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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

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All Episodes

29:12

Bitcoin $100,000 Journey: Our Most Powerful...

The Bitcoin Layer ·

2024/11/28

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 additional

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23:15

The Bitcoin Classroom Part 3: Bitcoin’s Scarcity and...

The Bitcoin Layer ·

2024/11/26

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

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29:56

The Bitcoin Classroom Part 2: Bitcoin’s Intrinsic Value

The Bitcoin Layer ·

2024/11/25

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

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33:24

Bitcoin Nears $100,000: How High Can It Go?

The Bitcoin Layer ·

2024/11/22

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 to

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43:58

The Bitcoin Classroom Part 1: Challenging a Bitcoin...

The Bitcoin Layer ·

2024/11/19

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

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52:13

Goodbye Recession: Welcome to the 2025 Economic Boom

The Bitcoin Layer ·

2024/11/15

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

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37:48

Mastering Bitcoin Self-Custody with BTC Sessions

The Bitcoin Layer ·

2024/11/14

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

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39:34

Building a U.S. Strategic Bitcoin Reserve: A New Era...

The Bitcoin Layer ·

2024/11/12

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

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37:14

The Math Behind Bitcoin's Move to $96,000

The Bitcoin Layer ·

2024/11/12

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 $300,000

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35:43

Why Bitcoin $77,000 Is Just The Warm-Up Act

The Bitcoin Layer ·

2024/11/08

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. dollar

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38:50

Store Your Bitcoin SECURELY: Multi-Sig & Key Control

The Bitcoin Layer ·

2024/11/07

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

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38:08

BITCOIN SPECULATORS ARE BACK: Inflows & On-Chain...

The Bitcoin Layer ·

2024/11/06

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

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19:25

Bitcoin Hits $73,000: The Hidden Money Printer...

The Bitcoin Layer ·

2024/10/30

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 and

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29:34

Beyond the Headlines: How to Really Understand...

The Bitcoin Layer ·

2024/10/28

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

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47:24

Global Macro Update: Treasury Yields Hit 4.25% &...

The Bitcoin Layer ·

2024/10/25

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 decline

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30:40

Treasury Freefall: What Surging Yields Mean for...

The Bitcoin Layer ·

2024/10/23

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

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25:06

Bitcoin ETFs: The Death Knell for Crypto VC?

The Bitcoin Layer ·

2024/10/21

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

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43:02

Bitcoin’s Power Law Path to $1 Million

The Bitcoin Layer ·

2024/10/17

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

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24:35

Global Macro Update: Bitcoin Surges as China...

The Bitcoin Layer ·

2024/10/15

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

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55:34

The Recession That Never Came: Is the US Economy...

The Bitcoin Layer ·

2024/10/12

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 and

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