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PODCAST

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

business investing

All Episodes

45:09

Debt Monetization Is Coming, Hard Assets Are The...

The Bitcoin Layer ·

2024/02/12

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. New YouTube videos M/W/F — New

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63:58

Bitcoin Covenants with Andrew Poelstra

The Bitcoin Layer ·

2024/02/09

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 is

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36:45

Magnificent 7 Lead Stocks To Record, Banking...

The Bitcoin Layer ·

2024/02/07

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. The

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53:05

HOT Job Numbers & Bitcoin ETF Milestone

The Bitcoin Layer ·

2024/02/02

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 flows

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30:12

Fed Update: No March Cut, No QT Change

The Bitcoin Layer ·

2024/02/01

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

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31:48

Central Bankers Planning For Next Crisis

The Bitcoin Layer ·

2024/01/26

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. New YouTube videos M/W/F — New

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33:48

How Bitcoin ETFs Work with Alex Thorn

The Bitcoin Layer ·

2024/01/24

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. New YouTube videos M/W/F — New Substack posts

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29:06

PRO-BITCOIN Policies In Africa

The Bitcoin Layer ·

2024/01/22

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

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55:27

Bitcoin DEEP DIVE: On-Chain, Futures & Options, and...

The Bitcoin Layer ·

2024/01/19

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 matures as

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51:09

Why Bitcoin Makes The World Better

The Bitcoin Layer ·

2024/01/18

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. New YouTube videos M/W/F — New

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26:35

Bitcoin ETFs: Launch Success, Price Fail

The Bitcoin Layer ·

2024/01/12

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 YouTube

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28:11

Record-High Office Vacancies Ahead of CPI Report

The Bitcoin Layer ·

2024/01/11

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. New YouTube videos M/W/F — New Substack posts T/R/S The Bitcoin Layer is brought to you by River. Visit

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27:08

Fed Will End QT Early! Is QE Next?

The Bitcoin Layer ·

2024/01/09

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

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13:29

Americans Are Struggling: Unpacking Today's Bad Data

The Bitcoin Layer ·

2024/01/05

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. New YouTube videos M/W/F — New Substack posts T/R/S The Bitcoin Layer is brought to you by

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20:36

Bitcoin ETFs Are Here: Should You Use Them?

The Bitcoin Layer ·

2024/01/04

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. New YouTube videos M/W/F —

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56:35

Bitcoin & Macro 2024 Outlook

The Bitcoin Layer ·

2023/12/22

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

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64:01

Understanding The Fed's Balance Sheet with Andy Constan

The Bitcoin Layer ·

2023/12/20

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

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25:26

FED PIVOT: Rate Cuts Coming Soon

The Bitcoin Layer ·

2023/12/14

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. New

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45:51

Understanding Liquidity & Bitcoin Bull Markets

The Bitcoin Layer ·

2023/12/08

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. New YouTube videos

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54:34

Bitcoin Fixes Broken Money with Lyn Alden

The Bitcoin Layer ·

2023/12/04

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

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234 results

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