The Bitcoin Layer

In this episode, Nik Bhatia is joined by Demian Schatt to examine why the US Treasury market is fundamentally strengthening despite recent volatility. Nik explains key concepts including SLR reform, Treasury buybacks of off-the-run securities, and current repo market dynamics that are supporting market stability. The conversation also explores how deregulation and fiscal discipline will be crucial for long-term Treasury strength and economic growth. Matt Pines Episode: https://www.youtube.com/watch?v=eTotxDkCvyY 📚 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 research letter: https://thebitcoinlayer.com/subscribe🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.📱 Follow TBL on X: https://twitter.com/TheBitcoinLayer📩 Join the official TBL channel on Telegram: https://t.me/thebitcoinlayerofficial🧢 Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at http://TheBitcoinLayer.com/merch ⛓️ ₿lock Height 892754 ⚡ Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.ggNik Bhatia's Twitter: https://twitter.com/timevalueofbtcCreative Director Matthew Ball's Twitter: https://twitter.com/matthewrballResearcher Demian Schatt's Twitter: https://x.com/demianschatt Chapters:00:00:00 Market Insights with Nik Bhatia  00:05:57 Current Issues in the Treasury Market  00:11:34 Understanding the Role of Treasuries in Banking Liquidity00:17:08 Understanding Treasury Securities: On-the-Run vs. Off-the-Run00:23:13 Understanding Bond Liquidity in the Repo Market00:28:30 Understanding Budget Neutrality and Debt Neutrality  00:33:44 Understanding Repo Markets and Interest Rates  00:38:58 Budget Deficit Reduction Goals00:44:42 Impact of Oil Prices on the Economy The Bitcoin Layer and its guests do not provide investment advice.

In this episode, Nik is joined by Matt Pines, executive director of the Bitcoin Policy Institute, to unpack what could be the biggest shift in U.S. geoeconomic strategy in decades. Together, they explore the vision behind a potential “Bretton Woods 2.0”—a new system emerging from reciprocal tariffs, capital wars, and a shrinking global dollar zone. They dive deep into how the U.S. is building a trade and monetary alliance to isolate China, restructure global capital flows, and re-anchor demand for U.S. Treasuries. With gold, stablecoins, and possibly bitcoin playing growing roles in global settlements, this conversation lays out what a new financial order might look like—and where U.S. policy could be heading next. Links to articles:- https://www.whitehouse.gov/briefings-statements/2025/04/cea-chairman-steve-miran-hudson-institute-event-remarks/- https://www.btcpolicy.org/articles/a-global-economic-reordering-us-china-competition-and-bitcoin-as-tool-of-us-statecraft 📚 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 research letter: https://thebitcoinlayer.com/subscribe🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.📱 Follow TBL on X: https://twitter.com/TheBitcoinLayer📩 Join the official TBL channel on Telegram: https://t.me/thebitcoinlayerofficial🧢 Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at http://TheBitcoinLayer.com/merch ⛓️ ₿lock Height 892613 ⚡ Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.ggNik Bhatia's Twitter: https://twitter.com/timevalueofbtcCreative Director Matthew Ball's Twitter: https://twitter.com/matthewrballResearcher Demian Schatt's Twitter: https://x.com/demianschatt Chapters:00:00:00 Understanding the Breton Woods Reimagined00:06:20 Global Economic and Security Challenges  00:12:21 Understanding the Dual Public Good: Defense and Reserve Currency  00:19:19 Challenges in Global Defense Manufacturing00:25:46 Transition from LIBOR to SOFR: Understanding the Global Benchmark  00:31:02 Understanding Government Dollar Policies00:37:03 International Negotiations: Gold, Bitcoin, and Stablecoins in Currency Talks00:42:53 China's Strategic Devaluation of Yuan and Gold's Role00:48:39 Strategies to Isolate China: Global Economic Alliances00:54:40 Matt Pines and Bitcoin Policy Insights The Bitcoin Layer and its guests do not provide investment advice.

In this episode, Nik Bhatia is joined by Demian Schatt to break down one of the most volatile 48-hour stretches in recent bond market history. As Treasury yields spiked 60 basis points and the MOVE Index surged, Nik unpacks the hidden mechanics behind the dislocation—explaining how a highly leveraged basis trade began to unwind, triggering forced selling and market-wide panic. He walks through the role of China’s currency devaluation, the impact of new 125% tariffs, and how synthetic credit in the swaps market amplified the chaos. With bond volatility ripping, Nik explores what it means for the Fed’s reaction function, financial stability, and bitcoin’s surprising strength. Holding steady at $80,000 through it all, bitcoin is beginning to look like the safe haven asset markets weren’t expecting. 📚 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 research letter: https://thebitcoinlayer.com/subscribe🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.📱 Follow TBL on X: https://twitter.com/TheBitcoinLayer📩 Join the official TBL channel on Telegram: https://t.me/thebitcoinlayerofficial🧢 Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at http://TheBitcoinLayer.com/merch ⛓️ ₿lock Height 891,705 ⚡ Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.ggNik Bhatia's Twitter: https://twitter.com/timevalueofbtcCreative Director Matthew Ball's Twitter: https://twitter.com/matthewrballResearcher Demian Schatt's Twitter: https://x.com/demianschatt The Bitcoin Layer and its guests do not provide investment advice.

In this episode, Nik is joined by PhD economist Peter St. Onge for a masterclass on the strategic use of tariffs in Trump’s economic agenda. Peter explains how tariffs serve as strategic tools, not protectionist measures, to reshape global trade, revive U.S. manufacturing, and drive domestic deregulation. He breaks down America’s asymmetric trade relationships with Europe, China, and Mexico, and outlines why Trump’s approach is grounded in realpolitik. Peter also explores the Fed’s role in enabling crisis-driven spending and how Bitcoin offers a way out of fiat dysfunction. Closing with the global stakes of shifting trade policy, he reveals how tariffs fit into a broader strategy to restore U.S. economic power. 📚 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 research letter: https://thebitcoinlayer.com/subscribe🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.📱 Follow TBL on X: https://twitter.com/TheBitcoinLayer📩 Join the official TBL channel on Telegram: https://t.me/thebitcoinlayerofficial🧢 Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at http://TheBitcoinLayer.com/merch ⛓️ ₿lock Height 891545 ⚡ Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.ggNik Bhatia's Twitter: https://twitter.com/timevalueofbtcCreative Director Matthew Ball's Twitter: https://twitter.com/matthewrballResearcher Demian Schatt's Twitter: https://x.com/demianschatt The Bitcoin Layer and its guests do not provide investment advice.

In this Global Macro Update, Nik Bhatia breaks down one of the most chaotic weeks in markets this year, using price action to explain the forces driving volatility across treasuries, stocks, Bitcoin, and the dollar. He outlines how the recent collapse in 2-year yields to 3.5% confirms that the Fed's hiking cycle is over, with rate cuts still expected even amid a strong labor market. Nik zooms out on the steepening yield curve to show how forward inflation expectations are reentering the market, while bond volatility—measured by the MOVE index—spikes to levels that are now dragging down risk assets. He explains how reciprocal tariffs, a weaker dollar, and the administration's focus on restoring trade leverage all feed into tightening financial conditions. The episode wraps with a close look at key support levels across the S&P 500 and Bitcoin—and what their breakdown could mean for the Fed’s next move. 📚 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 research letter: https://thebitcoinlayer.com/subscribe🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.📱 Follow TBL on X: https://twitter.com/TheBitcoinLayer📩 Join the official TBL channel on Telegram: https://t.me/thebitcoinlayerofficial🧢 Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at http://TheBitcoinLayer.com/merch ⛓️ ₿lock Height 891404 ⚡ Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.ggNik Bhatia's Twitter: https://twitter.com/timevalueofbtcCreative Director Matthew Ball's Twitter: https://twitter.com/matthewrballResearcher Demian Schatt's Twitter: https://x.com/demianschatt Chapters:00:00:00 Introduction to Global Market Volatility  00:05:32 Understanding the Fed's Policy Rate and Market Expectations  00:11:20 Impact of Federal Reserve's Rate Changes on the Economy00:17:06 Impact of Trump Victory on Inflation Expectations00:22:41 Trump's Strategy for a Weaker Dollar00:27:54 Impact of Tariffs on Currency Manipulation and Trade  00:33:38 The Technology Cold War with China  00:38:59 Stock Market Trends and Volatility  00:44:35 Analyzing Bitcoin's Critical Green Trend Line The Bitcoin Layer and its guests do not provide investment advice.

In this episode, Demian Schott welcomes Yaël Ossowski of the Consumer Choice Center and Bitcoin Policy Institute to break down major shifts in U.S. Bitcoin policy. Yaël explains how Congress’s repeal of the IRS’s DeFi broker rule is a win for privacy and innovation, and why a de minimis tax exemption is key to using Bitcoin as real money. He outlines budget-neutral strategies to grow the Strategic Bitcoin Reserve and highlights the need for stablecoin legislation, money transmission reform, and the Keep Your Coins Act. With real momentum in Congress and agencies, Yaël shares why he’s optimistic that lasting reforms are finally underway to protect self-custody and unleash Bitcoin as a parallel monetary system. 📚 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 research letter: https://thebitcoinlayer.com/subscribe🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.📱 Follow TBL on X: https://twitter.com/TheBitcoinLayer📩 Join the official TBL channel on Telegram: https://t.me/thebitcoinlayerofficial🧢 Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at http://TheBitcoinLayer.com/merch ⛓️ ₿lock Height 890456 ⚡ Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.ggNik Bhatia's Twitter: https://twitter.com/timevalueofbtcCreative Director Matthew Ball's Twitter: https://twitter.com/matthewrballResearcher Demian Schatt's Twitter: https://x.com/demianschatt Chapters:00:00:00 Understanding the IRS DeFi Broker Rule and Its Repeal00:04:20 The Importance of Seed Phrase Security  00:08:35 Tax Policy and Bitcoin Adoption00:12:39 Cryptocurrency Lobbying in DC  00:16:50 Strategic Bitcoin Reserve and Policy Focus00:21:00 Bitcoin Adoption by Major Companies  00:25:11 Precautionary Principle in Innovation00:29:27 Understanding Bitcoin's Decentralized Network  00:33:44 Navigating Bitcoin's Legal Challenges00:37:51 Farewell and Future Bitcoin Insights The Bitcoin Layer and its guests do not provide investment advice.

The podcast delves into the Federal Reserve's recent slowdown in quantitative tightening and its surprising effects on Bitcoin. It sheds light on how reduced Treasury runoffs enhance market liquidity, allowing more capital for investments in Bitcoin and other assets. The discussion highlights insights from former Fed trader Joseph Wang, illustrating how subtle shifts in policy can sway market sentiment and asset prices, all without new money being printed. A fascinating exploration of the interplay between monetary policy and cryptocurrency valuation!

In this episode, Nik decodes the Fed’s strategy as Bitcoin surges on the central bank’s decision to slow QT while maintaining its commitment to rate cuts. He breaks down what the Fed’s decision means for liquidity, why banks are holding onto reserves, and how this shift impacts risk assets. Nik also unpacks the latest moves in global bond markets, with Japanese and German yields spiking while U.S. Treasuries remain supported. With TBL’s proprietary liquidity metrics providing key insights, he connects the dots across Bitcoin, stocks, bonds, and global flow to assess what’s next for markets. 📚 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 research letter: https://thebitcoinlayer.com/subscribe🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.📱 Follow TBL on X: https://twitter.com/TheBitcoinLayer📩 Join the official TBL channel on Telegram: https://t.me/thebitcoinlayerofficial🧢 Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at http://TheBitcoinLayer.com/merch ⛓️ ₿lock Height 888560 ⚡ Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.ggNik Bhatia's Twitter: https://twitter.com/timevalueofbtcCreative Director Matthew Ball's Twitter: https://twitter.com/matthewrball Chapters:00:00:00 Bitcoin Surges as Fed Adjusts Economic Policy00:03:25 Enhancing Bitcoin Security: The Importance of Seed Phrase Protection00:07:36 Understanding the September 2019 Repo Crisis00:10:44 Jerome Powell's Comments on Money Market and QT00:14:11 Understanding Bank Capitalization and Reserves00:17:46 Bitcoin's Price Surge and Fed's Impact00:21:22 Impact of Mortgage Basis on US Economy  00:25:12 Impact of Tariffs on Inflation00:29:00 Japan's Bond Market Crisis The Bitcoin Layer and its guests do not provide investment advice.

Explore the latest economic turmoil as recession fears grip markets, yet Bitcoin makes a surprising rebound. Delve into falling consumer sentiment, the wealth effect's influence on spending, and the implications of a steepening yield curve. With gold prices soaring to $3,000 and Treasury yields declining, liquidity conditions shift dramatically. Gain insights into Bitcoin's technical indicators and what its recent price movements reveal about future market dynamics.

In this episode, Nik welcomes Vaughn Kellerman of Sound Advisory to discuss financial planning for Bitcoin holders. With Bitcoin’s fixed supply of 21 million, they explore strategies for managing taxes, estate planning, and retirement while minimizing risk. Vaughn breaks down tax-efficient selling, inheritance planning, and portfolio structuring to balance Bitcoin with traditional assets. They also cover capital gains, multi-bucket tax planning, and charitable giving, outlining practical steps to preserve wealth and ensure a seamless transfer of assets. 📚 Bitcoin Age is here, order yours today: https://www.amazon.com/Bitcoin-Age-Nik-Bhatia-ebook/dp/B0DZY38QR1 📊 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/subscribe🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.📱 Follow TBL on X: https://twitter.com/TheBitcoinLayer📩 Join the official TBL channel on Telegram: https://t.me/thebitcoinlayerofficial🧢 Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at http://TheBitcoinLayer.com/merch ⛓️ ₿lock Height 887396 ⚡ Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.ggNik Bhatia's Twitter: https://twitter.com/timevalueofbtcCreative Director Matthew Ball's Twitter: https://twitter.com/matthewrball Chapters:00:00:00 Navigating Bitcoin Investment with Sound Advisory  00:03:32 Strategies for Tax Planning with Bitcoin00:06:38 Importance of Seeking Professional Financial Advice00:10:14 Navigating Bitcoin Tax Implications00:13:31 The Role of Estate Planning in Financial Security00:16:39 ETF Strategies for Bitcoin Investors00:20:27 Fiduciary Duty and Bitcoin Investment Strategy  00:23:42 The Epiphany on Bitcoin's Scarcity and Value00:27:23 The Scarcity of Bitcoin Compared to Gold The Bitcoin Layer and its guests do not provide investment advice.