Shows
The Bitcoin LayerClaude Eclipses Trump as the Most Important Force in Global MacroIn this episode, Nik breaks down why Anthropic's Claude has displaced Donald Trump as the single most important force driving global macro and financial markets, walking through the system-level evidence including IBM dropping 12% on a single AI headline, Block cutting 40% of its workforce, trucking capacity sold out from data center buildout, and Treasury yields falling in direct response to new model releases. He connects the AI arms race to US economic statecraft, the fight to outpace China, and what a disinflationary labor market shock means for Fed policy, credit spreads, and Bitcoin.
đź“Š The Bitcoin Layer is a bit...
2026-02-2844 min
The Bitcoin LayerIndividual Ownership Peaked in 2024 and What Comes Next for BitcoinIn this episode, Nik sits down with Sam Baker, Research at River, to break down River's second annual Bitcoin adoption report, covering how institutional ownership, registered investment advisors, sovereign holdings, and small business adoption all accelerated in 2025 despite price weakness. Sam explains why individual ownership likely peaked in 2024, why RIAs managing $146 trillion hold less than one basis point in Bitcoin, and what the ownership distribution trend implies for the decade ahead. Nik connects the data to his framework of Bitcoin as a tool of American economic statecraft in the US-China competition for global capital dominance.Episode links:
2026-02-2439 min
The Bitcoin LayerThe Liquidity Signal That Called Bitcoin's Drop Is Still RedIn this episode, Nik walks through our TBL proprietary liquidity index, explaining why the red signal flagged in late December and confirmed in January preceded Bitcoin's sharp decline below $70,000. He breaks down the four inputs driving the current liquidity contraction, with focus on dollar volatility and bond stress, the US-Japan currency relationship, and why early-cycle US credit growth remains the structural argument for improving conditions ahead.📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm. ▶️ Subscribe and turn on notifications for TBL on YouTube.📚 Subscribe to TBL’s research letter: https://thebitcoinlayer.com/subscrib...
2026-02-1928 min
The Bitcoin LayerGlobal Macro Update: Inflation Cools, Bond Yields Drop, & Bitcoin ReactsIn this episode, Nik breaks down Bitcoin’s bounce following a softer-than-expected CPI print and falling Treasury yields, analyzing the rollover in the 200-day moving average, the latest negative mining difficulty adjustment, and what shifting liquidity conditions mean for risk assets. He explains why bond markets, dollar strength, and fixed income demand, including Google’s rare 100-year bond issuance, matter more for Bitcoin in the short term than fundamentals, while also revisiting the long-term case tied to global wealth distribution, fiscal deficits, and the evolving role of Bitcoin in U.S. economic statecraft.📊 The Bitcoin Layer is a bitco...
2026-02-1332 min
The Bitcoin LayerJapan’s Historic Election, Yen Defense, & Why Bitcoin Is Still a Liquidity TradeIn this episode, Nik breaks down dramatic political developments in Japan, including a snap election, currency intervention, and the U.S.-Japan effort to defend the yen, and explains why these moves matter for global liquidity and Bitcoin. He walks through Bitcoin’s drawdown using on-chain metrics like realized price and MVRV, shows why rising volatility and elevated stock correlations point to a macro driven move, and ties Japan’s bond market stress, dollar weakness, and FX intervention directly into TBL Liquidity, framing Bitcoin’s price action as part of a broader system level liquidity shift rather than an isolat...
2026-02-0932 min
The Bitcoin LayerThe REAL Reason Bitcoin Is Crashing - And What Comes NextIn this episode, Nik and Matt Dines break down Bitcoin’s 52% drawdown, focusing on the global liquidity forces pressuring risk assets. They explain how reindustrialization, capital rotation out of software and speculative assets, yen and dollar liquidity stress, and rising volatility across gold, equities, and FX are colliding at once. The conversation reframes Bitcoin’s selloff as a macro-driven liquidity event, not a failure of the asset, and walks through what must stabilize before conditions improve.📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm. 🔓 The Bitcoin Layer is proud to be sponsored by Unchain...
2026-02-0655 min
The Bitcoin LayerBitcoin Enters Bear Market Behavior, What On-Chain Metrics Are ShowingIn this episode, Nik sits down with TBL on-chain analyst Johan Bergman to break down Bitcoin’s recent breakdown, sell-the-rip behavior, and the on-chain signals flashing bear market conditions. Johan walks through cost basis models, the AVIV Ratio Mean, short-term holder behavior, and why Bitcoin’s November trend break marked a major regime shift. They discuss ETF flows, forced selling, liquidation dynamics, and where real support may emerge next, while separating long-term conviction from short-term market reality.📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm. ▶️ Subscribe and turn on notifications for TBL on YouTube...
2026-02-0345 min
The Bitcoin LayerGlobal Macro Update: Gold, Silver, Bitcoin, and the Breakdown of the WTO EraIn this episode, Nik steps back to assess the massive shifts underway in global markets. With gold surging to record highs, silver collapsing after a historic spike, and Bitcoin struggling versus both gold and the dollar, Nik revisits long-held assumptions about money, Basel III, the Shanghai Gold Exchange, and the end of the WTO era. He explains why gold is reentering the monetary system, how Bitcoin still fits into the layered money framework, and what these changes mean for investors navigating a post-globalization world. Link to podcast mentioned: https://podcasts.apple.com/us/podcast/bias-the-sequel/id1802258017
2026-01-311h 01
The Bitcoin LayerJAPAN RATE CHECK Triggers a DOLLAR INDEX COLLAPSEIn this episode, Nik breaks down the Japan “rate check” that sent the U.S. dollar sharply lower and triggered major moves across global markets. He explains how Japan’s bond stress, rising yields, and yen instability forced coordination with the U.S., why the dollar index breaking long-term support matters for liquidity, and how a weaker dollar is pushing stocks and gold higher. Nik closes by connecting the rate check to TBL Liquidity, why Bitcoin has lagged gold so far, and why a sustained dollar breakdown could be a powerful setup for Bitcoin heading into 2026.📊 The Bitcoin L...
2026-01-2816 min
The Bitcoin LayerGold at $5,000 Signals MASSIVE Changes to the World OrderIn this episode, Nik breaks down a massive global macro repricing as gold approaches $5,000, bond markets stabilize, and the world adjusts to a new economic order. He walks through key signals across Bitcoin, Treasuries, inflation expectations, labor markets, and global trade to explain why volatility is falling, liquidity conditions are improving, and why Bitcoin’s muted price action may be a feature, not a flaw, of this transition. Nik ties together Davos rhetoric, Supreme Court tariff dynamics, fiscal math, and capital flows to show how markets are responding to structural change heading into 2026.Polymarket Link: https://po...
2026-01-2456 min
The Bitcoin LayerIs China Sitting on the BIGGEST DEBT BOMB in Modern History?In this episode, Nik sits down with Brian McCarthy to break down China’s debt-driven growth model, rare earth leverage, and why central planning has created deep structural risks. They explore how China’s manufacturing dominance masks massive capital misallocation, why rare earths have become a geopolitical pressure point, and how a potential unwind could reshape global markets. The discussion ties China’s internal fragility to global liquidity, geopolitical escalation, and the long-term implications for Bitcoin as a non-sovereign store of value.Follow Brian's work: https://x.com/briangobosoxhttps://macrolens.substack.com/https://macrolens.com/📊 The Bitco...
2026-01-2243 min
The Bitcoin LayerThe Trump Doctrine Has ARRIVED, Here’s What It Means for 2026In this episode, Nik breaks down how the Supreme Court’s tariff decision, the administration’s healthcare proposal, and growing pressure on the Federal Reserve are all part of a single fiscal and national security framework. He explains why economic sovereignty, debt servicing costs, and healthcare spending are now central to U.S. policy decisions, and how these forces intersect with interest rates and Fed independence. Nik walks through the unsustainable math behind rising deficits, why lowering rates has become politically unavoidable, and how fiscal stabilization could ultimately support Bitcoin as a long-term store of value heading into 2026.Po...
2026-01-1634 min
The Bitcoin Layer$95,000 Bitcoin & Fed IndependenceIn this episode, Nik breaks down Bitcoin’s strong start to the year as price reclaims key technical levels following a deep but healthy drawdown. He walks through daily, weekly, and structural trend lines to explain why recent higher lows and higher closes matter for Bitcoin’s next move. Nik then zooms out to discuss resistance zones, bull market structure, and what a potential test of the $108,000 to $112,000 range could signal for momentum. He closes with a deeper look at the growing debate around the Federal Reserve, central bank independence, the legacy of Jekyll Island, and why political pressure, mark...
2026-01-1423 min
The Bitcoin Layer$1 QUADRILLION In Global Wealth: How Does It Impact Bitcoin?In this episode, Nik Bhatia and Demian Schatt step back from short-term liquidity signals to examine the global balance sheet and its implications for Bitcoin. They break down why global wealth has decoupled from GDP, how financialization and credit expansion reshaped the world economy, and why policymakers have become increasingly resistant to prolonged contraction. Nik explains how Bitcoin fits into a system with nearly $1 quadrillion in existing net worth, why adoption and credit expansion matter more than simple rotation narratives, and what this framework means for Bitcoin’s long-term trajectory.Link to article: https://www.mckinsey.com/~/me...
2026-01-0838 min
The Bitcoin LayerUS Treasuries MUST STABILIZE for Bitcoin to Move HigherIn this episode, Nik explains why US Treasury stability is critical for sustained Bitcoin strength by walking through repo markets, bond volatility, and Fed balance sheet dynamics. He breaks down how year-end funding stress, Treasury issuance choices, and inflation trends shape liquidity conditions across the system. Nik shows why stable repo rates and calmer bond markets matter for leveraged Bitcoin buyers, how housing and energy costs feed into inflation expectations, and what improving Treasury stability could mean for Bitcoin as 2026 begins.đź“š Bitcoin Age is here, order yours today: https://a.co/d/5gau08Hđź“Š The Bitcoi...
2026-01-0736 min
The Bitcoin LayerHERE COMES VANGUARD: Why Bitcoin Hits New All-Time Highs in 2026In this episode, Nik sits down with Dr. André Dragosch of Bitwise to break down why large institutional capital is lining up behind Bitcoin heading into 2026. They explore ETF flows, treasury company demand, wirehouse adoption, & why Vanguard’s green light marks a major shift in access for traditional investors. André explains how global growth expectations, bond market stress, & falling confidence in sovereign debt are reshaping capital allocation, setting the stage for Bitcoin to push toward new all-time highs as long-term selling fades and institutional demand accelerates.Find André's work here: https://andredragosch.start.page/📚 Bitcoin...
2025-12-2349 min
The Bitcoin LayerBITCOIN’S 4-YEAR CYCLE NEVER EXISTED | Next Bubble 2027 w/ Stephen PerrenodIn this episode, Nik sits down with astrophysicist and mathematician Dr. Stephen Perrenod to break down Bitcoin’s power law, bubble behavior, and why the familiar four year cycle framework no longer holds. They explore how Bitcoin trades relative to long term trend, why volatility is structurally declining, and how new tiers of capital shape bubble timing through log periodic behavior. Stephen explains why 2025 was not supposed to produce a bubble, why 2021 was a harmonic rather than a peak, and why the next major Bitcoin bubble may arrive closer to 2027 as deeper capital pools emerge.Other Episodes: ...
2025-12-1957 min
The Bitcoin LayerWhat Falling Gas Prices Signal for Bitcoin & The 2026 Midterm ElectionsIn this episode, Nik breaks down why Bitcoin remains resilient despite year-to-date weakness by applying the TBL Liquidity framework. He walks through inflation expectations, energy prices, Treasury yields, and housing costs to explain how policy choices around oil production, affordability, and fiscal math shape liquidity conditions. Nik shows why lower inflation is the key driver for lower yields, how energy prices feed directly into CPI, and what calmer bond markets could mean for Bitcoin heading into 2026.Episode links: https://www.tcw.com/-/media/Downloads/com/Insights/2025/251006-IPO-or-IOU.PDF?rev=9a6fd213f53d4bbc87c5767890483...
2025-12-1856 min
The Bitcoin LayerWhy STRATEGY Stands Alone & Why Most Bitcoin Treasury Companies Cannot LastIn this episode, Nik and Joakim Book break down why Strategy’s balance-sheet structure, perpetual preferred design, and debt flexibility make it uniquely durable while most 2025 Bitcoin treasury companies are already cracking under MNAV compression, leverage mistakes, and collapsing share premiums. They explain how convertible debt, pipe deals, equity dilution, and falling Bitcoin prices have exposed structural flaws across the sector, why forced selling risk is overstated for Strategy but real for smaller firms, and how Tether flows, liquidity dynamics, and equity market pressure shaped this entire cycle. The discussion sets the record straight on why Strategy’s model rema...
2025-12-1539 min
The Bitcoin LayerEUROPEAN BREAKING POINT: Italy Takes Gold Back, Sovereign Bond Crisis, & Bitcoin w/ Matt DinesIn this episode, Nik and Matt Dines break down the European sovereign stress that has become a major driver of global liquidity and Bitcoin’s recent moves. They walk through the ECB’s need to defend German and French yields, Italy’s push to reclaim gold authority, and why Euro strength signals deeper funding pressure inside Europe. Nik and Matt explain how balance sheet constraints, dollar selling, and capital sourcing across offshore markets pulled liquidity out of Bitcoin, plus how bond spreads, demographic pressures, and geopolitical fractures frame the next phase of this macro cycle.📚 Bitcoin Age is here...
2025-12-1151 min
The Bitcoin LayerTHE MOST IMPORTANT DOCUMENT OF 2025: What the New U.S. National Security Strategy Means for MarketsIn this episode, Nik breaks down the White House’s new National Security Strategy and explains why it is the most important document released by the administration so far. He walks through the shift away from globalism, the focus on reshoring industrial capacity, and how defense spending, technology investment, and middle class revitalization tie directly into future market structure. Nik analyzes the new Monroe Doctrine framing, the balance of power approach with China, the administration’s stance on Europe, and how energy dominance, AI, and military production shape credit creation and capital flows. He explains why these policies matter for...
2025-12-0959 min
The Bitcoin LayerINTEREST EXPENSE EXPLODES: Why The Fed Must Cut & What It Means For BitcoinIn this episode, Nik breaks down why the Fed is effectively locked into a rate cut next week as repo tightness eases, QT halts, and Treasury interest expense reaches historic levels. He covers how falling yields, weaker dollar action, & a turning liquidity cycle are shaping Bitcoin’s path as it holds near $90,000. Nik also dives into bond volatility, the debt math forcing lower rates, & what TBL Liquidity is signaling for Bitcoin & risk assets going into year end.Episode links: https://www.whitehouse.gov/wp-content/uploads/2025/12/2025-National-Security-Strategy.pdf📚 Bitcoin Age is here, order yours today: https://a.co...
2025-12-0521 min
The Bitcoin LayerBitcoin Holds $90,000: Volatility, Yields, & The FED’S NEXT PRINTIn this episode, Nik breaks down why US Treasury interest expense has become the most important story in finance, how lower rates are now a mathematical necessity for the United States, and why bond volatility remains the primary driver of Bitcoin’s price. He explains the pressure inside the repo market, the role of Japanese yields in recent volatility, the dollar’s evolving relationship with China, and how Bitcoin is holding its two year trend despite sharp macro turbulence. Nik also details why the Fed will eventually need to expand its balance sheet, how liquidity flows are shifting across glob...
2025-12-0327 min
The Bitcoin LayerInside Bitcoin’s Trend Shift: Bear Zone, Liquidations, & Key SupportIn this episode, Demian and Johan unpack Bitcoin’s recent trend break, the shift into bear territory on several on chain metrics, and why the short term holder cost basis and true market mean are now critical levels. They cover the liquidation cascade that started in October, the divergence in put call positioning across exchanges, the sharp drop in open interest, and the surprising strength of the most recent WIC off $80,000. Johan explains how trend structure, RSI momentum, realized profit behavior, and valuation zones fit together, what would confirm a reversal, and why the four year cycle may be lo...
2025-11-2748 min
The Bitcoin LayerCan NVIDIA’s EARNINGS JOLT Spark a Bitcoin Reversal?In this episode, Nik breaks down whether Nvidia’s blockbuster earnings report can be the spark that turns momentum positive for Bitcoin as it tests the crucial $87,000 to $90,000 support. He walks through the money markets monitor, the TGA rollover, and how shifts in reserves, repo usage, and liquidity flows may have driven the recent drawdown across stocks and Bitcoin. Nik analyzes the Fed corridor, the standing repo facility, Treasury supply dynamics, bond volatility, and what growing correlations between Bitcoin and equities say about the path forward. He explains why the next few weeks hinge on liquidity, volatility, and whether th...
2025-11-2029 min
The Bitcoin LayerINSIDE THE SELLOFF: Bitcoin, Sanctions, & The Liquidity DrainIn this episode, Nik breaks down Bitcoin’s sharp fall through $100,000 and explains how a surge in volatility across stocks, bonds, and the dollar has triggered a broad liquidity drain. He explores the Luke Oil divestiture pressure, Treasury sanctions, and why forced asset sales are pulling capital out of risk markets. Nik walks through the TBL Liquidity Index, the new sell signal triggered in late October, and the critical $87,000 to $88,000 support area on Bitcoin that will define whether the bull trend stays intact. He compares Bitcoin with gold, reviews stock market stress, and looks ahead to income-driven liquidity tailwinds ex...
2025-11-1827 min
The Bitcoin LayerBITCOIN CRASHES THROUGH $100,000 While Macro Volatility Surges & Trend Structure WeakensIn this episode, Nik breaks down Bitcoin’s drop below $100,000, why key trend lines matter, and how TBL Liquidity flipped negative ahead of the move. He covers the failed $108,000 level, the critical support zones near $96.000 and $87,000, the rise in bond volatility, and tightness in the repo market as SOFR hits the ceiling. Nik also explains how the government reopening and TGA spend down may affect reserves, liquidity, and Bitcoin’s path from here.📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H📊 The Bitcoin Layer is a bitcoin and global macroeconomic research f...
2025-11-1415 min
The Bitcoin LayerInside McKinsey’s Global Wealth Report: What It Means for BitcoinIn this episode, Nik and Demian break down the connection between credit creation, inflation, and productivity, exploring why the world’s debt keeps growing faster than real wealth. Nik explains how money enters the system, when it becomes inflationary, and how productivity can offset rising prices. They discuss McKinsey’s global balance sheet framework, the difference between paper wealth and real wealth, and how Bitcoin could serve as new collateral in a re-collateralized financial system built for long-term stability and growth.Link to Nik's latest report: https://thebitcoinlayer.substack.com/p/the-macroeconomy-seeks-productivityLink to McKinsey's report: http...
2025-11-1333 min
The Bitcoin LayerLIQUIDITY Explained SIMPLY: How It Really Moves BITCOINIn this episode, Nik explains why Bitcoin rallied on the news that the U.S. government may soon reopen. He breaks down how Treasury spending, reserves, and deposits move through the financial system, eventually fueling Bitcoin demand. Using a simple four-balance-sheet setup, Nik teaches how TBL Liquidity connects government spending, bank balance sheets, and Bitcoin’s price performance. 📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm. ▶️ Subscribe and turn on notifications for TBL on YouTube.📚 Subscribe to TBL’s resear...
2025-11-1016 min
The Bitcoin LayerBitcoin Holds $100,000 as Stocks Recover: TBL Liquidity ExplainedIn this episode, Nik breaks down the latest global macro data and Bitcoin’s reaction to shifting liquidity conditions around the $100,000 level. He covers repo market tightness, U.S. credit card debt trends, Treasury issuance plans, and debt-to-GDP stability. Nik also compares Bitcoin’s performance to gold, explores what MVRV and realized price reveal about market health, and explains how TBL Liquidity captures the link between funding, risk assets, and Bitcoin’s price action.📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H📊 The Bitcoin Layer is a bitcoin and global macroeconomi...
2025-11-0838 min
The Bitcoin LayerHow the Fed Lost Control of Liquidity (and What It Means for Bitcoin)In this episode, Nik and Demian unpack how the Fed’s fight to manage repo market tightness is reshaping liquidity and Bitcoin’s price behavior. They break down the balance between inflation, employment, and the Fed’s “unofficial” financial stability mandate, exploring how fiscal dominance and credit creation now drive global money flows more than monetary policy itself. Nik explains why Bitcoin acts as a liquidity asset, not a safe haven, and how the next cycle will be defined by the real economy, not Fed narratives.📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H...
2025-11-0637 min
The Bitcoin LayerFed Liquidity Crunch Explained: Repo, QT, & Bitcoin’s ReactionIn this episode, Nik breaks down a new wave of funding stress across the global liquidity system. He explains how the Treasury’s growing General Account is pulling cash from reserves, why repo spreads are flashing early warning signals, and how the dollar’s rebound is weighing on Bitcoin’s price below $108,000. With markets tightening and liquidity pressure mounting, Nik reveals what these signals mean for Bitcoin, risk assets, and the next phase of the global credit cycle.📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H📊 The Bitcoin Layer is a bitcoin an...
2025-11-0419 min
The Bitcoin LayerLiquidity Tightens AGAIN: What the Repo Market Is Telling UsIn this episode, Nik Bhatia breaks down the latest global macro developments including new stress in the repo market, the Fed’s official plan to end QT on November 30, and what these moves mean for liquidity, risk assets, and Bitcoin. Nik explains how the SOFR-to-IORB spread, declining reserves, and Treasury bill issuance point toward tightening conditions that will soon force renewed balance sheet growth. He also covers how “not-QE QE” may unfold, why the dollar and Chinese yuan movements matter for global risk sentiment, and why Bitcoin remains in a consolidation phase as the liquidity cycle turns.📚 Bitcoin A...
2025-10-3120 min
The Bitcoin LayerTHE FED ENDS QT: Fiscal Dominance, Repo Stress, & Bitcoin’s SignalIn this episode, Nik & Demian Schatt break down the Fed’s latest 25-basis-point rate cut, the announcement to end quantitative tightening, and what it reveals about the growing fiscal dominance shaping global markets. They unpack Joseph Wang’s concept of “Balance Sheet Dominance,” the mounting stress in repo markets, and why the Treasury’s massive bill issuance is now steering the Fed’s hand. The discussion connects these liquidity shifts to Bitcoin’s role in a system where monetary control is slipping, inflation remains sticky, and fiscal power is rewriting the rules of global finance.Article links: https://fedguy...
2025-10-3039 min
The Bitcoin LayerHow The Bible Helped Me Understand The Capital WarIn this episode, Nik sits down with Kane McGukin to explore how faith, morality, and history shape the global liquidity battle Michael Howell calls The Capital War. Kane explains how reading the Bible helped him understand cycles of credit, power, and moral decay that echo through today’s financial system. The discussion connects biblical wisdom to modern macro, from the U.S.–China rivalry to the shift from Eurodollar banking toward a new liquidity era powered by stablecoins and Bitcoin.Find Kane McGukin here: https://x.com/kanemcgukin📚 Bitcoin Age is here, order yours today: https...
2025-10-2844 min
The Bitcoin LayerTHE GREAT AMERICAN RESET: Credit, Industry, and Bitcoin’s Role in What Comes NextIn this episode, Nik is joined by Matt Dines, CIO of Build Asset Management, for an expansive look at America’s evolving grand strategy. They break down the Fed’s next move in the repo market, the role of gold in global reflation, and how Bitcoin fits into the new era of credit, conflict, and liquidity. Nik and Matt explore the CapEx boom, private credit expansion, and why the U.S. banking system’s structural shift gives it a strategic edge over Europe and China. The discussion connects five centuries of global finance, from gold-backed empires to Bitcoin’s rise as...
2025-10-241h 35
The Bitcoin LayerAmerica’s Grand Strategy: Repo, China, Jensen Huang, & Bitcoin’s Next MoveIn this episode, Nik breaks down the latest developments in the repo market, the Fed’s growing concern over reserve scarcity, and how these forces connect to America’s reindustrialization strategy. He explains how the shift from LIBOR to SOFR reflects a deeper geopolitical pivot, explores the U.S.–China economic dynamic, and outlines how new capital investment, dollar weakness, and expanding liquidity could drive Bitcoin’s next major cycle.📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm. ▶️ Subscribe...
2025-10-2253 min
The Bitcoin LayerRepo Market MELTDOWN? Gold’s Move Signals Something BIGIn this episode, Nik breaks down what’s happening inside the repo market and why gold’s explosive move toward $4,300 is sending shockwaves through global markets. He explains how rising repo spreads signal emerging reserve scarcity, why the Fed’s standing repo facility is being used again, and what it all means for liquidity, volatility, and Bitcoin’s next move. Nik also shares why the gold price action is unlike anything seen in decades, and whether it points to a deeper crisis that could force the Fed to restart QE.📚 Bitcoin Age is here, order yours today: https://a.c...
2025-10-1630 min
The Bitcoin LayerThe Philosophy of Bitcoin & Fiat: Credit, Justice, & Sound MoneyIn this episode, Nik sits down with Pascal Hügli to explore the philosophical and structural tensions between Bitcoin and today’s fiat credit system. They discuss how stablecoins, central banking, and government spending are reshaping global money creation, and what Bitcoin’s emergence means for fairness, justice, and sound finance. Pascal shares insights from his new book on Bitcoin, explaining how the current system evolves toward fiscal dominance and why Bitcoin may serve as the foundation for a new, market-based credit layer built on production, not debt.Pascal's Book: http://amzn.eu/d/5kn4HqQPasca...
2025-10-1439 min
The Bitcoin LayerBitcoin Reacts to Tariff Tensions: What’s Next for Price & LiquidityIn this episode, Nik breaks down how new U.S. tariffs on China triggered a spike in volatility across global markets and sent Bitcoin lower after a strong start to October. He explains how the administration’s re-industrialization policies tie into the Fed’s rate path, the Treasury market, and housing policy. Nik covers the latest moves in oil, yields, and the yield curve, showing how the Fed’s mortgage unwind and fiscal spending cycle shape liquidity and Bitcoin’s next move.📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H📊 The Bitcoin La...
2025-10-1132 min
The Bitcoin LayerThe Future of Bitcoin Mining: Home Miners, Pools, & Open Source InnovationIn this episode, Nik is joined by Robert Warren, author of The Bitcoin Miners Almanac and Head of Research and Education at Bitcoin Park. They discuss the evolution of Bitcoin mining from industrial operations to the new wave of home miners integrating mining into heating, water systems, and solar panels. Robert explains how open source R&D is reshaping hardware, why decentralizing ASIC design matters, and how energy innovation is making mining more efficient and resilient. The conversation also explores mining pools, payout models, censorship resistance, and the next chapter of Bitcoin’s energy infrastructure.256 Foundation Link: ht...
2025-10-0648 min
The Bitcoin LayerBITCOIN PUMPING: Fed Cuts, Liquidity, & The Next BreakoutIn this episode, Nik breaks down Bitcoin’s strong start to October and what the latest pump means in the context of global macro. He explains how falling policy rates, Treasury yields, and dollar weakness are shaping liquidity conditions and risk markets. Nik highlights why correlations between Bitcoin and stocks matter, what average hourly earnings signal about inflation risk, and how the Fed’s shift from restrictive to accommodative policy will impact the next leg higher. The update also covers TBL Liquidity, our proprietary framework for measuring Bitcoin’s macro drivers, and why liquidity cycles outperform in the short run bu...
2025-10-0321 min
The Bitcoin LayerBitcoin Breakout or Fade: $119,000 Test & Market BehaviorIn this episode, Nik is joined by TBL research associate Johan Bergman to analyze Bitcoin’s latest price action and on-chain signals. They break down the bullish engulfing pattern that may mark a trend reversal, explain why high-volume nodes at $105K and $117K act as support and resistance, and discuss the behavior of longs and shorts as positions reset. Johan highlights healthy signals in the derivatives market, including balanced funding rates and short squeezes, while on-chain data shows billions in realized profits and the overhang that must clear before price can break higher. The conversation ties SOPR, funding rates, se...
2025-10-0241 min
The Bitcoin LayerSaving Satoshi: Learning Bitcoin Through an Interactive GameIn this episode, Nik sits down with Stacie, Christoph and Matthew from the Saving Satoshi team to explore their interactive Bitcoin education project. Saving Satoshi is a story-driven RPG that teaches the fundamentals of Bitcoin’s protocol from mining and hashing to signatures, transactions and Lightning. The conversation covers how the game helps newcomers and developers understand Bitcoin at its core, why interactive learning matters, and how educators are integrating Saving Satoshi into classrooms and workshops. The team explains their design process, coding challenges and why protocol knowledge makes Bitcoin stronger as both technology and money.📚 Bitcoin Age i...
2025-09-3028 min
The Bitcoin LayerGlobal Macro Update: Bitcoin Support, Gold Ratio, & the Fed’s CutsIn this episode, Nik delivers a full global macro update with Bitcoin at a critical crossroads. He explains why funding rates are rolling off, volatility is at record structural lows, and how support levels could determine the next major move for Bitcoin. The update also explores the Bitcoin–gold ratio and why it fits into a long-term power law path, with Bitcoin continuing to outperform traditional stores of value. Nik connects these signals to Fed policy, the Treasury market, and dollar weakness, showing how liquidity conditions are shaping risk markets and Bitcoin itself.📚 Bitcoin Age is here, order...
2025-09-2527 min
The Bitcoin LayerBitcoin Price Levels to Watch: Short-Term Holders in ControlIn this episode, Nik is joined by TBL research associate Johan Bergman for a deep dive into Bitcoin’s latest price action and on-chain signals. Johan explains why the short-term holder cost basis has defined Bitcoin’s trading range for the past three years, and how the $104,000 level aligns with the 200-day moving average and key volume nodes. The discussion covers RSI momentum, Bollinger Band compression, and why realized volatility continues to decline as Bitcoin matures as an asset class. Nik and Johan outline the major support levels, what a breakdown would mean for the current bull market, and how...
2025-09-2433 min
The Bitcoin LayerThe Fed Is NOT In Control: Why Markets Lead & Bitcoin ReactsIn this episode, Nik is joined by TBL researcher Demian Schatt to break down the Fed’s latest rate cut and why it’s just catching up to what markets have already priced in. He explains the meaning of the Fed’s “neutral rate,” why central bank policy lags economic conditions, and how the SOFR curve and MOVE index signal shifting liquidity dynamics. Nik and Demian explore the market’s expectations for inflation, the historical roots of Fed-government coordination, and the growing tension between monetary independence and fiscal reality. They unpack how rate cuts, volatility compression, and credit system stability in...
2025-09-1940 min
The Bitcoin LayerBitcoin & Liquidity Academy 3: Primary Dealers, U.S. Treasuries & the FedIn this episode, Nik continues our TBL classroom series on Bitcoin and liquidity. He breaks down the inner workings of the U.S. Treasury market, the role of primary dealers, and how the Federal Reserve interacts with both. This lesson covers the mechanics of QE and QT, Fed balance sheet dynamics, and how treasuries move from issuance to investor portfolios. Nik also introduces the concept of liability-driven investing and asset-liability matching to explain long-term treasury demand. This episode continues to build the foundation for understanding Bitcoin’s place within the global liquidity system.📚 Bitcoin Age is here, order...
2025-09-1721 min
The Bitcoin LayerHow Bitcoin Is Powering a New Credit MarketIn this episode, Nik welcomes Arch Lending CEO and co-founder Dhruv Patel to explore the emerging world of Bitcoin-backed lending. Dhruv explains how Arch provides overcollateralized loans to individuals and institutions, using Bitcoin as pristine collateral without rehypothecation. The conversation covers risk management, loan-to-value dynamics, interest rate trends, and why credit markets help legitimize Bitcoin as an asset class. Nik also breaks down the layered money framework and how Arch’s CLO facility taps institutional capital to fund loans. This episode offers a deep dive into Bitcoin’s growing role in the credit system and the long-term implications for econ...
2025-09-1529 min
The Bitcoin LayerBitcoin Hits $116,000 as the Fed Eyes Rate CutsIn this episode, Nik Bhatia breaks down the macroeconomic forces driving Bitcoin above $116,000, including a broad decline in interest rates, softening U.S. labor market data, and rising expectations for Fed rate cuts. He walks through updated CPI figures, ISM services and manufacturing signals, and why the Fed is likely to cut another 75bps even without a formal recession. Nik also examines the Treasury yield curve’s parallel shift, bond market dynamics, and the strategic reliance on Treasury bills. The discussion turns to gold’s breakout and global monetary shifts, including China and Russia’s move away from the U.S. d...
2025-09-1237 min
The Bitcoin LayerBitcoin & Liquidity Academy 2: How $37 Trillion in US Debt Shapes Global MarketsIn this episode, Nik continues our Bitcoin & Liquidity Academy with a deep dive into fixed income market structure and its role in global capital markets. He explains how loans become securities, why bonds trade differently than stocks, and how the Treasury system is organized through CUSIPs. Nik unpacks the scale of the $120 trillion bond market, contrasts equity and debt financing, and walks through who owns U.S. Treasuries today. He also explores the link between GDP, tax revenue, and debt service, framing the U.S. balance sheet as a key lens for understanding future liquidity.đź“š Bitcoin Age is...
2025-09-0925 min
The Bitcoin LayerInside the Global Liquidity Shift Powering Bitcoin with Dr. Jeff RossIn this episode, Nik is joined by Dr. Jeff Ross to assess the US economy, global geopolitics, and what they mean for Bitcoin. They review the post-2020 policy regime, fiscal dominance, and why PMIs and new orders may be turning up, then discuss the Supreme Court path for tariffs, the US push on chips and energy, and the risk of a hot conflict with China. Jeff explains his liquidity blob framework, how the TGA and RRP shift money between the public and the government, and why expanding liquidity tends to move out the risk curve into assets like Bitcoin...
2025-09-0446 min
The Bitcoin LayerCollateral Wars: Bitcoin, Chips, & The Next Dollar SystemIn this episode, Nik sits down with Kane McGukin to map the future of collateral, credit, and liquidity across the global system. They unpack Michael Howell’s Capital Wars, why chips and energy are becoming strategic collateral, how stablecoins can move bank reserves onto usable rails, and where Bitcoin fits as digital collateral. The conversation covers potential credit markets built on Bitcoin, how banks may enter with custody and lending, and why US policy appears to be devaluing dollars to boost technology and rebuild supply chains.📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08...
2025-09-0340 min
The Bitcoin LayerBitcoin & Liquidity Academy 1: Understanding Balance Sheets, Capital, and TreasuriesIn this episode, Nik kicks off a new TBL classroom series on Bitcoin and liquidity. He lays the foundation by teaching balance sheets from the ground up, starting with individuals, then firms, and finally the U.S. government. Nik explains how assets, liabilities, and equity interact, why corporations rely on productive capital and cash flow, and how the U.S. Treasury operates the federal balance sheet. He also explores what gives U.S. debt its status as the world's collateral backbone, and how this connects to Bitcoin's role in the financial system. This is the first in a multi-part...
2025-08-3025 min
The Bitcoin LayerIs Bitcoin Wealth or Just Money?In this episode, Nik explores the difference between money and wealth and why Bitcoin may be more than just money. He breaks down three key pillars of societal wealth creation: production and exchange, capital goods, and innovation. Nik explains how Austrian economics helps us understand the true drivers of prosperity. He compares Bitcoin to productive real estate, argues that its accumulation represents a form of digital capital, and shows how its rising market price reflects deeper economic value. This episode offers a foundational lens for understanding why Bitcoin is both a monetary asset and a store of long-term wealth.
2025-08-2812 min
The Bitcoin LayerHODLing Alone Won’t Secure Your BitcoinIn this episode, Nik is joined by Mitch Moore, founder of Strong Wealth, to explain why simply HODLing Bitcoin is not enough. Mitch lays out a real financial plan for Bitcoiners, including estate strategies, tax planning, and inheritance protocols. He covers the three pillars of Bitcoin estate planning: legal title transfer, mechanical key access, and heir education. The conversation explores tradeoffs between self custody and custodians, how to set up trusts, and how to avoid costly mistakes when passing Bitcoin to future generations. If you consider Bitcoin a multi decade asset, this episode is essential viewing.📚 Bitcoin Age...
2025-08-2530 min
The Bitcoin LayerIs Bitcoin’s Liquidity Tailwind Ending? MOVE, Repo, and the Dollar ExplainedIn this episode, Nik is joined by TBL researcher Demian Schatt to break down a major macro signal flashing caution across markets: a sudden spike in the MOVE Index, the bond market’s volatility gauge. He explains why the recent Treasury refunding announcement is pushing rollover risk higher, and what that means for liquidity, credit creation, and risk assets like Bitcoin. Nik also explores the current strength in the dollar, the potential for higher volatility in duration, and whether the multi-month trend of rising liquidity is starting to reverse.📚 Bitcoin Age is here, order yours today: https://a.co...
2025-08-2041 min
The Bitcoin LayerThe Global Refugee Crisis & The Bitcoin SolutionIn this episode, Nik is joined again by Daniel Batten to explore Bitcoin’s role as a humanitarian tool. They unpack a new report showing that over 329,000 refugees have used Bitcoin to escape war, persecution, and financial repression. Daniel explains why traditional tools like cash, gold, and stablecoins often fail during crisis events, and how Bitcoin works where others do not. They highlight stories from Ukraine, Venezuela, and Somalia, and explain how Bitcoin enables borderless money, personal sovereignty, and financial dignity. The episode also covers how this data is being used to change minds in policy circles, the rise of...
2025-08-1534 min
The Bitcoin LayerWhat If the Dollar Ran on Bitcoin?In this episode, Nik is joined by Ian Major, co-founder of Joltz, to break down the rise of stablecoins on Bitcoin. Ian explains the new infrastructure making it possible, including Lightspark’s SDK, Bitmatrix’s liquidity model, and programmable tools on Bitcoin’s Layer 2. He also covers how this unlocks dollar-denominated smart contracts, real commerce use cases, and a true Bitcoin-native stablecoin experience. The episode includes a look at Tether’s early role proving global demand for on-chain dollars and how Lightning is evolving into a multi-asset layer for users around the world.📚 Bitcoin Age is here, order yours...
2025-08-1448 min
The Bitcoin Layer$1 Million Bitcoin: A Scientific Prediction ExplainedIn this episode, Nik is joined by astrophysicist and mathematician Stephen Perrenod to unpack the scientific framework behind a potential $1 million Bitcoin. Stephen introduces the Bitcoin Power Law thesis and explains how mathematical modeling, fractals, and historical price patterns point to Bitcoin’s long-term exponential growth. They discuss how this theory differs from stock-to-flow, the role of volatility in Bitcoin’s maturity, and how timeframes like 2031–2033 align with past cycles. The episode offers a data-driven lens into why $1 million per coin may be less speculation and more inevitability.📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau...
2025-08-121h 02
The Bitcoin LayerIs It Too Late to Buy Bitcoin in 2025?In this episode, Nik breaks down whether it’s too late to buy Bitcoin in 2025 now that it trades above $100,000 with a $2 trillion market cap. He walks through Bitcoin’s journey from a niche internet money to a globally recognized monetary asset and explains why this is still the early innings. Nik analyzes Bitcoin’s evolving role as it moves from digital gold to a trade settlement tool capable of replacing U.S. Treasuries, and what that means for its long-term valuation potential. The episode zooms out to explore Bitcoin’s path to global reserve status, generational wealth shifts, and why...
2025-08-0526 min
The Bitcoin LayerBitcoin Drops as Yields Crash: What the Fed Will Do NextIn this episode, Nik breaks down the sharp drop in U.S. Treasury yields following weaker employment data and explains why the bond market is now pricing in imminent Fed rate cuts. He walks through the two-year yield signal, the Fed’s neutral rate dilemma, and why inflation normalization is shifting the policy conversation. Nik also unpacks the latest moves in the dollar, recession signals from ISM data, and how these macro shifts are impacting Bitcoin’s consolidation around $108,000. The update includes a deep dive on the TBL Liquidity Index and the volatility components now driving risk asset repricing.
2025-08-0216 min
The Bitcoin LayerBitcoin Collateral & GSE Reform: A $40 Trillion Credit RevolutionIn this episode, Nik welcomes back Matt Dines Chief Investment Officer at Build. They discuss the newly enacted GENIUS Act how U.S. dollar stablecoin regulation is tied to Bitcoin collateral usage and what GSE reform could mean for private credit expansion. Matt explains why using Bitcoin holdings as mortgage collateral could unlock Gen Z access to homeownership drive $40 trillion in private credit growth and anchor the monetary system around Bitcoin rails to keep the dollar system alive.🔗 Links & Sources:• https://www.youtube.com/watch?v=BBXblPDvsJs📚 Bitcoin Age is here, order yours today: https://a...
2025-07-301h 13
The Bitcoin LayerWhy $1 Million Bitcoin Is Closer Than You ThinkIn this episode, Nik breaks down one of the largest Bitcoin transactions in history: the $9 billion sale of 80,000 BTC by a Satoshi-era wallet through Galaxy Digital. Nik explains how the market absorbed this massive transfer without collapsing, what it says about Bitcoin’s maturity, and why this moment signals growing institutional and OG participation. He also explores the math behind Bitcoin’s path to $1 million, projecting how compounding growth between 30 to 50 percent annually could get us there by 2031 to 2033.🔗 Links & Sources:• https://investor.galaxy.com/news/news-details/2025/Galaxy-Executes-One-of-the-Largest-Notional-Bitcoin-Transactions-Ever/default.aspx📚 Bitcoin Age is here, order yours...
2025-07-2917 min
The Bitcoin LayerGlobal Macro Update: Liquidity Cycles Higher While Bitcoin ConsolidatesIn this Global Macro Update, Nik explains how the end of QT is reshaping liquidity across markets and supporting bitcoin’s foundation. He breaks down the rise in Treasury bill issuance, steady reserves, and the Fed’s smooth exit from reverse repo, all fueling stronger banking system liquidity. Nik also unpacks the breakdown in the DXY and its connection to U.S. industrial policy. On the bitcoin side, he covers six-figure consolidation, compressing volatility, rising funding rates, and stable on-chain signals like MVRV, framing the macro conditions behind bitcoin’s current strength.📚 Bitcoin Age is here, order yours tod...
2025-07-2626 min
The Bitcoin LayerBitcoin Grows as Stablecoins Absorb U.S. DebtIn this episode, Nik is joined by TBL researcher Demian Schatt to break down the Genius Act, stablecoins, and their impact on Bitcoin and the U.S. dollar system. Nik explains how declining foreign demand for Treasuries is being offset by domestic buyers, and why stablecoin growth, especially Tether, now plays a key role in global dollar infrastructure. He introduces the idea of Tether as an emergent world reserve asset, outlines why Washington sees it as a threat, and connects the Genius Act to national security concerns rather than just crypto regulation. The conversation finishes with Bitcoin’s role in...
2025-07-2327 min
The Bitcoin LayerThis CEO Just Raised $750 Million to Buy Bitcoin With ZERO DebtIn this episode, Nik welcomes Strive CEO Matt Cole to unpack the $750 million raise that positions Strive as one of the largest corporate bitcoin holders. Matt explains why the firm rejected convertible debt, chose a reverse merger over a SPAC, and is building a long-term bitcoin strategy rooted in institutional discipline. Drawing on his experience managing $70 billion at CalPERS, he shares how direct exposure to Fed operations and quiet debt monetization shaped his conviction in bitcoin. They discuss why fiat currencies are in slow-motion default, how stablecoin regulation could backfire, and what sets Strive apart in the next evolution...
2025-07-2232 min
The Bitcoin LayerBitcoin’s Price Floor Just Hit $100,000, and It’s Still EarlyIn this episode, Nik analyzes bitcoin’s historic climb as its 200-day moving average and short-term holder price both cross $100,000, setting a new price floor. He explains why this milestone reflects deep structural strength, not just market momentum. Nik walks through bitcoin’s $1 trillion realized market cap, rising on-chain activity, and the growing influence of institutional buyers like Strategy. He shows how usage is outpacing speculation, supported by a steady MVRV Z-score, and sets a near-term target of $138,000 to $139,000 with $200,000 on the horizon. While seven figures remain years away, this bull market is grounded in real demand and lasting adop...
2025-07-1918 min
The Bitcoin LayerCan the U.S. Lead in AI Without Killing Innovation?In this episode, Demian Schatt welcomes back Yaël Ossowski of the Consumer Choice Center and Bitcoin Policy Institute to break down the growing fight over AI regulation in the U.S. Yaël explains why a federal moratorium on state-level AI laws was proposed, how it fell out of Trump’s tech bill, and what it means for developers facing a patchwork of conflicting rules. He highlights the threat of the “California spillover,” compares it to Europe’s AI Act, and argues that decentralized innovation needs clear federal standards, not 1,000 competing laws. From copyright lawsuits to energy restrictions on data ce...
2025-07-1730 min
The Bitcoin LayerBitcoin’s Bull Run Is Absorbing MASSIVE Selling w/ James CheckIn this episode, Demian Schatt is joined by James Check (Checkmate) from Checkonchain to unpack Bitcoin’s recent breakout and the mystery behind the 80,000 BTC that moved for the first time since 2011. They explore the possible explanations behind the Galaxy Digital transfer, what it reveals about long-dormant supply, and the broader implications for key security assumptions in Bitcoin. James breaks down what made this a “quiet all-time high,” with low spot volume, high-stakes on-chain movement, and surging options activity signaling a shift in market structure. The conversation also covers short liquidations, the rise of institutional accumulation, and why confluence across...
2025-07-1630 min
The Bitcoin LayerBitcoin Soars Past $113,000 as Liquidity Surges and Stablecoins BoomIn this episode, Nik breaks down Bitcoin’s latest breakout to all-time highs and what’s driving price action under the hood. He covers the Golden Cross formation, historical performance following technical breakouts, and how TBL’s proprietary liquidity index offers a signal-rich view of current market conditions. Nik also explores the role of stablecoin growth, Treasury auctions, dollar moves, and credit market calm as contributing factors to Bitcoin strength. The update finishes with a look at on-chain momentum, real yields, and why the combination of stable rates and rising liquidity points to continued upside for risk assets.🔗 Li...
2025-07-1016 min
The Bitcoin LayerMysterious $8 Billion Bitcoin Move: Quantum Theft, Legal Seizure, or Hoax?In this episode, Nik breaks down the mysterious on-chain movement of 80,000 dormant Bitcoin that last moved in 2011. He walks through the implications of this $8 billion transaction, the legal-sounding op codes attached to it, and the suspicious BCH test transactions that accompanied the event. Nik explores what this means for assumptions about lost coins, private key security, and even the possibility of quantum theft. With analysis from Checkmate at Checkonchain and Cyphertux, this episode unpacks one of the most intriguing Bitcoin stories of the year—and why the price hasn’t yet reacted.🔗 Links & Sources:• Checkmate’s Write-up on...
2025-07-0817 min
The Bitcoin LayerThe Real Link Between M2, Bank Assets & Bitcoin’s $110,000 StrengthIn this episode, Nik is joined by TBL researcher Demian Schatt to unpack why Bitcoin is trading so strongly near all-time highs and what the current liquidity setup tells us about where things are headed. They explore the long-debated link between Bitcoin and M2, examine how banking system assets play into TBL’s liquidity model, and walk through the balance sheet mechanics behind Treasury issuance, stimulus, and deposit creation. Nik explains why both M2 and asset-based liquidity matter, and how understanding the plumbing gives investors an edge. The update ends with a technical look at Bitcoin’s recent breakout and...
2025-07-0327 min
The Bitcoin LayerMainstream Media Has FLIPPED on Bitcoin MiningIn this episode, Nik highlights the work of Daniel Batten and walks through 17 examples of mainstream media outlets covering Bitcoin mining in a dramatically more positive light. From Iceland’s renewable-powered farms to flared gas in Texas and hydro-powered villages in Africa, the headlines signal a major shift in narrative. Nik explores how governments like Bhutan are using Bitcoin mining to support economic development, how miners are contributing to energy grids, and how the sector is increasingly seen as a catalyst for sustainability and electrification. This update reflects growing global recognition of Bitcoin’s potential as a public good.
2025-07-0122 min
The Bitcoin LayerGlobal Macro Update: Bitcoin Holds Steady as Trade and Treasury Regs ShiftIn this episode, Nik breaks down the latest global macro developments driving Bitcoin’s price action and Treasury market conditions. He explores major trade news out of Europe and China, the U.S. agenda to rebalance global trade through weapons exports, and what a new regulatory change means for U.S. bank demand for Treasuries. Nik explains the Fed’s SLR update, Treasury repo mechanics, and why regulatory shifts are designed to reduce foreign reliance on U.S. debt. The update also covers the U.S.–China AI race, Bitcoin mining competitiveness, and a detailed technical look at Bitcoin’s curren...
2025-06-2823 min
The Bitcoin LayerU.S. Bitcoin Boom: 50M Users, $30B Mining & Bipartisan MomentumIn this episode, Nik is joined by River’s head of research Sam Baker to discuss “The American Bitcoin Advantage,” a report outlining the United States’ strategic position in Bitcoin adoption. They explore how 40% of Bitcoin’s supply is held by Americans, the growing wave of business adoption, and why Bitcoin is emerging as a preferred treasury asset for companies nationwide. The conversation covers mining investment, bipartisan support in Congress, state-level Bitcoin policies, and how the U.S. can harness Bitcoin as both a technological and monetary advantage in a changing global order.Find the report here: https://bl...
2025-06-2533 min
The Bitcoin LayerBitcoin’s Hidden Signals REVEALED in the TBL Chart PackIn this episode, Nik is joined by TBL's lead statistician Augustine Carrasco for a walkthrough of the latest TBL chart pack, covering the key macro and on-chain dynamics shaping Bitcoin’s current structure. They explore long-term holding returns through the lens of Unchained’s HODL Cave, analyze ETF flows and realized cap trends, and introduce quarterly cycles in the TBL Liquidity Index that may offer timing signals. The discussion also touches on dealer behavior in money markets, financial conditions, and the relationship between macro volatility, inflation expectations, and Bitcoin’s path forward.📚 Bitcoin Age is here, order yours tod...
2025-06-2453 min
The Bitcoin LayerBitcoin, Treasuries & Sovereign Wealth: The U.S Economy's Fate Under TrumpIn this episode, Nik answers questions from Augustine Carrasco, TBL’s own researcher, on U.S. Treasuries, sovereign wealth, and Bitcoin’s role in government reserves. Nik breaks down the Treasury market’s size, liquidity, and the need for continuous debt issuance, explaining how deficits, interest rates, and market demand shape economic policy. The discussion moves to tariffs, their impact on inflation, and whether ISM manufacturing’s rise signals inflationary pressures. Augustine asks if tariffs are meant to restore U.S. manufacturing, while Nik argues they are driven by geopolitical strategy. Turning to the sovereign wealth fund, Nik examines its ties...
2025-02-0847 min
E C L E CE C L E C - nº 32 con Jesús Zamora J 15-7-2021 MÚSICA GLOBAL e inspiradoraE C L E C Edición verano. Más música, menos palabra. Un paseo inspirador por la música global. La actualidad sonora bajo un prisma ecléctico y amable.
Tracklist:
1. Sufjan Stevens & Angelo De Augustine - Olympus
2. MARTĂŤN PUIG - Llamps i Trons
3. Emma Bradley - Malibu
4. Los Lobos - Jamaica Say You Will
5. Honeywhip - Georgia Peach (Sketch)
6. Shadi G - All I Can Be
7. Holy Hive - Ain't That The Way
8. Peyton - What Did I Do
9. Amira Elfeky - Dolores
10. Curtis Harding - I Wont Let You Down
11. ARRESTED DEVELOPMENT - BECOMING
12. MarĂa Peláe...
2021-07-1544 min
merwinrod 3Speak PodcastPARQUE FRUCTOSO RIVERAhttps://3speak.tv/watch?v=merwinrod/zdeernbf ====== PARQUE FRUCTOSO RIVERA ======
At the Salinas bike route to Montevideo I bring you a small sample of a Natural Reserve of Fauna and Flora such as the General Fructoso Rivera de Carrasco Park, where you can share with the family and enjoy a picnic a few minutes from Montevideo.
"It was built by the French resident D. Pierre Durandeau (1844-1927), in low and flooded terrain, -a total of 40 hectares- where he planted thousands of eucalyptus trees, and then he had a large lake dug where they housed numerous...
2021-05-2500 min