In 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 to China, the risks of moral hazard, and whether Bitcoin could play a role as a strategic reserve in a rapidly shifting global financial order. 📊 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 882497 ⚡ 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 The Bitcoin Layer and its guests do not provide investment advice.

In this episode, Nik unpacks one of the most seismic shifts in U.S. economic history—the creation of America’s first sovereign wealth fund. He analyzes what this means for national investment strategy, why it represents a fundamental break from past economic policy, and how it could serve as the ultimate vehicle for Bitcoin accumulation and infrastructure investment. With policymakers already exploring a strategic Bitcoin reserve, Nik examines whether this fund could be the mechanism to bring Bitcoin onto the U.S. balance sheet, following the playbook of energy-rich sovereign wealth funds like Norway and the UAE. He also explores the broader economic and geopolitical implications, from trade war tensions to a potential restructuring of the U.S. financial system—and what this means for markets, investors, and Bitcoin’s future. 📊 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 882234 ⚡ 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 The Bitcoin Layer and its guests do not provide investment advice.

In this episode, Nik Bhatia sits down with TBL’s correspondent in Africa, Noelyne Sumba, for an in-depth look at Bitcoin adoption across Africa, from thriving circular economies to major mining developments. Noelyne shares insights from her trip to South Africa, where Bitcoin-friendly communities are boosting local economies and major retailers are adopting BTC. The discussion moves to Ethiopia’s expanding hydro-powered mining sector and Kenya’s shifting stance on digital assets, setting the stage for a broader look at Tether’s role as a financial lifeline, Bitcoin’s impact on energy infrastructure, and the growing influence of U.S. policy on African adoption. As adoption and regulation evolve, Bitcoin’s influence across the continent continues to grow. 📊 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 881688 ⚡ 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 The Bitcoin Layer and its guests do not provide investment advice.

In this episode, Nik Bhatia and Eric Wallerstein analyze the complexities of the current US economy, examining key factors shaping market trends, monetary policy, and Bitcoin's evolving role. They break down stock market dynamics, the Federal Reserve's potential path for interest rates, and treasury yields. The discussion also highlights the transformative ® and its implications for equity markets. Additionally, they examine the dollar's position in global trade, assess China’s economic struggles, and consider how potential US-China trade negotiations might unfold in this shifting macroeconomic environment. 📊 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 881551 ⚡ 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 The Bitcoin Layer and its guests do not provide investment advice.

In this episode, Nik breaks down the latest Fed meeting and Jerome Powell’s statement that banks are free to serve crypto customers—sending Bitcoin higher and fueling a major shift in policy. With the Fed holding rates steady and signaling no appetite for further hikes, markets are taking note. Nik explains why stable bond volatility, a cooling dollar, and the broader liquidity picture are creating a strong setup for Bitcoin. As regulatory barriers ease and discussions around a Strategic Bitcoin Reserve escalate, Bitcoin is becoming impossible to ignore in U.S. financial policy. Read Caitlin's latest piece: https://caitlin-long.com/how-to-keep-bitcoin-strategic-reserve-from-morphing-into-a-bailout-fund/ 📊 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 881423 ⚡ 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 The Bitcoin Layer and its guests do not provide investment advice.

In this episode, Nik sits back down with David Zell, co-founder of the Bitcoin Policy Institute, to discuss the latest developments in Bitcoin’s intersection with U.S. policy and global influence. They begin with Ross Ulbricht’s release, a victory that highlights the political momentum of Bitcoin advocates, and the recent executive order that acknowledges Bitcoin as freedom technology. David dives into the challenges posed by Ripple’s lobbying efforts and why securing an SBR is critical for America to support innovation, signal leadership in freedom technology, and remain competitive on the global stage. 📊 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 881267 ⚡ 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 The Bitcoin Layer and its guests do not provide investment advice.

In this episode, Nik and Augustine sit down with Ken Sim, the mayor of Vancouver, to discuss his transformation from a Bitcoin skeptic to a passionate advocate. Ken shares his vision for making Vancouver a Bitcoin-friendly city, highlighting Bitcoin's role in addressing economic challenges like affordability and currency debasement. The conversation explores the motion to integrate Bitcoin into the city’s framework, the importance of community engagement and education, and how Bitcoin's finite nature can stabilize Vancouver's financial future. Ken also touches on the vibrant Bitcoin community in Vancouver and the potential for Bitcoin to attract businesses, driving economic growth and innovation. 📊 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 880549 ⚡ 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 The Bitcoin Layer and its guests do not provide investment advice.

In this episode, Nik critiques BlackRock’s recent recommendation of a 2% Bitcoin allocation and explains why this approach undermines the potential of Bitcoin as a transformative asset. He explores traditional portfolio management concepts like the 60/40 allocation and how they fall short in today’s economic landscape. Nik dives into Bitcoin’s historical performance, highlighting how long-term holders have seen exponential returns, while emphasizing the critical role of volatility in determining allocation strategies. By connecting these ideas to broader macroeconomic themes like inflation, bond volatility, and institutional adoption, Nik outlines why Bitcoin is reshaping the rules of portfolio management in an era of financial innovation. 📊 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 880435 ⚡ 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 The Bitcoin Layer and its guests do not provide investment advice.

In this episode, Nik examines Donald Trump’s first day back in the White House, where no announcements were made about a Strategic Bitcoin Reserve or clemency for Ross Ulbricht, leaving Bitcoiners wondering what’s next for the administration’s crypto agenda. Nik explores how Trump’s energy policy, hiring freeze, and broader economic agenda could still pave the way for Bitcoin’s long-term success. He analyzes Bitcoin’s price action at $102,000, the curious rise of Trump-themed meme coins, and the market’s path dependency as it heads toward the next major bull phase. With insights into liquidity conditions, credit expansion, and Bitcoin’s growing strategic importance, this episode charts how Bitcoin’s bull case remains intact despite a quiet start from the new administration. 📊 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 880227 ⚡ 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 ❗ The Bitcoin Layer and its guests do not provide investment advice. The Bitcoin Layer and its guests do not provide investment advice.

In this episode, Nik Bhatia examines Bitcoin’s return to $100,000, a pivotal moment marking its mainstream adoption. He explores the political and macroeconomic forces driving this surge, including ETF approvals, Bitcoin’s $2 trillion market cap, and the strategic role of state and federal initiatives like a potential U.S. Strategic Bitcoin Reserve (SBR). Nik discusses how Bitcoin’s growing significance as a financial asset intersects with shifts in inflation, interest rates, and global liquidity conditions. Nik highlights how these developments signal a new era for Bitcoin, one where its integration into the global financial system becomes impossible to ignore. 📊 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 879430 ⚡ 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 The Bitcoin Layer and its guests do not provide investment advice.