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 framework for understanding global markets—connect the dots between economic and financial concepts to see the bigger picture. Look no further for your bitcoin and macro 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 framework for understanding global markets—connect the dots between economic and financial concepts to see the bigger picture. Look no further for your bitcoin and macro education!
Episodes
Mentioned books
4 snips
Dec 23, 2025 • 50min
HERE COMES VANGUARD: Why Bitcoin Hits New All-Time Highs in 2026
Dr. André Dragosch, Head of European Research at Bitwise, discusses the institutional surge in Bitcoin investment leading up to 2026. He highlights the transformative role of Vanguard and wirehouses in facilitating ETF inflows. André explores how macroeconomic factors like global growth and bond market stress are shaping Bitcoin’s appeal. He argues that Bitcoin is underpriced relative to the expanding global money supply and predicts a potential retail comeback that could amplify institutional interest. Tune in for insights on Bitcoin as a hedge against sovereign debt risks!
27 snips
Dec 19, 2025 • 57min
BITCOIN’S 4-YEAR CYCLE NEVER EXISTED | Next Bubble 2027 w/ Stephen Perrenod
In this insightful discussion, Dr. Stephen Perrenod, an astrophysicist and co-founder of the Scientific Bitcoin Institute, dives into the complexities of Bitcoin's market behavior. He challenges the notion of a four-year cycle, arguing it's a misinterpretation of data. Stephen reveals how bubble dynamics evolve and predicts a significant bubble around 2027 due to deeper capital pools. He also compares Bitcoin's growth patterns to cities and explores its potential against gold and quantum computing threats. A must-listen for crypto enthusiasts!
30 snips
Dec 18, 2025 • 56min
What Falling Gas Prices Signal for Bitcoin & The 2026 Midterm Elections
Explore why Bitcoin shows resilience despite recent weaknesses. Discover how energy prices and inflation expectations impact Bitcoin's future. Nik dives into the significance of lower oil prices and their connection to consumer inflation. Plus, insights on how political dynamics and prediction markets may influence the 2026 midterms. He connects the dots between U.S. energy policy, Treasury yields, and the overall economic landscape, highlighting implications for Bitcoin in a shifting macro environment.
24 snips
Dec 15, 2025 • 39min
Why STRATEGY Stands Alone & Why Most Bitcoin Treasury Companies Cannot Last
Joachim Book, a Bitcoin analyst and editor of 'Bitcoin Age', joins to discuss the precarious state of Bitcoin treasury companies. He explains how Strategy's unique financial structure keeps it resilient against pressures that are crumbling competitors. Book touches on MNAV concerns, the flaws of heavy leverage, and why forced selling risks aren't as threatening for Strategy. The discussion also highlights Tether's market influence and the likely decline of the current treasury boom, predicting many firms may not survive.
30 snips
Dec 11, 2025 • 52min
EUROPEAN BREAKING POINT: Italy Takes Gold Back, Sovereign Bond Crisis, & Bitcoin w/ Matt Dines
Join Matt Dines, CIO at Build and a macro analyst, as he dissects the current European financial landscape. He discusses Italy's quest to regain control of its gold reserves, signaling a shift in monetary authority. Matt reveals how euro strength indicates deeper funding issues in Europe, contrasting with the U.S. market dynamics. Their insights on how the ECB defends German yields and the implications for Bitcoin liquidity will keep you on the edge of your seat. Tune in for a captivating exploration of geopolitics and capital flows!
24 snips
Dec 9, 2025 • 60min
THE MOST IMPORTANT DOCUMENT OF 2025: What the New U.S. National Security Strategy Means for Markets
Explore the groundbreaking new National Security Strategy and its impact on global markets. The discussion highlights a shift from globalism to a focus on reshoring and revitalizing the middle class. Analyze the evolving relationship with China, emphasizing supply chains and geopolitical balance. Learn about the linked themes of culture, technology, and military investment shaping U.S. policy. Discover how tax and tariff strategies could influence capital markets and assess the implications for Bitcoin and the Treasury market.
36 snips
Dec 5, 2025 • 21min
INTEREST EXPENSE EXPLODES: Why The Fed Must Cut & What It Means For Bitcoin
Nik explores the Fed's imminent rate cut amidst soaring Treasury interest expenses. He highlights how easing repo conditions and a weak dollar could steer Bitcoin closer to $90,000. Insight into bond volatility and debt dynamics reveals why lower rates are on the horizon. Additionally, he examines the relationship between TBL liquidity signals and Bitcoin's performance, suggesting a bright future as the liquidity cycle turns. Will 2025 see Bitcoin's journey towards $1 million continue?
33 snips
Dec 3, 2025 • 28min
Bitcoin Holds $90,000: Volatility, Yields, & The FED’S NEXT PRINT
Delve into the intriguing dynamics of US Treasury interest expenses and why lowering rates is crucial. Explore how bond volatility influences Bitcoin's price, and the significance of Japan's yield spikes. The evolving relationship between the dollar and China reveals potential trade shifts. Discover the pressures within the repo market and why only Fed balance sheet expansion might ease funding stress. As Bitcoin navigates a turbulent landscape, its ability to hold above $90,000 sparks engaging discussions on its future trajectory.
35 snips
Nov 26, 2025 • 49min
Inside Bitcoin’s Trend Shift: Bear Zone, Liquidations, & Key Support
Johan Bergman, an on-chain markets analyst specializing in Bitcoin, joins the discussion to analyze Bitcoin's recent trend shift into bear territory. They explore critical metrics like the short term holder cost basis and the true market mean. Johan breaks down the October liquidation events, the significant buyer strength seen at $80k, and what indicators might confirm a reversal. He also shares insights on trading dynamics influenced by open interest, whale selling trends, and the evolving relevance of the four-year cycle as institutional interests grow.
16 snips
Nov 20, 2025 • 29min
Can NVIDIA’s EARNINGS JOLT Spark a Bitcoin Reversal?
Nvidia's impressive earnings might just be the catalyst Bitcoin needs to break through critical support levels. The discussion dives into the complex interplay of money markets, TGA rollovers, and recent liquidity impacts on both stocks and Bitcoin. Nik reveals how growing correlations between Bitcoin and equities might shape the market's future. He also warns about rising volatility and its bearish implications, while analyzing the potential of AI-driven investment to bolster economic growth.
