, social engineering hackers, and SIM swaps. Mark experienced a SIM swap that resulted in Bitcoin theft several years ago which led him to Efani. Learn about illegal SIM swapping, data breaches, and why it's so crucial to keep Bitcoin in cold storage to prevent theft.
The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
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Teaching Bitcoin Part 1: Asset or Money?
In this episode, Nik is joined by legendary financial analyst Michael Howell for a bitcoin educational series titled "What Makes Bitcoin Special". With Michael's immense financial background and bullish bitcoin stance, he was well positioned for a conversation on what separates bitcoin from the cryptocurrency umbrella. This conversation is the first part of a series in which Nik teaches Michael how bitcoin works. Topics explained include how bitcoin is an internet protocol and what that means, a
Around The World Of GLOBAL MACRO In 21 Charts
In this episode, Nik goes around the world of global macro in 21 charts to explain why yields are falling and explore when bitcoin might break out of its current range. We discuss falling yields and the implications of the Fed's first rate cut, oil and gold prices heading separate ways, and bitcoin's outperformance versus Ethereum. Prepare for next week's FOMC meeting with this timely markets recap.
The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
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19 Benefits Of Bitcoin That Most People Have Never Heard About
In this episode, Nik explores 19 surprising benefits of bitcoin that are making a real impact worldwide, inspired by a social media post from bitcoin researcher Daniel Batten. From helping war refugees secure their savings and providing financial freedom in hyperinflated economies to powering villages and supporting renewable energy, bitcoin is transforming lives. Nik also highlights how bitcoin offers financial equity, banking for the unbanked, and environmental benefits, all while helping prot
Why Overturning Chevron Matters for Bitcoin and Civil Liberties
In this episode, Nik is joined by Columbia University Law School professor and CEO of the New Civil Liberties Alliance Philip Hamburger to discuss his fight against the administrative state. This discussion focuses on the overturning of the Chevron Doctrine in the Supreme Court, separate branches of government and the dangers of the administrative state, and recent victories in restoring civil liberties. Philip shares his thoughts on Operation Chokepoint and implications for the bitcoin industry
Global Macro Update: DISASTER WEEK For Stocks & Bitcoin
In this episode, Nik provides a global macro update covering a disastrous week for Bitcoin and the stock market. We divide the episode into seven sections, answering your questions throughout. We start with bitcoin's price, the Japanese yen carry trade unwind, and the US dollar's impact on financial markets. We also discuss US Treasury yields, the yield curve, the labor market, and S&P 500 performance.
The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
The Bitcoin Layer is
HOUSING MARKET CRISIS Is Developing with Melody Wright
In this episode, Nik is joined by housing analyst Melody Wright to discuss the current state of the housing market, focusing on Texas, Florida, and California. Melody highlights massive inventory in Florida and the difficulty in accurately tracking inventory due to limited data sources. She predicts price declines, particularly in Texas and Florida, and enlightens us on the crisis in speculative home new builds. Delinquencies and foreclosures are also discussed. The conversation also highlights
Bitcoin's Mining Queen Amanda Fabiano
In this episode, Nik is joined by bitcoin mining industry veteran Amanda Fabiano to discuss efforts to orange pill Donald Trump, an unfortunate political divide on bitcoin, and the mining industry as a whole. We learn about Amanda's early days at Fidelity and the reasons why the financial institution mined bitcoin as early as 2013. We also discuss the dynamic relationship between publicly traded and mom-and-pop miners. Lastly, we dive into the capital structure drivers of success in the industry
Global Macro Update: How Soon Is A Recession Coming?
In this episode, Nik brings us a timely global macro update on Treasury yields, the dollar, and what might happen in financial markets in September. He breaks down the latest path of global central bank rates, including his expectation for rate cuts at every meeting this year. Finally, Nik analyzes the bitcoin consolidation and dives into the math behind TBL Liquidity, our new metric for market signal.
The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
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Lightning Network: The Economics of Bitcoin's Global Payment Rails
In this episode, Nik is joined by Amboss founder Jesse Shrader to discuss his Lightning Network company and the evolution of bitcoin's second layer. Jesse presents fascinating statistics about the usage of LN, discusses how node operators manage payment channels, and explains LN's tradeoffs & relationship with bitcoin's blockchain. Nik and Jesse unveil how the evolution of LN contributes to bitcoin as a global monetary network.
The Bitcoin Layer is a bitcoin and global macroeconomic research fi
The Slow & Painful Death of Ethereum
In this video, Joe gives an update on the slow and painful death of Ethereum. He walks through the ETH/BTC pair dropping below the critical 0.05 level, and explains that the downside target is zero over the next several years. With the narratives of ETH all dried up, it and other "crypto" are dying on the vine. The cherry on top is a $100-million sale of ETH from the Ethereum Foundation, a vote from the creators themselves that this is an asset on life support with a value prop that has been com
Rate Cuts Are Here: Here's What My Portfolio Looks Like
In this episode, Nik is joined by financial markets trader Craig Shapiro to discuss the monumental shift in tone from Fed Chair Jerome Powell at last week's Jackson Hole central banker conference. Craig Shares with us a snapshot of his portfolio and describes the changes he made after hearing Powell's dovish rhetoric. Watch to find out how he has positioned around the dollar, gold, and bitcoin.
The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
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Bitcoin Bounces As Fed Confirms Rate Cuts
In this episode, Nik recaps the news out of Jackson Hole, Wyoming that the Fed is now confirmed to start cutting rates in September. He explains how money markets and Treasury yields already showed us months ago that rate cuts would arrive, discusses the economy and unemployment as drivers of the Fed's latest announcement, and closes with an analysis of bitcoin's price and what rate cuts will mean for bitcoin going forward.
The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
How To Mine Bitcoin Quietly At Home
In this episode, Nik poses a question to the audience about quiet home mining. He goes through the social media responses to his question, and several home mining options are discussed. The Bitcoin Layer is not sponsored by any company discussed in this video, rather we attempt to understand the scope of options for quiet home mining. Enjoy this short episode to learn about this potential endeavor!
The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
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Global Macro Update: Bitcoin, Government Lies On Labor Stats, Lower Rates
In this episode, Nik brings us a global macro update to recap a most dramatic downward revision in labor statistics. He begins with the two most noteworthy items in economics: the downward revision of jobs added by almost one million, the rampant manipulation of labor statistics by the government, and the latest FOMC minutes which stated that the Fed was close to cutting rates in July. Nik breaks down the signals from the yield curve and discusses bitcoin's consolidation.
The Bitcoin Layer is a
Global Macro Update: Bitcoin, Government Lies On Labor Stats, Lower Rates
In this episode, Nik brings us a global macro update to recap a most dramatic downward revision in labor statistics. He begins with the two most noteworthy items in economics: the downward revision of jobs added by almost one million, the rampant manipulation of labor statistics by the government, and the latest FOMC minutes which stated that the Fed was close to cutting rates in July. Nik breaks down the signals from the yield curve and discusses bitcoin's consolidation.
The Bitcoin Layer is a
Sovereign Wealth Funds Could Take Bitcoin To $148,000
In this episode, Nik is joined once again by Daniel Batten to discuss overcoming ESG roadblocks to bitcoin investment at sovereign wealth funds. Daniel breaks down the math behind his projection that a 1% allocation from this pool of $35 trillion in capital could drive bitcoin's price higher by nearly $100,000 from here. He also explains how he is fighting the existing negative propaganda about bitcoin with new studies about the environmental benefits of bitcoin mining.
The Bitcoin Layer is a b
Sovereign Wealth Funds Could Take Bitcoin To $148,000
In this episode, Nik is joined once again by Daniel Batten to discuss overcoming ESG roadblocks to bitcoin investment at sovereign wealth funds. Daniel breaks down the math behind his projection that a 1% allocation from this pool of $35 trillion in capital could drive bitcoin's price higher by nearly $100,000 from here. He also explains how he is fighting the existing negative propaganda about bitcoin with new studies about the environmental benefits of bitcoin mining.
The Bitcoin Layer is a b
Goldman Sachs: $400 Million BITCOIN BUY
In this episode, Nik discusses the latest news about Goldman Sachs allocating over $400 million to spot ETFs. He explores the wave of institutional investment expected to arrive in bitcoin over the next couple of years, explains why only imagination can cap potential future price, and discusses the latest CPI reading and what it means for interest rates and Fed cuts.
The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
The Bitcoin Layer is proud to be sponsored by Unchained,
Global Markets Update: Bitcoin Consolidation, Macro Headwinds, & Treasury Auctions
In this episode, Nik recaps an eventful couple weeks in financial markets. With heightened volatility across Treasuries, stocks, and bitcoin, Nik breaks down the path of Fed policy rates, yield curve inversion (and why it's still happening), how poor Treasury auctions impact our view on rates, and the potential for several months of choppy bitcoin prices. We also discuss some of the more extreme tail risks for bitcoin.
The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
The
How Stacie Waleyko is Transforming Bitcoin Education
In this episode, Nik is joined by bitcoin developer and educator Stacie Waleyko to discuss her educational bitcoin pocket guides and brand new online game called Saving Satoshi. Stacie explains the type of student she is trying to reach and shares with us a vision of how Saving Satoshi can become one of the most powerful educational resources in all of bitcoin. Stratum V2, a bitcoin mining protocol, is also discussed.
The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
The
Exploring Bitcoin's Strategic Role & AI's National Security Impact with Matt Pines
In this episode, Joe Consorti sits down with Matt Pines, the Director of Intelligence at Sentinel One and National Security Fellow at the Bitcoin Policy Institute. They dive into a multifaceted discussion covering the mechanics behind a strategic Bitcoin reserve, geopolitical flashpoints, advancements in AI technology, and the intriguing topic of UFOs. Matt Pines explains the strategic Bitcoin reserve bill and how the U.S. government could operationalize it. They discuss the feasibility and impl
GLOBAL MARKETS PANIC: Bitcoin & Stocks CRASH But Recover
In this episode, Nik recaps one of the most eventful few days for financial markets this decade. With the soft landing narrative quickly giving way to a recession after last week's employment data, global markets went into a full tailspin, with US Treasuries dramatically bull steepening, stocks crashing, and bitcoin dipping below $50,000. He analyzes recent economic releases, discusses the volatility event and unwind of the Japanese yen carry trade, and carefully breaks down the price action fro
Navigating Economic Waves: Felix Jauvin on Market Signals, Fed Cuts, and Bitcoin's Role
In this episode, Joe sits down with Felix Jauvin, macro analyst and host of On The Margin at Blockworks Macro. They dive into the latest economic data, discuss the Federal Reserve's rate decisions, and explore the intricate dynamics between macroeconomic signals and Bitcoin's market behavior. Felix shares his insights on current market conditions, the Fed's September cut, and the broader implications for risk assets. Tune in to gain a deeper understanding of how macro factors shape the financial
The BITCOIN Act of 2024 with Senator Cynthia Lummis
In this episode, Joe and Nik sit down with Senator Cynthia Lummis of Wyoming for a detailed discussion of the United States' unsustainable debt problem, and how Bitcoin can help address it. Senator Lummis discusses the establishment of a Strategic Bitcoin Reserve (SBR), how Bitcoin can strengthen the US dollar's position as the world reserve currency, the geographic distribution of the SBR's private keys, what Proof of Reserves for the SBR will look like, and how holding Bitcoin on the United St
Bitcoin Update: Trump Pledges To HODL, Biden Moves $2 BILLION of Our Bitcoin To Sell
In this video, Joe breaks down all of the mania surrounding bitcoin over the last 72 hours. He first discusses Trump's proposed Strategic National Bitcoin Stockpile, alongside Senator Cynthia Lummis' bill to create a Strategic Bitcoin Reserve. He then breaks the news that the Biden-Harris administration has likely begun the sale of the US' existing bitcoin holdings, moving $2 billion into a new wallet for a likely OTC sale to thwart Trump's plans of a reserve using our existing seized BTC holdin
Bitcoin Price: "This Is EXACTLY What You Want To See" with Checkmate
In this episode, Nik is joined again by on-chain and bitcoin analyst Checkmate for a markets overview. The pair discuss bitcoin's 28% correction and recovery, ETF inflows, the basis trade across CME, Binance, spot exchanges, and ETFs, as well as the maturation of bitcoin's market structure. Checkmate concludes that bitcoin exhibits textbook demand through established limit orders.
The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
The Bitcoin Layer is proud to be sponsored
Bitcoin Price: "This Is EXACTLY What You Want To See" with Checkmate
In this episode, Nik is joined again by on-chain and bitcoin analyst Checkmate for a markets overview. The pair discuss bitcoin's 28% correction and recovery, ETF inflows, the basis trade across CME, Binance, spot exchanges, and ETFs, as well as the maturation of bitcoin's market structure. Checkmate concludes that bitcoin exhibits textbook demand through established limit orders.
The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
The Bitcoin Layer is proud to be sponsored
Bitcoin Update: $500 Million from BlackRock, 27% SPIKE in 2 Weeks, Credit Spread Analysis
In this episode, Joe brings us a bitcoin update. We discuss bitcoin's resilience after the most eventful 2-week period in modern history, a remarkable $500-million inflow to BlackRock's bitcoin ETF on Monday, and more. He also discusses BlackRock and Fidelity taking 4th and 8th place in YTD inflows across all ETFs in US markets. With unprecedented demand from Wall Street and credit spreads still at cycle lows, all signals suggest that the bulk of bitcoin's bull run still has yet to begin.
The B
Bitcoin & Macro Update: BTC Spikes 20%, US Strategic Asset, Measuring Liquidity
In this episode, Nik brings us a markets update on bitcoin and traditional assets. We discuss the potential for bitcoin to become a strategic asset for the United States, BTC's 20% price pop after the early July selloff, and introduce our TBL Liquidity indicator to measure the world's monetary firepower. Nik also analyzes the latest moves in gold, oil, and Treasury yields.
The Bitcoin Layer is proud to be sponsored by Unchained, the leader in Bitcoin financial services. Unchained empowers you t
Interest Rates Update: Get Ready To ReFi, Bitcoin Valuation
In this episode, Nik brings us a timely update on the path of interest rates in the United States, including a look at Treasury yields and the yield curve, an exploration into the "Trump trade" of a yield curve steepener, the latest with Fed cut expectations, and some bitcoin valuation analysis. Make sure you get your mortgage refinance applications ready, as rates are coming down.
The Bitcoin Layer is proud to be sponsored by Unchained, the leader in Bitcoin financial services. Unchained empow
Interest Rates Update: Get Ready To ReFi, Bitcoin Valuation
In this episode, Nik brings us a timely update on the path of interest rates in the United States, including a look at Treasury yields and the yield curve, an exploration into the "Trump trade" of a yield curve steepener, the latest with Fed cut expectations, and some bitcoin valuation analysis. Make sure you get your mortgage refinance applications ready, as rates are coming down.
The Bitcoin Layer is proud to be sponsored by Unchained, the leader in Bitcoin financial services. Unchained empow
Bitcoin Update: Trump & Vance Establish Pro-Bitcoin Presidential Ticket
In this video, Joe discusses bitcoin's 2.5% pop following Saturday's assassination attempt and tragedy, and the 11% gain in the days since. Trump has been an outwardly pro-bitcoin candidate, stressing the importance of bitcoin self-custody and mining as a way to bolster U.S. energy independence. He walks through all of the positive statements Trump has made about BTC on the campaign trail. He also discusses JD Vance, the Senator that Trump has chosen for VP, and his pro-bitcoin policies enacted
Fed To CUT RATES In September
In this episode, Nik delivers a global macro update focused on the Fed cutting rates in September. He explains why the Fed is now officially locked in on rate cuts, offers insights on the signal we gain from Treasury yields, touches on the strength in stocks and the volatility in bitcoin, and finishes with a recap of the latest CPI inflation release and the power of falling rents.
The Bitcoin Layer is proud to be sponsored by Unchained, the leader in Bitcoin financial services. Unchained empowe
Property Rights, Capitalism, and Bitcoin with Saifedean Ammous
In this episode, Nik is joined by author Saifedean Ammous for a masterclass on economics. Saifedean teaches us about the importance of property rights in a capitalistic system and why anti-capitalist rhetoric can be so dangerous. He also explains the role of bitcoin, allowing people to properly save instead of consume. Limited government, taxes, and privately-funded infrastructure are also discussed.
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Bitcoin Update: $500-Million ETF Inflows, Market Absorbs Mt. Gox BTC, $50K Level Defended
In this video, Joe walks through how bitcoin's 4-week 25% correction may be coming to a close. Despite Mt. Gox now redistributing 94,500 BTC, and the German government selling $21 billion in BTC over the weekend, bitcoin managed to spring off of the low-$50,000 level. Factors that have been headwinds for BTC over the last month are no longer hurting its market price, and after a 7.5% weekly drop, the 4th largest since FTX collapsed, bitcoin may have just set a local bottom for the remainder of t
Global Macro Update: ISM Shocks, Recession Watch & Bitcoin's Critical Level
In this episode, Nik delivers a global macroeconomic update after the all-important ISM manufacturing and services surveys, and a close technical look at bitcoin, stocks, and Treasury yields. We remain on recession watch after a scary ISM services contraction and multi-year high in unemployment claims. Stay to the end of the episode for Nik's crucial bitcoin technical area to watch.
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Bitcoin Update: ETF-Buyers, BTC Dominance, Stocks Correlation
In this episode, Joe walks through four important bitcoin charts before the long 4th of July weekend gets underway. He looks at ETF buyers re-entering the market after a 3-week slump, forecasting that bitcoin may be slated to break its consolidation. He suggests that BTC will likely resume its bull run due to the S&P 500 correlation with BTC dropping rapidly. He takes a look at BTC dominance relative to crypto to make the assertion that, judging by past cycles, the bulk of bitcoin's bull run is
Commercial Real Estate Update: Property Is DOWN 30%, Equity Is GONE
In this episode, Nik is joined by Peak Vortex Capital co-founder Shash Aryal to discuss the commercial real estate market. As a distressed CRE investor, Shash brings an on-the-ground knowledge of the latest economics in office buildings, multifamily residential, and data centers and presents an informative chart pack with the most important CRE numbers. He explains why equity for many projects has been wiped out, details the apartment bubble in the Sunbelt, cites AI compute and data center proje
Housing Market Update: Price Declines & Inventory Woes with Melody Wright
In this episode, Nik is joined by housing analyst Melody Wright to discuss the US residential real estate market. In a sweeping analysis of why the housing market is heading for a very troublesome 2025, Melody details the inventory issues in Texas and Florida due to pocket listings, private equity, and other forms of distressed borrowing arrangements. She also explains what Americans should do in their search for a home, especially in new construction. Also discussed are millennials' investments
Bitcoin's Urban Revolution: Fixing Real Estate's Fatal Flaws
In this episode, Nik is joined by real estate developer Kelly Lannan to discuss his vision of Bitcoin Urbanism. Kelly walks us through a history of residential real estate in the United States and skillfully explains why government policies and central banking have driven extreme distortion. He covers the reasons for a drop in building quality, describes the multi-trillion dollar infrastructure gap, and concludes with a vision of how bitcoin can contribute to a renewal of beauty and craftsmanshi
Bitcoin Market Insights: Mt. Gox, ETF Flows, and Short-Term Holder Analysis
In this video, Joe explores several crucial factors influencing the bitcoin market. He begins by addressing the Mt. Gox FUD and its historical impact on Bitcoin's price, explaining why most creditors are unlikely to sell their recovered Bitcoin. Joe then discusses recent net outflows from Bitcoin ETFs and their connection to declining cash-and-carry trade premiums. He briefly touches on NVIDIA's recent market performance before delving into a price study of Bitcoin's moving averages. A significa
Bitcoin Is REVOLUTIONIZING Energy Consumption Worldwide
In this episode, Nik is joined by Marathon Digital Holdings CEO Fred Thiel. Fred shares details surrounding the company's historical bitcoin mining agreement with the Kenyan government, skillfully describes the global energy landscape in the AI era, and details why bitcoin is a revolutionary force in the future of energy consumption. Heating homes in Finland, anaerobic digestion of methane, and the global deficiency of electricity transmission are also discussed.
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Bitcoin Preserves Wealth
In this episode, Nik answers a question from the audience about bitcoin's purpose on our hectic financial world. We present the case for bitcoin as a tool for wealth preservation. By comparing bitcoin to money, currency, commodities, properties, and assets, we conclude that bitcoin's most valuable characteristic is helping people achieve deflation in a highly inflationary world. Nik discusses bitcoin and equity correlation, $100 trillion in global bank assets, and presents incredible charts on a
Bitcoin Approaching A KEY Support Level... Will It Bounce Or Break?
In this video, Joe walks through why bitcoin did not break above the low-$70,000 range despite having the setup for it. He talks about what's next for bitcoin as it approaches a key support level called Short-Term Holder Realized Price (STHRP). STHRP has served both as a floor for bitcoin to bounce off of during prior bull runs, but also as confirmation of a downtrend if bitcoin makes a sustained moved below it. You won't want to miss this episode.
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Bitcoin Mining MASTERCLASS: Miner Revenue, Economics, & Integrating AI with Drew Armstrong
In this episode, Joe sits down with Drew Armstrong, president and chairman of Cathedra Bitcoin, a publicly traded bitcoin miner on the Canadian Stock Exchange. Drew takes Joe through a mining masterclass. They discuss how mining public companies raise money, how the landscape is evolving, hashprice, hash rate migrating from the US, how miners are consolidating, and how L2s, Runes, and other things demanding bitcoin blockspace accelerate the development of scaling solutions so that bitcoin fulfil
Macro Update: CPI Cools, Shelter Inflation Tanks & Fed DELAYS Cuts
In this episode, Joe walks through an action-packed day in macro. The CPI print for last month came in cooler than analyst estimates, led by the shelter component which saw its first monthly decline in 3 years. Following the cool CPI data, rate expectations fell and risk assets popped, but Powell was quick to temper dovish hopes with his press conference in the afternoon. Though the Fed is content with the path of inflation, it is not satisfied with the level still being well above its 2% target
MONEY PRINTING 101: Banks Print Money To FUND The Deficit
In this episode, Nik delivers a full explainer on Treasury money printing and the monetization of T-bills by banks. In another follow up episode to the recent series on Michael Howell's liquidity framework, we walk through examples of how the Treasury creates money when it borrows and spend, and compare that to the primary dealer financing of Treasuries via repo investments from money market funds (MMFs).
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Global Macro Update: Fed Will Print, Bitcoin STUCK At $70,000, Rate Cuts
In this episode, Nik recaps an eventful week in economic releases and bitcoin price movement. He explains the latest developments in the labor market, analyzes bitcoin fundamentals and price behavior, considers the election's impact on Treasuries, and concludes with an opinion on the state of the Fed's ample reserves framework. His ultimate conclusion is that the Fed will be forced to expand its balance sheet.
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Stanford Professor: Fed Is Scared Of REPO CRISIS
In this episode, Nik breaks down a Wall Street Journal opinion piece about the Fed's balance sheet. While explaining Fed policy rates, the repo market, and why wholesale repo funding is the most important component of financial plumbing, Nik describes how the Fed could use the timing of Fedwire payments as an indication of reserve scarcity. This an a very educational episode for those interested in Fed policy mechanics and monetary plumbing.
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Bitcoin Is About To BREAKOUT To $80,000
In this video, Joe walks through several bitcoin charts to make the case that we're breaking out and moving to and through new all-time highs. He discusses some price action technical analysis, the descending channel bitcoin is trying to break above, the momentum that BTC has built underneath it, and the solid launchpad to take off from with very little froth in the futures market. He concludes with the dismal macro data of late, and how that will impact BTC and other risk throughout the year.
Markets Update: BAD DATA To Kick-Off June
In this episode, Nik delivers an economic and markets update to start the trading month of June. With a weak ISM manufacturing release on Monday morning, Treasury yields and the dollar declined, the latter breaking an important trendline. Nik discusses a record in SOFR daily usage, a terrible day in crude oil prices, and looks at Redfin housing data to identify a some trouble in inventories.
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Global Macro Update: Bitcoin Thrives When US Manipulates Dollar
In this episode, Nik brings us a global macro update focused on the US government's grand manipulation of the dollar. Nik argues that although the dollar index oscillates, the major theme of introducing dollar liquidity/supply to suppress its value continues to drive asset prices, including Treasuries, stocks, gold, and of course, bitcoin. Join us for an in-depth discussion of the US fiscal picture, tax receipts, interest expense, debt-to-GDP, asset returns, and a global monetary reset.
The Bit
Bitcoin Is Changing Lives In Africa
In this episode, Nik is joined by TBL's correspondent in Africa, Noelyne Sumba. Recorded just before Marathon's huge announcement on mining bitcoin in Kenya, Noelyne explains recent positive developments in North and East Africa around bitcoin mining. As policymakers continue to enact pro-mining ordinances and approve investment in Africa, Noelyne discusses why she thinks lives will be positively affected as energy infrastructure and consumption can bring people hope and better access to the glo
Could The United States BUY BITCOIN?
In this video, Joe walks through bombshell developments last week in the political sphere surrounding bitcoin. He discusses the announcement that Donald Trump is reportedly considering bitcoin to address the U.S.' $35-trillion debt problem. He also breaks down the U.S. debt problem and why it has become so unsustainable, showing the trajectory of our debt growth and providing an analogy for viewers to better understand it. He discusses how this would be the first instance of a G20 nation purchas
Bitcoin Is In A Classic BULL MARKET with Checkmate
In this episode, Nik is joined by bitcoin on-chain analyst James Check (Checkmate). They present an overview of realized price and MVRV, two of bitcoin's foundational on-chain metrics to help people understand the importance of this new study. Checkmate presents bitcoin market analysis and his highest signal on-chain charts to demonstrate why he believes bitcoin is exhibiting classic bull market behavior. Nik finishes with some bullish thoughts on bitcoin's maturation.
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Washington Goes PRO-CRYPTO: BTC SURGES, ETH ETFs
In today's video, Joe discusses the latest developments in bitcoin and the broader ecosystem. In the last 24 hours, the SEC has pivoted from not approving a spot Ethereum ETF to fast-tracking its approval, causing Ethereum to jump 20% and ETH/BTC to move above 0.05. He discusses how the House and Senate are now majorly pro-crypto, passing 3 separate bills in the last 10 days in support of the ecosystem. Finally, Joe wraps it all up with a look at bitcoin's bull flag breakout, signaling a bull ma
Explaining Michael Howell's Global Liquidity Framework
In this episode, Nik summarizes his recent conversation with CrossBorder Capital founder Michael Howell. After Nik interviewed Michael on May 9th, viewers asked us for more education surrounding some of the key concepts covered, including how to understand Howell's liquidity index itself, Treasury bill monetization by banks, and duration's impact on financial markets. Nik concludes with why global liquidity matters for bitcoin.
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Bitcoin ETFs are DEMOLISHING Records: "This Is Crazy" | Eric Balchunas
In this episode, Nik is joined by Bloomberg's senior ETF analyst Eric Balchunas. Eric details the records shattered by BlackRock's and Fidelity's bitcoin ETFs, explains why bitcoin gives investors portfolio completion, and forecasts the next couple years of institutional demand. He also opines on the latest disclosures showing that hedge funds and pension funds have started purchasing bitcoin ETFs.
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Global Macro Update: Bitcoin Soars as CPI Falls
In this episode, Nik delivers a global macro update after CPI misses expectations and bitcoin jumps over 5%. He starts with the latest inflation data and weighs policy motivations at the Federal Reserve. After recapping inflation and very poor retail sales data, Nik goes through the candlesticks of Treasuries, stocks, and bitcoin to measure the market's reaction, which is bullish due to the promise of more liquidity and rate cuts this year. He also notes that TBL is on recession watch and Ethere
Bitcoin Update: GameStop Soars 170%, Bitcoin Flashing Bull Signal, Difficulty Adjustment
In this video, Joe provides a timely bitcoin update after more sideways price action. He covers GameStop's surprise resurgence, why credit spreads are still low and can stay there for a while, miner economics, spending behavior, and why bitcoin stands to chop higher through the summer given the favorable macro and liquidity backdrop.
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Bitcoin's Future Is Bright In USA, Congress Stops Anti-Crypto Agenda
In this episode, Nik is joined by Crypto.com's head of legal Justin Wales. He is the author of a new book, The Crypto Legal Handbook, an overview of the laws and regulations surrounding the young industry of digital assets. A long time bitcoiner, Justin walks us through the industry's latest legislative battles against the SEC and the notable victory in Congress from a bipartisan contingent to block the SEC's anti-crypto agenda. He concludes that the future is bright for bitcoin regulation in th
Global Liquidity Update with Michael Howell
In this episode, Nik and Joe are joined by CrossBorder Capital founder and Capital Wars author Michael Howell. In a wide ranging discussion on liquidity, the global monetary system, and bitcoin, Michael shares his theories on how this year will play out in financial markets. We ask him about debt monetization, currency devaluation forces on Japan and China, the impact of cross-border capital flows, why bitcoin is an excellent barometer of global liquidity, and much more.
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Bitcoin Update: Older Coins Are HODLING, But Bull Market Is Not Over
In this video, Joe walks through 4 bitcoin charts and 1 chart about excess savings. He breaks down the near-term price action and why we have been consolidating for 10 weeks in a row, the broader macro factors at play for the rest of the year, why the smart money have taken profits but are now holding onto their coins, and why you should zoom out and observe that the bull market is likely not even close to finished just yet.
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Wall St. Trader: Fed Is TRAPPED, I'm SHORT Small Cap Stocks
In this episode, Nik is joined by veteran investor Craig Shapiro. Craig breaks down why he is short small cap stocks by explaining how Powell is gaslighting the markets, why Yellen continues to dump Treasuries on the investing public, and how profit margins will struggle considering policy rates remain above 5%. Craig also explains why he is long bitcoin and gold.
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Global Macro Update: Bitcoin Bounces 10%, Economy Falters
In this episode, Nik brings us a global macro update, focusing on bitcoin's correlation with the stock market, the US government's intentions on inflation, and recent weak economic data. He presents 18 charts to recap an eventful week in currency markets, what was said at the FOMC meeting and Jerome Powell press conference, and the latest US Treasury deficit funding needs.
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The AI REVOLUTION & Its Impact On The World Economy with Lars Christensen
In this episode, Nik is joined by international economist and Copenhagen Business School professor Lars Christensen. Lars presents a masterclass on foreign exchange rates, currency movements, and the international monetary system. The audience will learn about secular shifts in the Japanese economy driving currency devaluation, China's predicament of below-trend growth, why the AI revolution is boosting the natural growth rate in the United States, and how the global economy will be impacted by
Japanese Yen MEGA DEVALUATION: What's Next?
In this episode, Nik breaks down the current devaluation of the Japanese yen. With a 27% decline since the beginning of 2022, the weakening yen is a policy decision by the government to attempt to inflate away its debt. Nik goes through charts on Japan's debt to GDP, speculates on whether this move is influenced by the United States in an effort to impact China's economy, and concludes with a chart of bitcoin priced in JPY.
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Global Macro Update: Proceed With CAUTION
In this episode, Nik brings us a global macro update to discuss recent weakness in stocks and bitcoin, and looks ahead to next week Treasury's quarterly refunding announcement. With over 30 charts from inflation to the economy to asset markets, Nik shares his analysis on the stocks/bitcoin correlation, the Fed's mistakes around rhetoric and financial conditions, and the dangers stemming from a significant devaluation of the Japanese yen.
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Bitcoin Is Gold For The People
In this episode, Nik is joined by veteran investor Craig Shapiro to discuss the US Treasury debt market and what it means for the global monetary system, gold, and bitcoin. Craig explains what to look for during next week's FOMC meeting and Treasury refunding announcement, and how the balance between Treasury bills and coupons affects risk markets. He also dissects double speak out of the Fed on financial conditions and provides an epic rant on the case for bitcoin in today's global setting.
Fo
Best Books On Finance & Global Macroeconomics with Jack Farley
In this episode, Nik is joined by Jack Farley, host of the Forward Guidance podcast. Jack and Nik discuss their favorite books on finance and global macroeconomics. From banking history to financial markets to science fiction, Jack discusses what he loved about each book and inquires about Nik's background as a money markets and Treasury repo trader. Books and authors mentioned during this recording:
Lords of Finance by Liaquat Ahamed
Debt: The First 5000 Years by David Graeber
Reminiscences of
HOW MONEY WORKS: Dollar Creation & Fed Money Printing 101
In this episode, Nik Bhatia and Ritik Goyal present an in-depth graduate seminar on money creation. With over a dozen examples of monetary operations, watch this episode to learn how money is created by banks, the relationship between banks and central banks, the interaction between reserves and deposits, and an overview of repo. For those looking for over an hour of balance sheet mechanics and T-chart examples, this episode is for you. Grab your pens and pencils!
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Understanding Bitcoin Price Movements & Cycles with Checkmate
In this episode, Nik is joined by bitcoin analyst Checkmate. In a brilliant overview of measuring bitcoin price and determining cycle position, Checkmate breaks down bitcoin's novel price performance relative to traditional assets, closely examines the current round of selling at $70,000, and most importantly tells us exactly what to look for in order to identify the legitimate end of this bull market. Learn why he doesn't believe the current market is "top heavy."
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CURRENCY WAR: Competitive Devaluation & Central Bank Contagion with Michael Kao
In this episode, Nik is joined by veteran investor and former Goldman Sachs commodities trader Michael Kao. Michael explains the case for an upcoming currency war and competitive devaluation starting in Japan with a weakening yen. In this fantastic overview of the global monetary system's game theory, learn as Michael breaks down the decision trees for Japan, China, the ECB, & Janet Yellen and the US Treasury.
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Bitcoin Against Autocracy: A Modern Tool for Freedom
In this episode, Joe sits down with Felix Maradiaga, the leader of the Nicaraguan Opposition Party, Human Rights Defender, and 2024 Nobel Peace Prize Nominee. Live at the 2nd Annual Bitcoin Policy Summit hosted by the Bitcoin Policy Institute, Felix discusses financial repression in Nicaragua, the modern threat of techno-dictatorships, and how bitcoin functions as the apex tool for advancing financial freedom globally.
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Why Andy Constan Is Bearish Stocks
In this episode, Nik joined once again by portfolio manager and fixed-income expert Andy Constan. Andy explains his bearish view on the stock market as a reaction to inflation refusing to come down and the Treasury department likely to keep coupon issuance high. He also breaks down why he does not view today's situation as fiscal dominance any longer and how restrictive monetary policy will ultimately impact the economy. Andy briefly discusses Michael Howell's liquidity framework and why gold's
Bitcoin Values Are American Values
In this episode, Joe sits down with Alex Thorn, Head of Research at Galaxy, live at the Bitcoin Policy Summit in Washington DC. Alex discusses his keynote speech, why bitcoin values are American values, and how property rights are now digitally ensured. He also explains the embedded geopolitical resiliency of the bitcoin network.
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WILD WEEK: Gold Up, Stocks Down, Monetary Reset?
In this episode, Nik brings us a timely chart pack to discuss a wild week in financial markets. With weakness in the stock market, Nik goes through charts on bitcoin, the dollar versus euro and Asian currencies, the latest in Japanese yen weakness, China's currency prospects, US & global debt to GDP, the latest inflation numbers, and recession likelihood. Throughout, Nik wonders if there is a major shift underway in the global monetary system.
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Housing Inventory Up & Affordability At 24-Year Low
In this episode, Nik is joined by ResiClub co-founder Lance Lambert to discuss the US residential housing market. Lance explains why he is labeling the housing market 'constrained,' including how high mortgage rates are limiting buyer affordability while trapping sellers who don't want to give up sub-4% notes. He also breaks down regional differences in the market, addresses short-term rentals (AirBnB), and contrasts multi-family properties to residential housing.
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Bitcoin Is America's Edge In The US-China Cold War
In this episode, Joe sits down with Matthew Pines, Director of Security Advisory at Sentinel One National Security Fellow. Live at the 2nd Annual Bitcoin Policy Summit hosted by the Bitcoin Policy Institute, Matt delivers his geopolitical analysis, discusses how American companies are working directly with eastern countries, the US-China cold war that is brewing on the tech, trade, and currency fronts, and how complacency with BTC policy will severely set the United States back on the global sta
$4,000 Gold On MASSIVE Changes To Global Finance
In this episode, Nik is joined by veteran trader Craig Shapiro to discuss the diminishing role of the dollar in international trade settlement. Craig introduces the petrodollar as an instrument in marginal decline since 2022, why China is resisting US calls for it to revalue its currency stronger, and how gold is responding to a new international monetary system. Learn why the oil trade, Treasury yield curve, and gold's new all-time high are all related.
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Financial Plumbing Masterclass & Macro Update
In this episode, Nik teaches us about how bank deposits, money market funds, and Treasury securities interact with Fed reserves. After explanations on financial plumbing, he proceeds to break down recent economic data and explain why stocks and real estate have had great starts to 2024. He finishes with bitcoin price and valuation analysis.
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Happy Birthday, Satoshi Nakamoto
In this episode, Nik is joined by Bitcoin historian Pete Rizzo on Satoshi Nakamoto's birthday. Pete explains the history of Satoshi's April 5 birthday and its significance, speaks to Bitcoin's origins by diving into the cypherpunk movement, and breaks down early Satoshi email and online communication for a better understanding of his motivations.
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India Rising Into Global Economic Powerhouse
In this episode, Nik is joined by Cognitive Investments partner Jacob Shapiro to discuss India. Jacob helps us understand the Indian political scene and gives background on the rise of current Prime Minister Narendra Modi. We ask Jacob about India's economic future and whether politics will help or hurt the country's growth aspirations.
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Explaining Global Banking, Basel III, & SLR
In this episode, Nik and Matt Dines provide an explainer on global banking regulations, Basel III, and leverage ratio regulations. Matt helps us understand the history of the Bank for International Settlements and Basel-originated leverage ratios for banks. We learn the difference between asset-side and liability-side regulations and discuss the United Stated implementation: the Supplementary Leverage Ratio (SLR).
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Global Macro Update: Bitcoin Is Going Higher
In this episode, Nik brings us a quarter-end global macroeconomic and markets update. He begins with a look at US inflation, walks us through Treasury yields and Fed expectations, and discusses the tug of war between fiscal dominance and restrictive monetary policy. Finally, he closes with some important thoughts on bitcoin price action.
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Japan's Economic Revival & How It Impacts China
In this episode, Nik is joined by geopolitical analyst Jacob Shapiro. Jacob breaks down the latest monetary policy adjustment from the Bank of Japan, but more importantly, he shares his vision on how Japan might be on the cusp of a major transformation. Additionally, Jacob brings us up to speed on the Chinese economy and discusses the symbiotic relationship between the Chinese and Japanese economies. Finally, he brings us context on the current fiscal woes in the United States.
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How The US Treasury Creates Money
In this episode, Nik is joined by monetary researcher Ritik Goyal. Ritik gives a masterclass on monetary mechanics, including how the Treasury creates money when it spends instead of borrows, why fiscal dominance and the interest income channel are contributing to strong GDP, and what the criteria would be for a recession. Monetary students should be prepared to go through this fantastic learning episode twice.
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Bitcoin & Gold Know Fed Has Lost Control Of The Money
In this episode, Joe is joined by Lawrence Lepard, an investment manager with Equity Management Advisors. In this all-encompassing discussion, he breaks down why Jerome Powell's tapering of the balance sheet and rate cuts are to support the US Treasury, why gold and bitcoin are reflecting easy money conditions still to come, and what individual investors can do to position themselves properly in this deteriorating fiscal and monetary landscape.
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Banks Are Funding ANTI-BITCOIN Propaganda
In this episode, Nik is joined by Daniel Batten of CH4 Capital to discuss anti-Bitcoin propaganda. Daniel summarizes how Bitcoin helps the environment by miners removing harmful methane emissions, identifies anti-bitcoin propaganda as a mix of ignorance and incumbent malice, and explains the source of propaganda as primarily European financial institutions.
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Bitcoin Dips 15% In Bull-Market Correction
In this episode, Joe discusses bitcoin's current 15% pullback. He walks through several charts to discuss how how these pullbacks happen 10 times or more during typical bull markets, potential levels of support for bitcoin's price as it regains its footing, and why given long-term holder behavior, the halving, and the macro backdrop, he believes this is merely a minor pullback in an overall bull market.
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Lightning Network Is Layered Bitcoin
In this episode, Nik is joined by Blockstream developer Rusty Russell for an incredible conversation about Lightning Network. Rusty explains why he agrees with the thesis of Lightning Network as a type of layered bitcoin, how it is evolving, and how he measures its success.
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Is Bitcoin's Bull Run Already Over?
In this episode, Nik conducts price study on bitcoin to gauge whether or not the market is overheated and topping out. We begin with an analysis of bitcoin funding markets and a brief explanation of their significance, and then proceed with a look at weekly and monthly candles and bitcoin's relative strength index (RSI).
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Bitcoin ETF MANIA As Flows Top $1 BILLION PER DAY
In this episode, Nik is joined by Galaxy head of research, Alex Thorn. Alex gives his take on bitcoin ETF inflows now topping $1 billion per day, explains the ability of shareholders to leverage holdings with prime brokers, and shares an excellent overview of how on-chain metrics are evolving. Learn why Alex believes we are still early in this current bitcoin bull market.
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Wall Street Will NEVER Control Bitcoin
In this episode, Nik is joined by Caitlin Long, founder and CEO of Custodia Bank to discuss the current bitcoin bull market. Caitlin shares her thoughts on the enormous demand for bitcoin ETFs since approval, explains why Wall Street will never control bitcoin, and discusses her bank's regulatory fight against the US government.
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What Is Bitcoin Realized Price?
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik presents an explainer on Bitcoin's realized price. In an effort to simplify the understanding of on-chain metrics, Nik gives us basic definitions of nodes, UTXOs (unspent transaction outputs), realized capitalization, and realized price. We look at the formula for realized price, and give several illustrations of the differences between market price and realiz
$10 TRILLION Deficit
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik breaks down the massive fiscal deficits of the US government over the past five years. We begin with comparing today's deficit historically, explain the numbers behind how the US has spent $10 trillion more than it has collected since 2020, and how this deficit has impacted financial markets and the economy. Nik discusses bitcoin's price increase to $70,000, t
Nation States ADOPTING BITCOIN
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik is joined by bitcoin researcher Jamie Coutts to discuss his thesis on nation states adopting bitcoin via domestic mining operations, including the United Arab Emirates (UAE). Jamie explains his bitcoin research process, including how he looks at perpetual futures funding markets, on-chain metrics, and ETF flows. Jamie has the Chartered Market Technician design
TROUBLE BREWING In Commercial Real Estate
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik is joined by real estate investor Kelly Lannan. Kelly breaks down the trouble brewing across the commercial real estate sector, including how new multifamily properties are unable to receive financing, existing properties are struggling to refinance due to reduced occupancy and higher rates, and whether the sector can survive until rates are lower in 2025. TSM
Bitcoin ON FIRE | Markets & Macro Update
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik brings us a massive chart pack from around the world of financial markets, global macro, and bitcoin. He begins with a recap on why debt monetization is TBL's underlying thesis looking forward, goes through manufacturing, home price, and inflation data, and spends time on weekly candlesticks from all the major markets. Finally, Nik concludes with some very hig
NEW Satoshi Emails: Who Created Bitcoin?
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik is joined by Benobi, a Bitcoin researcher. Ben helps us understand the latest Satoshi Nakamoto emails, including why we have access to these communications for the first time, what we can conclude about Satoshi's identity, and why Ben believes there is powerful evidence Satoshi was a single person. Instead of trying to uncover the exact person behind Satoshi N
NEW Satoshi Emails: Who Created Bitcoin?
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik is joined by Benobi, a Bitcoin researcher. Ben helps us understand the latest Satoshi Nakamoto emails, including why we have access to these communications for the first time, what we can conclude about Satoshi's identity, and why Ben believes there is powerful evidence Satoshi was a single person. Instead of trying to uncover the exact person behind Satoshi N
Building A Financial System On Bitcoin
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik is joined by Bitcoin researcher David Seroy. David explains why a type of cryptography called "zero-knowledge (ZK) proofs" has the potential to bring scaling to Bitcoin. David argues that Lighting Network isn't enough by itself as a layer 2, and that ZK Rollups, sidechains, and BitVM might bring additional users to Bitcoin. He believes that in order to build a
Trading With Contrarian Indicators | Jason Shapiro
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik is joined by Jason Shapiro, a futures trader and hedge fund manager with 30+ years of experience. Jason breaks down his trading system, including how he uses speculative positioning and headlines to generate contrarian positions. He explains his current positioning, shares contrarian thoughts about a US recession, and discloses a long position in bitcoin.
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$100,000 Bitcoin As Fed Monetizes Debt
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik explores the path to $100,000 bitcoin by explaining why the Fed will be forced to monetize debt. By presenting trends in the Fed's balance sheet, total Treasury debt, and debt in global banking systems, we conclude that the ability for central banks to create liabilities to purchase government bonds will lead to a wave of debt monetization in the future. Final
Bitcoin Miners SUPERCHARGED With Generative AI
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik is joined by Dan Roberts, CEO of IREN, a data center operator focused on bitcoin mining and generative AI computing. Dan discusses how his company approaches the race for low-cost renewable energy to power bitcoin mining and AI cloud computing services, including the decision between buying Bitmain miners or NVIDIA GPUs, how operating data centers gives IREN a
A Global Banking Crisis Is The Endgame
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik is joined by Matt Dines, CIO of Build Asset Management. Matt walks us through the latest in the troubled banking sector, including how commercial real estate losses will trickle down throughout the world. We also take a look at some long term charts of the dollar and US Treasury yields to understand the United States position under perpetual deficits and sky-h
Growth On Bitcoin & Lightning Is EXPLODING | Alyse Killeen
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik speaks with Alyse Killeen, founder of Stillmark and investor in bitcoin and Lightning Network companies. We learn how Alyse is currently approaching the Lightning Network ecosystem, including her thoughts on stablecoins on Lightning, how Lightning has reinvented the design and user experience of bitcoin, and how this cycle's approach to second layer solutions
Debt Monetization Is Coming, Hard Assets Are The Hedge | Michael Howell
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Michael Howell, CEO of CrossBorder Capital, returns for a rousing discussion on his global liquidity framework. He talks about why 2023 played out according to his framework, why the end of Q1 could get dicey for financial markets, and while the bull market rages on and the party continues, why dancing near the door is your best bet.
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Bitcoin Covenants with Andrew Poelstra
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik is joined by Andrew Poelstra, head of research at Blockstream. Andrew presents his argument for Bitcoin covenants and why he believes introducing OP_CAT via soft fork is a sensible first step. In a fascinating dive into bitcoin's cryptography and inner workings, Andrew teaches us about vault construction and rate limiting, why he believes OP_CAT as a soft fork
Magnificent 7 Lead Stocks To Record, Banking Contagion Is Back
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik brings us a global macroeconomic and markets update from around the world. He begins with the incredible concentration of equity returns in the Magnificent 7 (Apple, Amazon, Google, Facebook, Tesla, and NVIDIA), addresses problems in commercial real estate and renewed banking contagion, and concludes with a revelation about bitcoin ETF ownership disclosures. T
HOT Job Numbers & Bitcoin ETF Milestone
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik offers a second look at this week's FOMC meeting and breaks down the strong jobs numbers from Friday morning. He begins with why the 353,000 jobs gained in January is not necessarily significant, discusses what is happening in money markets with assets under management now over $6 trillion for the first time, and finishes with some analysis on bitcoin ETF flow
Fed Update: No March Cut, No QT Change
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik breaks down the eventful week in macro, central banking, and financial markets. He begins by answering a viewer's question about the interaction between the Fed and the US Treasury, recaps the FOMC's decision to make no changes to policy, and describes why the Fed might be late to recognize trouble in financial plumbing. He ends with a discussion on where The
Central Bankers Planning For Next Crisis
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik brings us a timely macroeconomic and financial markets update. Starting with the Fed's policy changes from the past couple weeks, we learn about the Treasury's battle with the Fed over monetary policy, how central bankers are planning for the next financial crisis, and what this all means for the investment case for bitcoin.
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How Bitcoin ETFs Work with Alex Thorn
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, we are joined by Alex Thorn, head of research at Galaxy, to discuss how bitcoin ETFs work. Alex explains the mechanics of how and when ETF managers purchase and store bitcoin, why GBTC's high fees are clobbering its assets under management, and when he believes bitcoin ETFs will be on the menu for financial advisors.
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PRO-BITCOIN Policies In Africa
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, we are joined by TBL Africa Correspondent Noelyne Sumba. Noelyne walks us through stages of bitcoin adoption in Kenya, Nigeria, and South Africa, citing a report that suggests Sub-Saharan Africa has one of the most active bitcoin user bases in the world. Finally, Noelyne shares with us her vision on how bitcoin is helping Africans fight back against corrupt govern
Bitcoin DEEP DIVE: On-Chain, Futures & Options, and Market Dynamics
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, we are once again joined by Glassnode's lead on-chain analyst, Checkmate. He gives us a masterful overview of bitcoin markets heading into and post ETF approval, including a breakdown of the latest in futures and options market structure, what is happening on-chain with various cohorts of investors, and how to interpret all the data now available as bitcoin mature
Why Bitcoin Makes The World Better
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, we are joined by technology entrepreneur and author Jeff Booth to discover why bitcoin makes the world a better place. Jeff helps us through understanding why bitcoin is the only global solution to a broken money system, including providing a history of Internet protocols and explaining how government currencies steal from our time.
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Bitcoin ETFs: Launch Success, Price Fail
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik breaks down one of the most historic weeks for bitcoin since its genesis block. ETF launches were a success, evidenced by strong volumes and solid inflows. The price suffered to end the week, but we explain recent moves in context. Finally, Nik details the recent bull steepening of the yield curve and provides a renewed outlook for Fed cuts this year.
New You
Record-High Office Vacancies Ahead of CPI Report
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik brings us a timely global macroeconomic update. He explains why the global economy is on very weak footing, dives into record-high office vacancy rates, previews Thursday's CPI release, and teaches us how to interpret today's inverted yield curve.
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Fed Will End QT Early! Is QE Next?
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik explains why the Fed has already started teasing an early end to Quantitative Tightening. In order to fully understand the Fed's motive, we dive into RRP (Reverse Repo) balances declining, define SOFR and why this rate can tell us about the health of financial plumbing, and forecast why the end of QT sets the table for QE in the next financial crisis. Nik also
Americans Are Struggling: Unpacking Today's Bad Data
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this video, Joe unpacks a sour ISM Services report and a labor report that reveals Americans working multiple jobs to make ends meet is at an all-time high. We dive deeper into the data than any news organization so you can get the real impulse of what's going on around the country.
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Bitcoin ETFs Are Here: Should You Use Them?
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik explains key differences between Bitcoin ETFs and purchasing bitcoin via an exchange, including why ETFs do not allow shareholders to actually use bitcoin. He explains that while people may prefer a fully custodial and non-deliverable bitcoin solution, ETFs don't allow shareholders to participate in the decentralized nature of bitcoin.
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Bitcoin & Macro 2024 Outlook
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik gives us a detailed 2024 bitcoin and global macroeconomic outlook. He begins with a summary of The Bitcoin Layer's investment framework and explains the reasoning behind our bitcoin-centric approach. We go through a chart pack featuring global interest rates and economic indicators with the highest signal, discussing why our research and analysis focuses on wh
Understanding The Fed's Balance Sheet with Andy Constan
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, we are joined by portfolio manager Andy Constan. Andy delivers a masterful explainer on the Federal Reserve's balance sheet, including a full breakdown of the Fed's bond portfolio, repo facilities, bailout facilities, and financial plumbing mechanics. Those that are interested in understanding how central banking works will find enormous value in this conversation
FED PIVOT: Rate Cuts Coming Soon
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik recaps yesterday's FOMC meeting and discusses incoming rate cuts. He starts with an explainer of Treasury supply and the difference between gross and net issuance, continues with a full breakdown of Jerome Powell's press conference and the admission that rate cuts are around the corner, and concludes with the enormous news for bitcoin accounting standards.
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Understanding Liquidity & Bitcoin Bull Markets
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik provides us with a global markets update, including a discussion about bitcoin's recent move above $40,000. He covers falling yields, rate cuts coming from the ECB and Fed in 2024, falling RRP, and a deep dive into various definitions for the word 'liquidity.' Finally, Nik looks at bitcoin's price action and some on-chain valuation metrics.
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Bitcoin Fixes Broken Money with Lyn Alden
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, we are joined by Lyn Alden, founder of Lyn Alden Investment Strategy. In a sweeping discussion of bitcoin and global macroeconomics, Lyn walks us through why bitcoin is a solution to the monetary problems of the day. She explains her bitcoin thesis, why it has moved to the center of her framework, fiscal dominance in the US, the Fed's balance sheet, and much more.
Data Worsens & Rates Plummet As Powell Tries To Pump The Brakes
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe breaks down the ISM Manufacturing survey for November into its subcomponents, explaining why the survey hasn't contracted as quickly as previous cycles and why the rates market's reaction has an equal shot at overdoing it as it has at being correct in preparing for the worst.
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Bloomberg Analyst: Bitcoin ETFs Are A Done Deal
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, we are joined by Bloomberg Senior ETF Analyst Eric Balchunas. Eric breaks down the latest in BlackRock's and Fidelity's efforts to achieve approval for their bitcoin spot ETFs. His expectation is for approval early next year based on the SEC's latest requests and shares his thoughts on Binance and Coinbase.
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Th
Thanksgiving Bitcoin & Macro Talking Points
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik delivers 6 talking points for your holiday gatherings on bitcoin and global macroeconomics. From bitcoin's staggering outperformance to the deterioration of US economic data, equip yourself with charts and metrics to explain today's macro picture.
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Reverse Repo (RRP) Explainer & Markets Update
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik dives deeper into the Fed's Reverse Repo (RRP) facility and gives a brief history of its origin and function. He explains how the RRP relates to other portions of the Fed's balance sheet as well as other money market sectors. Lastly, Nik provides an update on Treasury yields, the yield curve, and monetary policy expectations.
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Bitcoin Is GREEN TECH
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, we are joined by Daniel Batten, cofounder of CH4 Capital. Daniel is a clean tech investor and has been dedicated to the mitigation of methane emissions for the past several years. He now invests in bitcoin mining operations around the world that utilize landfill gases for energy. The implications for bitcoin as an environmental force are wide and powerful, and Dan
Is There An Airbnb BUBBLE Bursting?
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, we are joined by Max Gagliardi, founder of Ancova Energy. We bring Max on to discuss his real estate project, Mountain Fork Vacations in Oklahoma. Max explains the economics of short-term rentals and answers questions about a potential Airbnb bubble.
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Oil Crashes, Treasury Auction Disaster, & Fed's RRP Falls Below $1 Trillion
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik gives us another timely global macroeconomic and markets update. He explains the recent weakness in oil price by using recent news from FedEx, transportation employment data, and used car prices for context. He also walks us through why the terrible Treasury auction requires further investigation and explains the Fed's reverse repo facility for beginners.
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Riot CEO: Bitcoin Mining Stabilizes Energy Grids
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, we are joined by Riot CEO Jason Les. Jason walks us through what it's like operating one of the world's largest mining facilities, legislative efforts throughout the United States to support miners, and why bitcoin can contribute to the stabilization of energy grids.
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Glassnode Analyst: BULLISH On-Chain Fundamentals For Bitcoin
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, we are joined once again by Glassnode on-chain analyst Checkmate. He walks us through a series of charts in which we see holder behavior and exchange flows consistent with the transition from bear market to bull market. We also learn about Glassnode's preferred metric to realized value and MVRV.
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The Bitcoin Lay
Recession Imminent As Yields Plummet & Economy Sours: Week In Review
“There are three kinds of lies: lies, damned lies, and the US Labor Secretary." In this video, Joe walks through the largest week of economic data in 2023 which is bound to be a cycle turning point thanks to an overwhelming influx of bad data on all fronts.
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Visit https://river.com and start buying today, or visit https://river.com/TBL for $5 free when you sign up and buy $100 in Bitcoin.
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Global Macro Masterclass with Nik Bhatia
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik walks us through his entire global macroeconomic framework. From Treasuries to economic indicators to the Federal Reserve's seemingly unlimited money creation, join us for a masterclass in economic and markets analysis. This lecture combines interest rates, inflation, yield curve, business surveys, and asset performance into one study.
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The US Economy Is (Not) Growing & Resilient
Do you think the US economy is growing at 4.9% quarterly? I've got a bridge to sell you. In this video, Joe debunks the headline data regarding a strong and resilient US economy and unpacks the unsustainable fiscal path that has fueled this disingenuous data for several decades.
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The Bitcoin Layer is brought to you by River.
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Bitcoin Up 100% IN 2023 On ETF Hopes
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik provides an update across bitcoin and financial markets, including bitcoin's strong price increase over the past week. He discusses bitcoin outpacing Ethereum as of late, compares bitcoin's returns to other asset classes, and explains the risks facing bitcoin amidst the optimism surrounding an ETF approval.
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Senator Lummis: Bitcoin Is A COMMODITY
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik is joined by United States Senator Cynthia Lummis to discuss Bitcoin and digital asset regulation. Senator Lummis explains why she believes Bitcoin is a commodity, but more importantly, why there is so much momentum throughout the government on understanding Bitcoin's correct classification. We also learn about the latest legislative efforts across stablecoins
Bitcoin's Lightning Network Is EXPLODING
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik is joined by Sam Wouters, Research Analyst at River. Nik asks Sam about his latest report detailing the exponential growth in Lightning Network (LN) adoption over the past two years. Sam explains that LN is here to stay, how it expands the capabilities of bitcoin, and why bitcoin and LN complement each other. Watch to learn more about the game-changing nature
Recession In 2024? Most Likely.
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik answers the question everybody is wondering: is 2024 going to bring a recession along with it? He goes through economic data on the consumer, housing, business sentiment, and manufacturing and determine that the economy is showing many signs of recession despite some bright spots. Nik also shows us the massive inflow into cash instruments which generally indic
Bitcoin Mining Masterclass | Marshall Long
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik is joined by bitcoin miner Marshall Long, who has been involved in the industry since 2010. Marshall gives the audience a captivating mix of bitcoin mining basics and global experience, in which he discusses mining in China, power grid management, emersion technology, and his opinions on the global chip supply chain.
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Bitcoin Mining Masterclass | Marshall Long
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik is joined by bitcoin miner Marshall Long, who has been involved in the industry since 2010. Marshall gives the audience a captivating mix of bitcoin mining basics and global experience, in which he discusses mining in China, power grid management, emersion technology, and his opinions on the global chip supply chain.
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First Ever BITCOIN CLASS At Major US Business School
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this short film, we walk around University of Southern California with Nik. He shares his deep family connection to @USC & @USCMarshallSchoolofBusiness , what he is trying to build as an educator, and how it all relates to the work done by The Bitcoin Layer.
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The Bitcoin Layer is brought to you by River and Foundation Device
First Ever BITCOIN CLASS At Major US Business School
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this short film, we walk around University of Southern California with Nik. He shares his deep family connection to @USC & @USCMarshallSchoolofBusiness , what he is trying to build as an educator, and how it all relates to the work done by The Bitcoin Layer.
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The Bitcoin Layer is brought to you by River and Foundation Device
The Great Labor Market Lie
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In today's episode, Joe explores the latest candidates for "worst data manipulation of all time" as he breaks down the lies and damned lies from the statisticians tasked with reporting on the US labor market.
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The Bitcoin Layer is brought to you by River and Foundation Devices.
Visit https://river.com and start buying today, or
The Great Labor Market Lie
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In today's episode, Joe explores the latest candidates for "worst data manipulation of all time" as he breaks down the lies and damned lies from the statisticians tasked with reporting on the US labor market.
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The Bitcoin Layer is brought to you by River and Foundation Devices.
Visit https://river.com and start buying today, or
Bitcoin Mining CEOs: Bitmain Concentration Worries Us!
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik joins us from Pacific Bitcoin's Mining Industry Day in Santa Monica, California. He recaps a panel consisting of CEOs of publicly traded bitcoin miners, and explains why Bitmain's dominance of cutting-edge ASIC production poses enormous risks for these firms. Bitcoin miners integrating with the power generation industry is also discussed.
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Bitcoin Mining CEOs: Bitmain Concentration Worries Us!
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik joins us from Pacific Bitcoin's Mining Industry Day in Santa Monica, California. He recaps a panel consisting of CEOs of publicly traded bitcoin miners, and explains why Bitmain's dominance of cutting-edge ASIC production poses enormous risks for these firms. Bitcoin miners integrating with the power generation industry is also discussed.
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In Africa, It's Stablecoins For Survival, Bitcoin For Saving
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik is joined by TBL's Africa Correspondent Noelyne Sumba. Based in Kenya, Noelyne regularly joins our show to discuss bitcoin adoption throughout Africa. Today, we learn about the inflation crisis and union strikes in Nigeria, as well as why Nigerians are extremely reliant on Tether and other dollar stablecoins for business survival. Also discussed are bitcoin as
In Africa, It's Stablecoins For Survival, Bitcoin For Saving
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik is joined by TBL's Africa Correspondent Noelyne Sumba. Based in Kenya, Noelyne regularly joins our show to discuss bitcoin adoption throughout Africa. Today, we learn about the inflation crisis and union strikes in Nigeria, as well as why Nigerians are extremely reliant on Tether and other dollar stablecoins for business survival. Also discussed are bitcoin as
WORST Month Of The Year For Stocks, Here's Why
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik breaks down what's going on with the S&P 500, which is experiencing its worst month of the year, and explains why Treasury yields spiked throughout September.
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The Bitcoin Layer is brought to you by River and Foundation Devices.
Visit https://river.com and start buying today, or visit https://river.com/TBL
Bankruptcy Attorney: Busiest I’ve EVER BEEN
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik is joined by Raj Wadhwani, a bankruptcy attorney based in California. Raj explains to us how bankruptcies are spiking both for consumers and small businesses, and why he thinks that inflation, student loans, personal loans, and high interest rates are combining to create a tornado of problems in the economy.
Follow Raj Wadhwani: https://www.wslaw.com/meet-our
WARNING: The US Economic Endgame Is Here
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe discusses the rapid yield spike, yield curve uninversion, and why the market believes the Fed will cut rates sooner rather than later.
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The Bitcoin Layer is brought to you by River and Foundation Devices.
Visit https://river.com and start buying today, or visit https://river.com/TBL for $5 free when you si
WARNING: The US Economic Endgame Is Here
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe discusses the rapid yield spike, yield curve uninversion, and why the market believes the Fed will cut rates sooner rather than later.
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The Bitcoin Layer is brought to you by River and Foundation Devices.
Visit https://river.com and start buying today, or visit https://river.com/TBL for $5 free when you si
How To Properly Value Bitcoin | Alex Thorn
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik is joined by Alex Thorn, head of research at Galaxy. Alex explains how investors are supposed to think about bitcoin valuation, breaks down how institutional adoption is helping to moderate volatility and bring in more stability for bitcoin as payment, and forecasts the driving factors behind bitcoin markets going forward.
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Bitcoin Revolutionizes Corporate Finance | Michael Saylor
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik is joined by Michael Saylor to discuss bitcoin in relation to government debt. Michael shares the importance of upcoming accounting changes that will allow corporations to build bitcoin endowments, a fundamental shift in treasury management of operating companies. Michael also shares his thoughts on spot ETFs, systemic inflation, and long-term bitcoin adoption
Bitcoin's First Recession: What Will Happen?
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik walks us through the implications for bitcoin if we enter a global recession. We start with a quick recap of what's happening around the global economy, what central banks might be doing over the next year, and examine if bitcoin is positioned to benefit or not during that time horizon.
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The Bitcoin Layer is
South Africa's Circular BITCOIN Economy | Hermann Vivier
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, TBL Africa correspondent Noelyne Sumba is joined by Hermann Vivier. Hermann Vivier, a multifaceted personality and surf coach, educator, teacher, and organizer of Bitcoin Ekasi. Discover how the circular economy is taking shape around Bitcoin in South Africa, and gain valuable insights into the country's democracy and governance. Hermann also shares his inspiring
Dollar Strength Bringing DANGER To Markets: Here's Why.
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik summarizes the latest developments in financial markets and the global economy. He discusses the strong readings in the US services sector that is challenged by terrible mortgage applications and a weakening consumer. Also covered are Europe's ugly recession and China's property sector defaults which both bring the danger of dollar strength.
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Bitcoin ETF Just BEAT The SEC, What's Next?
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe is joined by the inimitable Joe Carlasare, partner at Amundsen Davis & TBL Legal Correspondent. Joe breaks down Grayscale's victory over the SEC, what this means for GBTC and other spot bitcoin ETF applicants, the timetable for when these may be approved, the SEC's plan of delaying until the final deadline for each applicant, the trouble brewing in the SEC v B
Student Loan Payments Will CRUSH The Economy
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe walks through how 45% of federal student loan borrowers expect to go delinquent once payments resume in October, and the crushing impact it very well may have on consumer spending, and by extension, US economic activity.
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Store Your Bitcoin SECRETLY | Andrew Poelstra
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, we are joined by Blockstream's Director of Research, Andrew Poelstra. Andrew has released a new book that provides a fascinating offline solution for secret sharing. We discuss how his book works and how it applies to bitcoin storage and verification. Andrew also shares his early motivations for working on bitcoin.
Relevant websites:
Codex32: Shamir Secret Sharin
Is The Treasury Market BREAKING? | Matt Dines
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, we are joined by Build CIO Matt Dines. Matt walks us through the epic bear market in Treasuries and projects that investors are approaching yield levels that will bring portfolios a lot of pain. Nik asks Matt to explain why the 3-month/6-month Treasury bill curve is inverted and what it means for markets.
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The B
Bitcoin Puked 15% — Here's Why
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. Was it Elon dumping all that SpaceX owns? Was is a high amount of leverage? Was it BTC following the move in stocks? A little bit of all 3 with some shady business going on behind the curtains, Joe breaks it all down.
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The Bitcoin Layer is brought to you by River and Foundation Devices.
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Bitcoin Will Challenge Dollar, Not Gold-Backed BRICS Currency
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik discusses the future monetary order. He compares bitcoin, which is almost 15 years old and has the adoption of over 100 million people worldwide, to the idea of a gold-backed currency issued by BRICS, the geopolitical group of China, India, Russia, Brazil, and South Africa. One is real, and the other is imaginary.
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The Corporate, CRE, and AirBNB Debt Timebomb
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. The era of easy money is over — for borrowers the world over, it's time to sell assets or downsize to operate at higher rates. Anything to avoid default.
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7 CHARTS TO WATCH: Stocks, Bonds & Bitcoin
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik takes us on a tour across asset classes. He examines the price action and behavioral impulses of buyers and sellers for US Treasuries, bitcoin, ETH vs BTC, the stock market, volatility, and oil.New YouTube videos M/W/F — New Substack posts T/R/SThe Bitcoin Layer is brought to you by River and Foundation Devices.Visit https://river.com and start buying today, o
Unapologetic Capitalism Drives Human Flourishing | Saifedean Ammous
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, we are joined by author and economist Saifedean Ammous. @saifedean teaches us the principles of economics from his latest book and attributes human flourishing to our capitalistic system. Nik asks Saifedean about the general idea of owning stocks versus owning government bonds and why trade brings about peaceful interaction.
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Bitcoin Is Reshaping Namibia's Commerce | Okin
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, TBL Africa correspondent Noelyne Sumba is joined by Nikolai Tjongarero (Okin). Okin is the visionary founder of okinent.com. They delve into the world of Bitcoin in Africa. Discover the innovative ways to earn and utilize Bitcoin through content creation, encompassing realms like music, podcasts, art, and beyond. As an esteemed educator and content creator, Okin p
Cypherpunks & Lightning Network | Alex Leishman
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, we are joined by River Founder and CEO Alex Leishman. Alex takes us through his bitcoin journey, starting in 2012, and explains his path toward starting River and about his mission to onboard in the easiest and safest way possible. Nik asks Alex about the state of Lightning Network, what he's optimistic about regarding bitcoin adoption, and some of his cypherpunk
Stablecoins Are The New Eurodollar System | Caitlin Long
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, we are joined by Custodia Bank Founder and CEO, Caitlin Long. Caitlin explains why FedNow is a technology upgrade but not a CBDC, and she and Nik explore the theory of stablecoins as an extension of the Eurodollar, or offshore banking, system.
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The Fed Is Playing With FIRE
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik breaks down the latest decision by the Fed to hike rates yet another 25 basis points. He discusses the tight labor market, why the Fed feels no need to pivot whatsoever, and how Powell's Jackson Hole speech in August will set the tone for even more hawkishness.
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The Fed's Big Experiment Will End In Tears | Randy Woodward
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe sits down with Randy Woodward (@TheBondFreak) who is a Fixed-Income Bond Broker at Raymond James Financial. Randy and Joe discuss ODL and other measures of money supply threatening to send US consumer prices into deflation, the Fed's big experiment in doing away with QE and ZIRP after 15 years, and the state of banks as we head into yet another rate hike this
RFK's Bitcoin Proposal, Fed Driving Blind, & Hard Landing Odds with Lawrence Lepard
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe talks to Lawrence Lepard, Investment Manager at Equity Management Associates. They discuss RFK's proposal to back 1% of newly-issued US Treasuries with hard money, what the yield curve signals about the Fed's policy error, the problem of US government interest payments, and what's next for financial markets.
Lawrence's 2nd Quarter Update: https://drive.google
The Fed Is Fueling The 2023 Bull Market | Michael Howell
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe sits down once again with Michael Howell, the Founder and CEO of CrossBorder Capital. Michael delivers a sweeping lecture on global liquidity bottoming, the world economy is already well into recession, why US QT is effectively 'dead', and how stealth QE paired with Chinese easing is having the net effect of supporting global liquidity, and therefore financial
Inflation Is Eating Ghana — Bitcoin Is Fixing It
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, TBL Africa correspondent Noelyne Sumba is joined by Kumi Nkansah. Kumi is an active bitcoin educator and advocate from Ghana and the the founder of Bitcoin Cowries (https://bitcoincowries.com). Kumi describes his journey to bitcoin as a curious technologist, broadcast journalist, and media mogul by trade. He enthusiastically portraits the growing bitcoin circular
SEC v Ripple Analysis With Legal Expert Joe Carlasare
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, one of the Joes explains yesterday's decision in the SEC v Ripple Labs case very simply to the other Joe, and the implications it will have for whether or not "crypto" is ultimately categorized as a security.
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CPI Now BELOW 3%! What Does It Mean For Rate Hikes?
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik chronicles the path of inflation from last year's 9% mania to potentially less than 2% by the end of 2023. He explains why there are finally some renewed inflation risks, why disinflation is still the more likely outcome, and goes through the price action in 2-year US Treasuries.
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Africa Is Ahead Of The World On Bitcoin Adoption
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik sits down with TBL Africa Correspondent Noelyne Sumba to discuss the growing popularity of Bitcoin in Africa, the game changing Lightning Network, and the optimism fueling Africa's economic landscape. She also shares how Bitcoin is reshaping the continent and empowering individuals and businesses alike.
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The
"Strong" Labor Market Is Really Just Summertime Bartenders
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. WARNING: Labor Market In Mirror May Be Weaker Than It Appears. In this video, Joe breaks down how the "strong" ADP employment data paired with today's NFP and wage data paints a deceptively strong picture of the labor market, one that the Fed will use as cannon fodder for another ill-fated hike on July 26th.
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Trend Watch: Treasuries & Bitcoin
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik examines the next few months of monetary policy. With yield curves deeply inverting once again and risk markets off to the races, how will the Fed respond? We also identify some key trends in bitcoin and rates.
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4th of July Bitcoin On-Chain Update
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this video, Joe takes a break from our regularly scheduled programming to walk through some of his favorite bitcoin-native indicators that add some perspective to where we are at in bitcoin's four-year cycle, and what lies ahead in the next 6-12 months.
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Bitcoin Will Help You Survive A CBDC Future
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik breaks down the latest Bank of International Settlements paper that suggests the world move toward CBDCs and tokenized deposits. He discusses the hypocrisy in failing to mention bitcoin, the BIS dream of a unified ledger, and most importantly, why bitcoin is essential for freedom from bank liabilities.
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Spon
World's Empty Office Buildings Become Debt Time Bomb
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe breaks down the immense losses facing the holders of office mortgages around the world, concentrated mostly in the hands of already-embattled small and regional banks.
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Billions in New Debt Will Drain Market Liquidity: Here's Why
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik explains the crowding out effect from US Treasury yields and issuance. He demonstrates why 5% US Treasury yields are altering investment behavior and what it means for over $1 trillion of new securities does to risk-taking and the repo market.
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Ethereum is the Liar's Index | Tuur Demeester
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik explores Tuur's early bitcoin thesis from 2012, the history of Ethereum as crypto's original snake oil, and Tuur's expectations for bitcoin adoption and price over the coming years.
Follow Tuur Demeester on Twitter: https://twitter.com/TuurDemeester
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BlackRock Files For A Spot Bitcoin ETF
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe explains BlackRock's proposal for a spot Bitcoin open-ended trust, why its redemption mechanism makes it functionally an ETF, and the likelihood of approval being much higher than previous SEC rejections thanks to its surveillance agreement with the Nasdaq exchange.
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Fed PAUSES! What Does It Mean?
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik analyzes the latest Fed move to keep rates on hold. He breaks down why the Fed is relying more on headlines than raw economic data, what rates markets are telling us about Fed policy, and the damage caused to the economy by 5% Fed Funds.
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Inflation Is Destroying Argentina | Jeronimo Ferrer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe is joined by Jeronimo Ferrer, a bitcoin educator focused on educating the Argentine masses. He discusses life in Argentina under double-digit inflation that is now considered normal, cross-currency markets on the streets, and why citizens treat the US dollar like gold.
Follow Jeronimo Ferrer on Twitter: https://twitter.com/paleobit
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Unpacking the SEC's Charges Against Coinbase & Binance with Joe Carlasare
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe sits down with Joe Carlasare, a partner at Amundsen Davis and the foremost authority on the crossroads of crypto and law. They discuss all of the charges levied against Binance and Coinbase, the implications of classifying "crypto" as securities, whether or not these businesses can survive on a bitcoin-only model, and why asking for forgiveness rather than for
Lightning Network Adoption Pulse with Graham Krizek
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik sits down with Graham Krizek, the founder and CEO of Voltage a bitcoin company building out infrastructure lightning network. Graham describes his journey to create Voltage and gives his take on the current state of the lightning network ecosystem including the biggest risks, his take on other layer 2 technologies, Voltage's recent partnership with Google Clou
Teaching BTC In Africa | Bitcoin In Africa with Noelyne Sumba
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, TBL Africa Correspondent Noelyne Sumba sits down with African teacher and educator Lorraine Marcel to discuss how she is spreading the significance of Bitcoin in the lives of African women, the importance of educating women about Bitcoin, and how Bitcoin can contribute to the growth and prosperity of their community.
Follow Lorraine Marcel on Twitter: https://twi
There Is No New Money
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik breaks down what's making him so worried about the economy: there's no new money. He runs through interest rates, home prices, and the looming liquidity drain to make his case.
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Debt Ceiling Fallout - Bad News for Risk Assets, Banks
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe discusses how the Treasury is slated to flood the market with over $1 trillion in new bills, severely draining banks of their reserves and potentially sending stocks and bitcoin into a tailspin.
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Striving for Financial Independence | Bitcoin in Africa with Noelyne Sumba
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, TBL Africa Correspondent Noelyne Sumba sits down with South African developer Kgothatso Ngako to discuss how he is leveraging his technical skills to enable bitcoin use without internet access. Kgothatso describes his path to becoming an entrepreneur, how he gleaned inspiration from countries with separation between state and money as he worked to gain financial i
Global Update: US-China Relations, India Tech Hub & The War In Ukraine
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik sits down with Cognitive Investments Director of Geopolitics Jacob Shapiro. They discuss signs of optimism in US-China relations, Xi Jinping's harsh economic realities, and Taiwan drifting slowly toward China. Jacob also shares his thoughts on India's position as a global tech hub and the latest on the war in Ukraine.
Follow Jacob on Twitter: https://twitter.
Bitcoin Estate Planning with Trust Attorney Brian Standing
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik Bhatia sits down with trust attorney and wealth planner Brian Standing to discuss how bitcoin can be utilized in estate planning. We examine self-custody versus custodians, hardware wallets and how to utilize them for multigenerational wealth storage, holding bitcoin in retirement accounts, and Brian shares some philosophical thoughts about bitcoin as the pote
The Future of Bitcoin Mining with Fred Thiel
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Fred Thiel joins the show to discuss the future of bitcoin mining through his own lens as CEO of Thiel Advisors and Marathon Digital Holdings (NASDAQ:MARA). Fred discusses Marathon's expansion into the UAE and focus on developing technology for the bitcoin mining industry as a whole.
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Fred Thiel
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode,
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Bitcoin's Blockchain is Full: A Sign of a Maturing Commodity
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe breaks down BRC-20 tokens and ordinal inscriptions. He explains what they are and why they aren't technically shitcoins, why they don't impact bitcoin's ruleset including its 21m supply cap, why this was an inevitability as bitcoin matures and block space is reserved for larger financial transactions, and why this drives capital and innovation to second layers
Andy Constan: A Recession Is Not Desired, It's Required
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe and Nik sit down with Andy Constan, CEO of Damped Spring Advisors. Andy discusses the behavior of UST rates as the debt ceiling deadline approaches, the Fed's ongoing QT campaign, and the state of his higherer for longerer thesis about the Fed's rate hiking.
Follow Andy on Twitter: https://twitter.com/dampedspring
Also, check out Andy's website: https://damp
Bitcoin Is Building Strength On-Chain | Checkmate
In this episode, Joe and Nik sit down with Checkmate, the Lead Analyst at Glassnode, an on-chain analytics provider. Checkmate discusses trends he's observing using data derived directly from bitcoin's blockchain, including why he believes bitcoin put it a textbook cycle bottom last November.
Follow James on Twitter: https://twitter.com/_Checkmatey_
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Bitcoin-Native Interest Rates Are Here | David Seroy
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe sits down with David Seroy for a discussion about the evolution of Bitcoin-native interest rates, the Lightning network and other potential scaling solutions, and how these BTC-LN-native interest rates can pave the way for future Bitcoin-native capital and money markets.
Follow Dennis on Twitter: https://twitter.com/Dennis_Porter_
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Crunch Continues: Lending, QT, Businesses & Bank Defaults
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe discusses how the credit crunch is progressing in the form of further bank failures as the Fed continues QT, bank lending gradually slowing, both as they derisk and fewer businesses demand loans due to higher rates, and how we are entering the phase of businesses defaulting and going bankrupt.
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The Debt Ceiling Doomsday Is Approaching
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe breaks down how weak 2022 tax receipts contribute to the already-stressful funding situation for the US government as rates remain elevated and a gargantuan maturity wall is on the horizon — he also breaks down how assets prices will behave, and why the US Treasury market is behaving strangely heading into the deadline.
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The US Dollar Isn't Going Away
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik walks through the runs through the popular alternatives to the US dollar, and explains how each of their drawbacks precludes them from displacing it as the world's main reserve currency, while bitcoin holds a lot of promise for the future.
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Exchanges Are Not Safe | Protecting Your Bitcoin 101
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe sits down with Seth and Bitcoin Q+A from Foundation Devices. They break down the mass exodus of bitcoin from exchanges, why more people are starting to take an adversarial approach to how they purchase and store their bitcoin, the serious risks posed to keeping your bitcoin on an exchange, and simple cold storage options that you can start TODAY with nothing b
Bitcoin's First Big Recession | Here's What Will Happen
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe breaks down how despite bitcoin being created in the wake of the 2008 recession, it hasn't been a mature asset during a major recession yet. He walks through how risk assets perform well during periods where the Fed pauses rate hikes, how bitcoin will behave when the credit stress becomes too much for the economy to bear and the Fed cuts, and what's in store f
Is The US Government Attacking Bitcoin? | Legislation Pulse with Dennis Porter
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe sits down with Dennis Porter, CEO and Co-Founder of Satoshi Action Fund to discuss the current state of legislation surrounding bitcoin and bitcoin mining. Dennis shares his thoughts on anti-bitcoin mining bill SB 1751 and drops some key insights on legislative environments in DC and other states.
Follow Dennis on Twitter: https://twitter.com/Dennis_Porter_
The Follies of Fractional Reserve Banking | Peter St Onge
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe sits down with the inimitable Professor Peter St Onge. Peter breaks down the banking crisis and Fed's response, where the credit contraction is headed next, how fractional reserve banking introduces fragility to the financial system, how fully-reserved banks could still prove tenable, and why this is the latest but not last in a long line of bailouts form the
3 Signs The Recession Has Started
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik confirms his belief that we have entered a period of economic recession that started sometime in March. Nik talks through the three signs of this slow down that come in conjunction with the SVB fallout, a loss in confidence in banking system, a credit contraction, and an associated slowdown throughout the rest of the economy.
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A Crisis Is Brewing in Commercial Real Estate
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe discusses how the recent bank failures are exacerbating the already-tight funding situation for commercial real estate developers who are facing rising rates and vacant property, and how the upcoming gargantuan maturity wall and potential for default could create a feedback look of bank failures are fire-selling of property in the United States.
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Operation Chokepoint 2.0 Is Strangling "Crypto" | Joe Carlasare
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe sits down with Joe Carlasare, an advisor at Amundsen Davis and our TBL Legal Correspondent. Joe delivers an excellent discussion about Binance's recent lawsuit from the CFTC, the potential for additional suits by the SEC and DOJ, Justin Sun's various crypto fraud cases, the Ripple x SEC timeline, the recent Well's Notice served to Coinbase, and why it's much e
The Future of The Petrodollar | Max Gagliardi
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, TBL's Energy Correspondent Max Gagliardi returns to the show to discuss the petrodollar amid news surrounding the transition away from a US dollar-based global oil trade. Max also delivers a variety of different takes on energy, including gas vs oil and the future of natural gas from a geopolitical perspective, and how the American political landscape affects the
Don't Like Bitcoin? Come & Change It | Open-Source Bitcoin with Stacie Waleyko
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik sits down with Stacie Waleyko, an open source developer and educator in the bitcoin space. She takes us under the hood of the Bitcoin protocol, explains what BIPs are and how they are used to submit new ideas about how Bitcoin should be improved, and exciting developments happening in Bitcoin development.
Follow Stacie on Twitter: https://twitter.com/satsie
Recession & Rate Cuts Are Next, Here's Why.
Welcome to The Bitcoin Layer, where we analyze bitcoin through a global macro lens.
In this episode, Nik delivers an updated outlook on the market based on recent moves in rates. He breaks down the rapid moves in rates and resteepening of the yield curve, explaining in detail why both of these signals point to lower rates on the horizon.
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Bitcoin Is SALVATION For Africa | Meron Estefanos
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, TBL Africa Correspondent Noelyne Sumba sits down with journalist and refugee advocate Meron Estefanos to discuss the struggles that the people of Eritrea have faced since gaining independence and how bitcoin has become a useful tool in her efforts to rescue refugees who fall on hard times while fleeing the country.
Follow Meron on Twitter: https://twitter.com/mer
Record Emergency Lending from The Fed, QE Is (Sort Of) Back
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe walks through the Fed and Treasury Department's new BTFP facility to prop up bank liquidity, how it functions a a hybrid between repo and QE, and what impact it's likely to have on asset prices given the stimulative nature of valuing devalued collateral at par.
New YouTube videos every Monday, Wednesday & Friday. New Substack posts every Tuesday, Thursday & S
Bitcoin Mining Evangelism | Dan Lawrence
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe sits down with Dan Lawrence of OBM Inc. to discuss the mining landscape. Dan describes his miner management platforms serving North America and the largest mines in the world, the future of bitcoin mining, and how to evangelize Proof of Work while propagandists insist that bitcoin mining is boiling our oceans.
Follow Foreman Mining on Twitter: https://twitter
Unpacking The Failure Of Silicon Valley Bank
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe unpacks the Silicon Valley Bank implosion and discusses how the bank's asset mix, hedge strategy, and a myriad of other poor decisions led to the second largest bank failure in U.S. history.
New YouTube videos every Monday, Wednesday & Friday. New Substack posts every Tuesday, Thursday & Saturday.
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Jeff Booth: The Dawn of Decentralized Web
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Jeff Booth returns to the channel to discuss the network effects of the centralized web and how bitcoin applications can leverage this in applications like Nostr to accrue value for the users forever. Jeff lays out an exciting decentralized landscape and highlights multiple instances where the centralized web could be replaced with free and censorship resistant te
Liquidity Is Back To Support Markets In 2023 | Michael Howell
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe sits down with Michael Howell, Founder and CEO of CrossBorder Capital and the world's foremost authority on liquidity. Michael delivers an excellent discussion on how the liquidity cycle shifted in October of last year. He discusses the gilt scare in England as a wake-up call for global central banks to play a more active role in their sovereign bond markets,
Liquidity Is Back To Support Markets In 2023 | Michael Howell
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe sits down with Michael Howell, Founder and CEO of CrossBorder Capital and the world's foremost authority on liquidity. Michael delivers an excellent discussion on how the liquidity cycle shifted in October of last year. He discusses the gilt scare in England as a wake-up call for global central banks to play a more active role in their sovereign bond markets,
Don't Mix Crypto & Leverage | Caitlin Long
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe sits down with Caitlin Long, Founder and CEO of Custodia Bank, which plans to specialize in digital asset payment and custody solutions for US commercial customers. Caitlin discusses how regulatory bodies have been warned for years that leverage and crypto do not mix, the Ex-Post crackdowns coming in the wake of FTX, and the progress on folding good faith bitc
Stubborn Inflation Is Stirring Up The Market | Markets & Macro Rewind
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe discusses last weeks upside surprise in core PCE inflation, why the Fed's preferred inflation metric gives it clearance to hold higher for longer, and how it, in addition to other robust economic data, is moving the markets to adjust to tighter monetary policy with a lower possibility of easing in 2023.
New YouTube videos every Monday, Wednesday & Friday. New
Pierre Rochard: Bitcoin Has Never Been More Exciting
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik sits down with Pierre Rochard, VP of Research at Riot Platforms and longtime bitcoin educator. Pierre discusses ordinal theory as a social layer and why bitcoins fungibility is not impacted, what's going on in Lightning, and the latest developments at Riot and across the BTC/LN ecosystem.
Follow George on Pierre: https://twitter.com/BitcoinPierre
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The US Can't Survive 5% Rates | George Goncalves
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik sits down with George Goncalves, Head of US Macro Strategy at MUFG Securities Americas Inc. to discuss the state of financial plumbing, how 5% treasuries yields will affect other assets classes, and why they may be untenable in a very short while for the US Treasury.
Follow George on Twitter: https://twitter.com/bondstrategist
New YouTube videos every Wednes
Is Bitcoin's Rally The Start Of A New Bull Market? | Markets & Macro Rewind
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe discusses the shifting regime in cross-asset correlations, why risk assets are rallying and Treasuries are selling off, and the conditions that could potentially change this trend.
New YouTube videos every Monday, Wednesday & Friday. New Substack posts every Tuesday, Thursday & Saturday.
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Bitcoin Adoption in Nigeria with Mary Imasuen | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro.In this episode, Nik sits down with Mary Imasuen, a podcast host for BTC Gamer Chat and the Nobcast, and a Bitcoin-Only Gamer. In this episode, Mary discusses bitcoin adoption in Nigeria and across Africa, the new Naira that is being ushered into Nigeria, the kleptocracy of fiat money across Africa, and how bitcoin offers a genuine way out.
Follow Mary on Twitter: https://twitter.
The 24 Risks of Equities with Michael Saylor
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik sits down with Michael Saylor, the Executive Chairman of @microstrategy a publicly traded business intelligence firm he founded in 1989. He founded and serves as trustee for the Saylor Academy, saylor.org, a non-profit organization that has provided free education to over 1 million students. He is an advocate for the Bitcoin Standard (hope.com). In this episod
Elevated Stress As The Debt Ceiling Approaches?
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe & Matt Dines of Build Asset Management discuss the abundance of dollars still in the system, when the next credit event may occur, and drama as we approach the debt ceiling.
Follow Matt on Twitter: https://twitter.com/BuildCIO
New YouTube videos every Monday, Wednesday & Friday. New Substack posts every Tuesday, Thursday & Saturday.
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The 2023 Crypto Lawsuit Tsunami with Joe Carlasare | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik & Joe sit down with Joe Carlasare, a Partner at Amundsen Davis working in bitcoin & blockchain litigation, and the newest addition to our team as the Legal Correspondent. Joe, Joe, and Nik discuss current litigation across the crypto industry, what GBTC will signal about bitcoin's direction, action in rates, and his thoughts on where markets are headed in 2023
MMA, Markets, & Bitcoin with Kenny Florian | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe sits down with Kenny Florian, a former mixed martial artist with the UFC, a contestant on the first season of The Ultimate Fighter, and a color commentator for the PFL. Kenny discusses his journey into MMA, how the concept of pushing your limits and earning it translates into bitcoin, as well as some upcoming fights.
Follow Kenny on Twitter: https://twitter.c
Sudden Interest Rate Moves, What Does It Mean? | Markets & Macro Rewind
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe Consorti discusses the sudden move in interest rates today and delivers a recap of the action in markets last week that led to the out of character rate moves.
New YouTube videos every Monday, Wednesday & Friday. New Substack posts every Tuesday, Thursday & Saturday.
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Bitcoin Mining Globalization Masterclass with Mags Gronowska | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik sits down with Mags Gronowska, an advisor at Prti, Inc and a Quadriga Bankruptcy Inspector. Mags discusses her passion for bitcoin education, the recent developments in international bitcoin mining policy, and emerging markets where bitcoin is being used to unlock a higher echelon of human freedom.
Follow Mags on Twitter: https://twitter.com/Crypto_Mags
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FOMC Live Discussion: Another 25 Basis Points, Market Reaction, Fed Pause Draws Closer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe and Nik are joined by Dr. Jess Ross to discuss the Fed's 25 basis point rate hike, the market's reaction to the FOMC statement and Powell's presser, and the favorable setup for risk assets as a Fed pause draws closer.
New YouTube videos every Monday, Wednesday & Friday. New Substack posts every Tuesday, Thursday & Saturday.
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The dollar is dying? NOT AT ALL
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe delivers a rebuke of the popular "death of the dollar" narrative in markets. He discusses how dollars are entrenched in global financial plumbing, the deep liquidity across USD-denominated assets, how dollars still dominate FX reserve composition around the globe, and the current ill-fated attempts at "displacing" the dollar in its role as the preferred global
Where Is The Stock Market Heading? | Markets & Macro Rewind
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik discusses how inflation and the path for Fed hikes have been resolved as the market's most pertinent issues, with the path for the stock market at a critical inflection point.
New YouTube videos every Monday, Wednesday & Friday. New Substack posts every Tuesday, Thursday & Saturday.
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Is Bitcoin The Answer For Devaluation & Corruption In Africa? | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik sits down with Noelyne Sumba. She is the director of Machankura, a platform that allows users to send and receive bitcoin using only their phone number, currently live in 8 countries and counting. Noelyne delivers a tremendous discussion on the misleading field of Keynesian economics, bitcoin adoption in Kenya, the looming Nigerian CBDC, and the slew of proble
Bitcoin Addresses Violence in Africa? with Adam Popescu | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik sits down with Adam Popescu, a Los Angeles-based writer and journalist, to discuss his recent article on Bitcoin mining in Africa. Adam offers a unique and nuanced perspective on how Bitcoin can potentially help address violence and other issues going on in Africa.
Follow Adam on Twitter: https://twitter.com/adampopescu
New YouTube videos every Wednesday and
Caitlin Long & Nik Bhatia on Paper Bitcoin, GBTC, & The Foibles of FTX | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik sits down with Caitlin Long, the Founder and CEO of Custodia Bank, which specializes in digital asset payment and custody solutions for US commercial customers. Caitlin delivers a great lecture on paper bitcoin, the paths forward for GBTC, the many intricacies of the demise of FTX, risks posed to Binance, and the concept of layered money.
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Why Is Bitcoin Up 30% This Year? | Markets & Macro Rewind
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik walks through all of the latest in markets in macro over the past week. He discussed our bullish stance on US Treasuries and what that means for equities, how deep the economic contraction is, the Fed's reaction function, and why bitcoin has risen nearly 30% this year.
New YouTube videos every Wednesday and Friday. New Substack posts every Tuesday, Thursday &
What Does The SEC's Indictment on Gemini & Genesis Mean For GBTC?
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe is joined by Lead Analyst at @Swan_Bitcoin , Sam Callahan to discuss paths forward for GBTC, the Genesis of the "crypto" contagion, the reluctance of the SEC to move forward a spot bitcoin ETF, and why there are no innocent bystanders between Genesis, DCG, and Gemini.
Follow Sam on Twitter: https://twitter.com/samcallah
New YouTube videos every Wednesday and
Supply Chain Pulse with Rachel Premack | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. Rachel Premack is a supply chain specialist. She is the editorial director of Freight Waves, and the author of the weekly MODES newsletter. In this episode, Rachel discusses the post-pandemic supply chain dislocations, and what she calls 'bizarro inflation' where life's necessities reach record prices as unnecessary goods and services are getting less expensive.
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The Intersection Between Energy & Money with Max Gagliardi | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. Joe sits down with Max Gagliardi, a Partner & Co-founder at Ancova Energy and host of the @max_gagliardi . Max discusses the state of energy markets, the defamation of oil and natural gas and misguided idea of renewables, and the intersection of energy and money through bitcoin.
Follow Max on Twitter: https://twitter.com/max_gagliardi
New YouTube videos every Wednesday and Frida
The Intersection Between Energy & Money with Max Gagliardi | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. Joe sits down with Max Gagliardi, a Partner & Co-founder at Ancova Energy and host of the @TalkEnergyPodcast . Max discusses the state of energy markets, the defamation of oil and natural gas and misguided idea of renewables, and the intersection of energy and money through bitcoin.
Follow Max on Twitter: https://twitter.com/max_gagliardi
New YouTube videos every Wednesday and F
Our 2023 Outlook: Fed Watch, China Troubles, US Recession Response & More!
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In our first video of 2023, Nik delivers an outlook on the uncertain year ahead, highlighting The Fed's Reputation, China, and the US Fiscal & Monetary response to recession.
New YouTube videos every Wednesday and Friday. New Substack posts
every Tuesday, Thursday & Saturday.
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The Economic Philosophy of Bitcoin, Part II with Marty Bent | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. Nik sits down with Marty Bent, the host of popular bitcoin podcast TFTC and writer of Marty's Bent. Marty discusses bitcoin's mining landscape, lessons learned by bitcoin market participants each cycle, global adoption, and the economic philosophy of bitcoin.
Follow Marty on Twitter: https://twitter.com/MartyBent
New YouTube videos every Wednesday and Friday. New Substack posts
The Economic Philosophy of Bitcoin, Part I with Bitstein | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. Nik sits down with @bitstein for a discussion on the ethos of bitcoin, Austrian economics, central bank distortions, and bitcoin's ability to realign market pricing with reality once more.
Follow Bitstein on Twitter: https://twitter.com/bitstein
New YouTube videos every Wednesday and Friday. New Substack posts
every Tuesday, Thursday & Saturday.
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The Pitfalls of Central Planning with Lawrence Lepard | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. Joe sits down with Lawrence Lepard, an Investment Manager at Equity Management Associates LLC, sound money advocate, and Austrian economist. Lawrence discusses the pitfalls of central banking, how price signals are distorted, the immense government debt problem, and why gold and bitcoin function as debasement insurance in your portfolio.
Follow Lawrence on Twitter: https://twitte
China's Real Estate Bubble is Finally Popping with James Palmer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. Nik sits down with James Palmer, an author and the Deputy Editor at Foreign Policy Magazine. James discusses the crises facing China ranging from COVID to property and demographics, and the implications each has on the growth story for China and the world at large.
Follow James on Twitter: https://twitter.com/BeijingPalmer
New YouTube videos every Wednesday and Friday. New Subst
Bitcoin & The Return To Prosperity Through Deflation with Jeff Booth | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. Nik sits down with Jeff Booth, a technology entrepreneur and author of the Amazon #1 Best Seller 'The Price of Tomorrow'. Jeff discusses inflating away the United States' immense debt burden, technologies' naturally deflationary trend, and how bitcoin paves the way for a return to prosperity growth free from centralized distortions to capital allocation.
Follow Jeff on Twitter: h
Bitcoin & The Return To Prosperity Through Deflation with Jeff Booth | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. Nik sits down with Jeff Booth, a technology entrepreneur and author of the Amazon #1 Best Seller 'The Price of Tomorrow'. Jeff discusses inflating away the United States' immense debt burden, technologies' naturally deflationary trend, and how bitcoin paves the way for a return to prosperity growth free from centralized distortions to capital allocation.
Follow Jeff on Twitter: ht
Macro Masterclass with Cullen Roche | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. Nik sat down with Cullen Roche, author, macro investor, and Chief Investment Officer at Discipline Funds. Cullen discusses the current macroeconomic environment, similarities and differences to 2008, and how stocks will respond as we reach peak interest rates for this cycle.
Follow Cullen on Twitter: https://twitter.com/cullenroche
Cullen's Book 'Pragmatic Capitalism': https://w
EXCLUSIVE ON-CHAIN INSIGHTS with Lucas Nuzzi: FTX & Alameda Secret Relationship | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. Nik sits down for a guest lecture from Lucas Nuzzi, on-chain explorer and Head of Research & Development at CoinMetrics. Lucas speaks about uncovering the FTX & Alameda relationship using on-chain data, how client funds were commingled with Alameda, and the fallout from this situation both from a regulatory standpoint and an industry perspective.
Follow Lucas on Twitter: https://
Bitcoin Will Survive, But Crypto Will Not - Monthly Markets Recap
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik breaks down the current turbulent macro environment. As bitcoin has drawn down more than 75% for the fifth time in its life, and "crypto" companies fall into insolvency like a chain of dominoes, we're more confident than ever that moving into this global growth slowdown, bitcoin will survive, but all of crypto will not.
New YouTube videos every Wednesday and
Bitcoin & The Austrian School of Economics with Peter St. Onge | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. Joe sits down with Peter St. Onge, an economist at the Heritage Foundation. In this episode, Peter discusses the Austrian School of Economics, its view on hard money, why bitcoin fits that bill, and central bank distortions.
Follow Peter on Twitter: https://twitter.com/profstonge
New YouTube videos every Wednesday and Friday. New Substack posts
every Tuesday, Thursday & Saturday.
Bitcoin & The Austrian School of Economics with Peter St. Onge | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. Joe sits down with Peter St. Onge, an economist at the Heritage Foundation. In this episode, Peter discusses the Austrian School of Economics, its view on hard money, why bitcoin fits that bill, and central bank distortions.
Follow Peter on Twitter: https://twitter.com/profstonge
New YouTube videos every Wednesday and Friday. New Substack posts
every Tuesday, Thursday & Saturda
Bitcoin & The US Debt Problem with James Lavish | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. James Lavish is a hedge fund manager, chartered financial analyst, co-founder of Looking Glass Edu, and the author of the popular The Informationist Newsletter at jameslavish.substack.com. In this episode, James discusses the pivotal books which lead him on his journey to bitcoin, the issue of central banks becoming the marginal buyer of their own sovereign debt and currencies, th
Binance Speculatively Attacked FTX Into Insolvency
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe breaks down the FTX situation start to finish. From the vaporware FTT token being used as collateral for real liabilities, to Binance's public declaration of sale which drove spot and derivatives selling pressure, to the ultimate admittance of insolvency and capitulation of FTX.
New YouTube videos every Wednesday and Friday. New Substack posts
every Tuesday,
China, Energy, and Deglobalization with Jacob Shapiro | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. Jacob Shapiro is the Director of Geopolitics at Cognitive Investments. In this episode, he discusses the European energy situation, and the geopolitical landscape encompassing deglobalization and China.
Follow Jacob on Twitter: https://twitter.com/JacobShap
New YouTube videos every Wednesday and Friday. New Substack posts
every Tuesday, Thursday & Saturday.
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The Long-Term Debt Cycle, Bitcoin, and the Shaky Macro Landscape with TXMC | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. TXMC is a data-visualization expert and markets researcher, host of Alpha Beta Soup, on Twitter @TXMCtrades. In this episode, he discusses pivotal books, the long-term debt cycle, bitcoin, and the current macro and geopolitical landscape.
Follow Santiago Capital on Twitter: https://twitter.com/SantiagoAuFund
New YouTube videos every Wednesday and Friday. New Substack posts
ever
FOMC Live Discussion: Another 75 Basis Points, Fed Speak Shift, Slowdown to a Pause In Sight?
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik & Joe breakdown the markets reaction to the FOMC decision to hike another 75 basis points. What did the Fed say differently, what does the path for monetary policy look like going into Q4, and when will we see the real regime change for markets?
Follow Santiago Capital on Twitter: https://twitter.com/SantiagoAuFund
New YouTube videos every Wednesday and Frid
Daily Cup of Joe ☕ | Markets & Macro
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Daily Cup of Joe ☕ | Markets & Macro
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Eurodollar System: A Game Of Musical Chairs with Brent Johnson | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. Brent Johnson is the CEO of Santiago Capital, which offers portfolio management and advisory services. In this episode, Brent explains his Dollar Milkshake Theory, and why the Eurodollar system is a global game of musical chairs.
Follow Santiago Capital on Twitter: https://twitter.com/SantiagoAuFund
New YouTube videos every Wednesday and Friday. New Substack posts
every Tuesday
Daily Cup of Joe ☕ | Markets & Macro
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Is the US Federal Reserve At War With European Banks?
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik discusses the premise that Jerome Powell and the US Federal Reserve are attempting to reclaim dollar monetary policy away from European banks.
New YouTube videos every Wednesday and Friday. New Substack posts every Tuesday and Thursday.
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Daily Cup of Joe ☕ | Markets & Macro
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Daily Cup of Joe ☕ | Markets & Macro
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Daily Cup of Joe ☕ | Markets & Macro
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Daily Cup of Joe ☕ | Markets & Macro
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Daily Cup of Joe ☕ | Markets & Macro
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Bitcoin As Property: What Perfection Looks Like with Michael Saylor | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. Michael Saylor is the Executive Chairman of MicroStrategy, a publicly traded business intelligence firm he founded in 1989. He founded and serves as trustee for the Saylor Academy, saylor.org, a non-profit organization that has provided free education to over 1 million students. He is an advocate for the Bitcoin Standard (hope.com). In this episode, he delivers a comprehensive and
Daily Cup of Joe ☕ | Markets & Macro
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China, Taiwan, & The Economic War with Matthew Pines | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. Matthew Pines is a Managing Consultant at Krebs Stamos Group, where he advises on geopolitics, tech security, and business strategy. He is also a National Security Fellow at the Bitcoin Policy Institute. In this episode, he delivers a comprehensive breakdown on the tension between China & Taiwan, as well as the boiling economic war being waged with US Treasuries at the center.
Fo
China, Taiwan & The Economic War with Matthew Pines | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. Matthew Pines is a Managing Consultant at Krebs Stamos Group, where he advises on geopolitics, tech security, and business strategy. He is also a National Security Fellow at the Bitcoin Policy Institute. In this episode, he delivers a comprehensive breakdown on the tension between China & Taiwan, as well as the boiling economic war being waged with US Treasuries at the center.
Fo
Daily Cup of Joe ☕ | Markets & Macro
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Daily Cup of Joe ☕ | Bitcoin & Macro
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Fed and US Treasuries Masterclass with Andy Constan | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. Andy Constan is the CEO of Damped Spring Advisors, a founder of two multi-strategy hedge funds, and a former associate with Bridgewater. He is an experienced global relative value and macro investor. In this episode, he delivers a masterclass in treasuries and QT, as well as implications for asset prices.
Follow Andy on Twitter: https://twitter.com/dampedspring
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FINANCIAL CRISIS 2022 - Is Credit Suisse Collapsing?
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik walks through the default risk of Credit Suisse and its potential outcomes, including our thesis that we will not see another 2008-style financial crisis.
New YouTube videos every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
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Ride With Nik: Economy, Central Banks & Bitcoin
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this second episode of Drive With Nik, Nik discusses this week's global economic releases, central bank policy tightening, and bitcoin price action as he drives around LA.
New YouTube videos every Tuesday and Thursday. New Substack posts every Wednesday and Friday. In October 2022, we introduced our new institutional service for professional investors: https://TheBitcoinLayer.
Daily Cup of Joe ☕ | Bitcoin & Macro
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Bank Of England BAILS OUT BLACKROCK in UK Bond Crisis 🚨
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik breaks down this week's Bank of England intervention in the UK government bond market. After the new leadership announced large tax cuts, UK gilts entered a downward spiral that resulted in an emergency bailout of pension managers, including BlackRock.
New YouTube videos every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
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SEPTEMBER MARKET RECAP: Interest Rates Skyrocketing
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik and Joe discuss the wild market moves after the Federal Reserve hiked interest rates by another 0.75% in September. They also break down why stocks and bitcoin are both flirting with their lows of the year.
New YouTube videos every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
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FOMC Live Discussion: 75 Basis Points, Market Reaction, Can The Economy Handle It?
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this discussion, Nik and Joe are joined by macro heavyweights TXMC, Jeff Ross, Croesus, and Greg Foss to discuss the Fed's decision to hike 75 basis points. What does the path for monetary policy look like, how will markets digest this decision, and will the real economy be able to handle a 4%+ risk-free rate?
New YouTube videos every Tuesday and Thursday. New Substack posts e
BITCOIN AND S&P 500 CORRELATION EXPLAINED
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik breaks down the correlation between bitcoin and the stock market, which are usually strongly correlated, but not when bitcoin goes on its signature bull runs! Watch to learn more.
New YouTube videos every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
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INFLATION STILL 🔥: Can The Markets Survive Higher Rates?
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik breaks down the latest dramatic price action in rates and risk markets after recent economic data. Is the Fed heading for further policy error?
New YouTube videos every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
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Ride With Nik: CPI Inflation & Fed Hikes
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik discusses this week's inflation economic releases and the potential path of Fed policy and interest rates as he drives around LA.
New YouTube videos every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
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Daily Cup of Joe ☕ | Bitcoin & Macro To Start Your Day
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Daily Cup of Joe ☕ | Bitcoin & Macro To Start Your Day
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Joe Consorti Explains The US Dollar Capital Market Risk Curve
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NO RATE CUTS Coming This Year, But Maybe A Pause!
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik breaks down several reasons why the Fed is not expected to cut rates any time soon, including current market pricing, recent Jerome Powell rhetoric after Jackson Hole, an absence of trouble in money markets and financial plumbing, and a Fed committed to a lengthy period of balance sheet runoff, or QT.
New YouTube videos every Tuesday and Thursday. New Substac
IDENTIFY BITCOIN PRICE FLOORS: Using On-Chain Metrics
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik demonstrates how investors can utilize on-chain metrics to identify price floors for bitcoin. Nik uses this HODL Waves Bitcoin UTXO Age Distribution chart: https://unchained.com/hodlwaves/
New YouTube videos every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
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Comparing Bitcoin & Dollars? Not Correct, Here's Why.
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik explains why comparing bitcoin to the dollar isn't as appropriate as comparing it to gold, equities, real estate, and bonds. This episode touches on points from his book Layered Money.
New YouTube episodes every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
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Daily Cup of Joe ☕ | Bitcoin & Macro to start your day
Daily Cup of Joe ☕ | Bitcoin & Macro to start your day
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RECAP: The Bitcoin Layer at BitBlockBoom 2022
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, we give you a behind the scenes recap from the bitcoin-only conference BitBlockBoom in Austin, Texas. Thank you to all our readers and fans for an awesome weekend!
New YouTube episodes every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
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Daily Cup of Joe ☕ | Bitcoin & Macro to start your morning
Daily Cup of Joe ☕ | Bitcoin & Macro to start your morning
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CHINA DEVALUATION: Are We In A Global Recession?
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik explains the recent Chinese economic contraction that has led to targeted stimulus and a currency devaluation, and what the implications are for global markets.
New YouTube episodes every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
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BITCOIN ETF: Will GBTC ever be approved?
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik covers Grayscale's bitcoin trust offering, GBTC, and explains the premium/discount to NAV situation. Will Grayscale’s GBTC ever get ETF Approval?
New YouTube episodes every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
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MONETARY HISTORY COURSE: Saylor Academy + Nik Bhatia
In this episode, Nik announces his "Monetary History" course, a new addition to Michael Saylor's bitcoin educational offering at @Saylor Academy.
Get a world class monetary history, economics, and bitcoin education for FREE at: http://sylr.org/MonetaryHistory.
New YouTube episodes every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
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BITCOIN VS. ETHEREUM: Why Bitcoin Is A Superior Investment
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik highlights some of the key differences between bitcoin and Ethereum and explains why he believes bitcoin is the superior investment.
New YouTube episodes every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
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THE BIGGEST News In Bitcoin (Blackrock X Coinbase)
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, we talk about @BlackRock partnering with @Coinbase to offer bitcoin connectivity to its clients. The largest asset manager in the world just opened the world's most popular portfolio management software to bitcoin purchases.
Read the @Bloomberg Markets and Finance article: https://bloomberg.com/news/articles/2022-08-04/blackrock-teams-up-with-coinbase-in-crypto-m
BTC IS CHEAP? EXPENSIVE? | Bitcoin Valuation Explained
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik explains The Bitcoin Layer's Fair Valuation Framework, a method to valuing bitcoin amidst its tremendous volatility. Watch this video to understand how long-term accumulation and electricity consumption contribute to our analysis.
New YouTube episodes every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
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FED WATCH: Rate Hikes Are Killing The Economy!
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik breaks down the Fed's decision in September: to hike, or not to hike? With the US economy in technical recession, and inflation over 9%, the Fed is in an awkward position. Learn why Nik believes the Fed will probably hike rates again in September.
New YouTube episodes every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
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Everything You Need To Learn About Fixed Income | Bond Market 101
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik presents a bond market 101, explaining bond and corporate finance basics, US Treasuries, and duration. Learn about global finance's most important asset class in easy-to-understand language from a fixed-income professor.
New YouTube episodes every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
Thanks to our Sponsors!
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The Case for $500,000 Bitcoin | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik explains why bitcoin is the most important monetary innovation of the past 3,000 years and why we believe it is worth $500,000+. He also gives a summary of his acclaimed 2021 book, Layered Money. Go to https://thebitcoinlayer.com/layeredmoney to buy Nik's book.
New YouTube episodes every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
Th
Ask Nik Volume 1: Yield curves, recession and risk assets, Lightning Network | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik answers some viewer questions about rates, the incoming recession, bitcoin prices, and Lightning Network routing economics. If you have a question for Nik and The Bitcoin Layer team, be sure to drop a comment to be featured in this video series.
New YouTube episodes every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
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Is It Finally Time To Buy Bitcoin? Here's Why The Bear Market May Be Over | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik breaks down the latest market moves in interest rates and equities, and concludes that the 2022 bear market in risk assets, including bitcoin, might have ended in June. What comes next?
New YouTube episodes every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
Thanks to our Sponsors!
ZEBEDEE: https://thebitcoinlayer.com/zebedee
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GDP Is Useless! Use These 3 Economic Indicators Instead | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik demonstrates why GDP is lagging, and explains which three economic indicators to pay attention to instead.
New YouTube episodes every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
Thanks to our Sponsors!
ZEBEDEE: https://thebitcoinlayer.com/zebedee
VOLTAGE: https://thebitcoinlayer.com/voltage
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GDP Is Useless! Use These 3 Economic Indicators Instead | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik demonstrates why GDP is lagging, and explains which three economic indicators to pay attention to instead.
New YouTube episodes every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
Thanks to our Sponsors!
ZEBEDEE: https://thebitcoinlayer.com/zebedee
VOLTAGE: https://thebitcoinlayer.com/voltage
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Bitcoin Just Crashed 75%...Again? Here’s Why You Shouldn’t Worry | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik assures investors that the recent 75% drawdown is just a part of bitcoin's cyclical nature and might be a buy signal, according to The Bitcoin Layer's Fair Valuation Framework.
New YouTube episodes every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
Thanks to our Sponsors!
ZEBEDEE: https://thebitcoinlayer.com/zebedee
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Earn Yield Without Default Risk? With Lightning Network, We Can! | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik discusses Lightning Network and its unprecedented innovation in allowing for risk-free yield generation on bitcoin.
New YouTube episodes every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
Thanks to our Sponsors!
ZEBEDEE: https://thebitcoinlayer.com/zebedee
VOLTAGE: https://thebitcoinlayer.com/voltage
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3 Key Ingredients to Building an Investing Framework | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik delivers the first 3 crucial ingredients of his investing framework in under 10 minutes.
New YouTube episodes every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
Thanks to our Sponsors!
ZEBEDEE: https://thebitcoinlayer.com/zebedee
VOLTAGE: https://thebitcoinlayer.com/voltage
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On-Chain 101: What is realized price? | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik delivers an on-chain 101 explanation of the realized price metric and explains why it is so important for investors to understand.
Bitcoin Realized Price Graph: https://www.lookintobitcoin.com/charts/realized-price/
Bitcoin Market Value to Realized Value: https://www.lookintobitcoin.com/charts/mvrv-zscore/
Bitcoin Net Realized Profit/Loss: https://analytics.t
Are we entering a recession? Yield curve inversion explained | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik explains how yield curve inversions always precede recessions.
0:14 Historic yield curve inversions as recession indicators
0:58 Current yield curve conditions
1:19 Fixed income 101
1:53 Why does the Treasury issue different maturities?
2:15 Relationship between yields and prices
2:30 Difference between the 10-year and the 2-year yield
3:08 Understanding the
Lightning Network explained in 10 minutes | The Bitcoin Layer
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik explains how Lightning Network works using easy-to-understand analogies to the dollar and VISA. Learn why bitcoin’s speed and capacity limits are essential to preserve its neutrality. Explore the concept of layered money.
0:18 Cargoship analogy to describe bitcoin
1:17 Why we pay transaction fees to use bitcoin
2:04 Is bitcoin slow and limited?
2:40 Comparing
The Bitcoin Layer Trailer | Research. Analysis. Education.
Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro.
Featuring Nik Bhatia, author or the #1 Amazon bestseller Layered Money and USC Marshall School of Business professor.
New YouTube episodes every Tuesday and Thursday. New Substack posts every Wednesday and Friday.
Subscribe and turn on notifications for TBL on YouTube.
Subscribe to TBL on Substack: https://thebitcoinlayer.substack.com
Follow TBL on Twitter: https://twitter.com/