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The Bitcoin Layer: Daily Summaries Delivered
by 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. Most importantly, develop a framework for understanding global markets—connect the dots between economic and financial concepts to see the bigger picture.
Latest Episodes
The most recent episodes — sign up to get AI-powered summaries of each one.
- 2 days ago45 min
Healthcare Is Eating 70% Of Federal Tax Revenue
In this episode, Nik welcomes Stu Lackey and Jon Gordon of SOUND HSA for a conversation on the fiscal side of American healthcare. Nik opens with the charts: almost $4 trillion of the just over $5 trillion the government collects in tax revenue now goes to Medicare, Social Security, and other health spending. Stu and Jon explain how the system got here, why the Medicare trust fund is projected to run out in 2032, and why commercial insurance pays far more than Medicare for identical care. They also cover the solutions they see emerging, from direct primary care and cash pricing to holding bitcoin in a health savings account. The Bitcoin Layer and its guests do not provide investment advice.
- 5 days ago18 min
What Happens If The Fed Hikes Tomorrow
In this Global Macro Update, Nik covers the global bond meltdown and what happens to Liquidity if the Fed hikes rates. He starts with bitcoin losing the trend line he had been tracking and slipping from $80,000 back to $76,000, then turns to crude oil above $106 a barrel and why the energy shock, including declining refinery capacity and diesel prices, is repricing inflation expectations worldwide. Nik explains why yields are spiking in the United Kingdom, France, and Japan, why he thinks a crisis response is more likely to come from Europe than the United States, and why a strengthening dollar challenges Europe in what he calls the global capital war. The Bitcoin Layer and its guests do not provide investment advice.
- 1 weeks ago1h 2m
The Bond Meltdown Ends In A Global Money Print
In this Global Macro Update, Nik explains why he believes the current global bond meltdown and liquidity contraction will end in a massive global money print. He walks through the global balance sheet, $600 trillion in real assets, $600 trillion in financialized assets, and $600 trillion of banking balance sheet, set against $350 trillion of debt and only $120 trillion of global GDP, and why that math makes repayment in today's dollars impossible. Nik covers why he expects the print in the United States to come from commercial bank lending rather than Fed QE, why the ECB and the Bank of England will have to print at the policy level, and what all of it means for bitcoin. The Bitcoin Layer and its guests do not provide investment advice.
- 1 weeks ago31 min
The Most Important Inflation Report Of The Year
In this episode, Nik explains why he thinks this week's inflation data is the most important economic release of the year, with PPI and CPI landing days before the Fed's September 16 decision. He covers why treasury bills lead the Fed and have been pricing hikes since May, how Kevin Warsh ending forward guidance leaves the market guessing into every meeting, and why core CPI running at 0.2% a month makes an immediate hike unlikely while a 0.4% print would change everything. Nik also lays out why he believes the Fed will hold, what a hiking cycle would do to liquidity, and the three sources he recommends for understanding the global balance sheet. The Bitcoin Layer and its guests do not provide investment advice.
- 2 weeks ago27 min
One Level Decides Bitcoin’s Bull Market
In this episode, Nik covers the strong jobs report and whether it is enough to push the Fed toward a rate hike. He explains why the two-year yield near 4.38% shows the market pricing in hikes more aggressively than at any point since the election, and why he thinks the Treasury and the Fed will instead find a way to force front-end rates lower, given an interest burden approaching a quarter of tax revenue. Nik also covers the 4.81% level on the ten-year, why a flattening yield curve signals demand for safe assets rather than a debt spiral, why Europe worries him more than the United States, and the level bitcoin has to close above. The Bitcoin Layer and its guests do not provide investment advice.
- 2 weeks ago31 min
Something Just Broke the Bond Market
In this episode, Nik covers the chaos in global government bond markets, with yields rising from the United States to Japan, Germany, France, and the United Kingdom. He explains what actually drives bond yields, why inflation is structurally higher in 2026 than in the last fifteen years, and why Kevin Warsh told G20 finance leaders that the global savings glut is reversing into an investment surge. Nik walks through how the AI buildout is pulling capital out of treasuries, why NVIDIA chips are becoming bond collateral, and which countries actually have to worry. He closes with a tour of TBL Pulse and why Johan Bergman's state grid shows bitcoin leaving the capitulation zone. The Bitcoin Layer and its guests do not provide investment advice.
- 3 weeks ago18 min
Bitcoin Just Failed Three Times
In this video, Nik covers the market reaction to Kevin Warsh's Jackson Hole speech, starting with the two-year yield pushing back toward its highs near 4.35% and what that says about the market pricing in rate hikes. He explains why the yield curve flattening from 50 to 37 basis points on the week is the move he finds most important, how a flattening curve prices growth out of the economy, and why Michael Howell's read frames it as a premium for safe assets. Nik also revisits the recession call TBL got wrong in 2022, and covers bitcoin's three failed attempts at $81,000 this week. The Bitcoin Layer and its guests do not provide investment advice.
- 3 weeks ago1h 2m
You've Been Drinking Fiat Wine (And You Feel It) with Ben Justman
In this episode, Nik welcomes Ben Justman, founder of Peony Lane Wine in Paonia, Colorado, the highest wine region in North America. Ben explains how he learned winemaking on his father's farm, why high elevation and dry farming shape his Pinot Noir, and why the 73 ingredients American winemakers can add without putting them on a label led Nik to call it fiat wine. Ben shares that 30 to 50% of his customers pay in bitcoin. Nik covers why the Treasury buybacks are not material, why Bessent has said the United States needs to move away from reserve currency status, and why he now calls him the Secretary of Financial War. The Bitcoin Layer and its guests do not provide investment advice.
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About 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. Most importantly, develop a framework for understanding global markets—connect the dots between economic and financial concepts to see the bigger picture.
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