The Bitcoin Layer THE GREAT AMERICAN RESET: Credit, Industry, and Bitcoin’s Role in What Comes Next
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Oct 23, 2025 Nik chats with Matt Dines, the Chief Investment Officer at Build Asset Management, who shares insights into the evolving macro landscape. They discuss the Fed's repo market dynamics, the strategic edge of the U.S. banking system over Europe and China, and why gold is rallying amidst changing monetary policies. Dines argues that Bitcoin's current geopolitical role is limited, especially in scenarios involving nations like Argentina. Listen in for a fascinating exploration of credit, liquidity, and the intersection of traditional and digital assets.
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Repo Spread Signals Fed Balance Sheet Pivot
- The SOFR-to-IOBR spread reveals reserve-market tightness and Fed corridor pressure.
- The Fed will likely stop QT and expand reserves — probably via bills — without calling it QE.
SOFR Made The Dollar System More Resilient
- The move from LIBOR to SOFR centralized short-term dollar funding into secured US Treasury-cleared repo.
- That shift gives US regulators and GSIBs more control and makes the system more robust than in 2019.
Savers Chase Income, Pushing Yields Lower
- As short rates fall, savers chase prior income levels by extending duration and risk, pushing bond prices up.
- That extension process normalizes yield curve inversions and drives asset bids across the board.
