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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!

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35 episodes
a few times a week
Avg 36 min
English

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#286
August 3 · 43 min
Tracing the Stolen Coldcard Bitcoin w/ Galaxy's Alex Thorn
In this episode, Nik welcomes back Alex Thorn of Galaxy Research on the Coldcard key generation vulnerability and the theft that followed. Alex explains how a March 17, 2021 firmware change left the devices silently defaulting to a much weaker random number generator, a bug that went unfound for five years, and why the victims are self-custody holders who never leaked a key or made a mistake. He walks through Galaxy's on-chain tracing across three confirmed waves totaling roughly 1,350 bitcoin,
#285
July 31 · 25 min
Coldcard Wallet Hack: What Happened and What to Do Now
In this episode, Nik and TBL's Demian Schatt cover a breaking security situation: a seed-generation vulnerability in Coldcard hardware wallets that has exposed some bitcoiners to theft, with reports of wallets being swept over the last twenty-four hours. Nik, speaking as a researcher rather than a cryptographer, explains how bitcoin seed phrases are generated, why the entropy behind a seed is what keeps it safe, and how Coldcard's default seed generation left certain users vulnerable while those
#284
July 29 · 33 min
Kevin Warsh Just Blew Up How the Fed Works
In this Global Macro Update, Nik covers today's FOMC decision and Kevin Warsh's press conference, where the new Fed chair reaffirmed the 2% inflation target as a firm goal and made clear he is steering the Fed away from forward guidance. Nik explains why Warsh took credit for the recent rise in Treasury yields, calling it healthy price discovery, and why Warsh now says the Fed will look to the Treasury market for signal rather than telling markets what it will do. He also covers the yield curve
#283
July 28 · 1 hr 10 min
The Great Unwinding Wall Street Isn’t Pricing In with Matt Dines
In this episode, Nik welcomes back Matt Dines to lay out his thesis that the global order built after World War Two is being reset. Matt walks through the signals he is watching: the Kuwaiti pipeline deal with Blackstone, KKR, and Brookfield that reroutes energy toward Europe, the US-China rare earths truce and its expiring clock, and the chokepoints from Hormuz to the Red Sea. He connects rising real yields, a flattening curve, and dollar strength to that same reconfiguration, then turns to the
#282
July 22 · 51 min
The $45,000 Bitcoin Everyone Fears Is Getting Less Likely
In this episode, Nik walks through the latest bitcoin research from Johan Bergman, head of bitcoin research at The Bitcoin Layer, using the charts inside TBL Pulse. He explains Johan's state grid, which plots bitcoin on valuation and trend, and why the framework currently places bitcoin in disbelief territory, a zone where, together with capitulation, bitcoin has spent roughly 40% of its life. Nik covers why bulls bracing for $45,000 are facing data that makes it less likely, and why the 200-day
#281
July 17 · 1 hr 5 min
Global Macro Update: The Dollar Shortage Pushing Asia Towards Crisis
In this Global Macro Update, Nik returns from teaching his summer bitcoin and AI course at USC to a market waking up after the World Cup lull. He makes the case for a global dollar shortage behind the dollar's continued strength, with stress surfacing across Asia: India's push to pull in overseas dollars, a sharp correction in Korea's KOSPI, and the Japanese yen at its weakest level since 1990. He then turns to the pressure building in hyperscaler and AI corporate bonds, Apple overtaking Nvidia
#280
July 10 · 39 min
Michael Saylor Sold the Bitcoin Bottom
In this episode, Nik welcomes CoinDesk analyst James Van Straten to discuss why he believes bitcoin's bear market may be nearing its end. James walks through ETF flows that have held firm despite months of outflows, the rotation of capital out of AI and semiconductor names like NVIDIA, and where that money could head next. The conversation turns to Michael Saylor's decision to sell bitcoin near the lows, the role hedge funds played in pressuring Strategy through STRC, and on-chain data showing r
#279
July 2 · 19 min
This is the Most Bitcoin I Have Ever Bought
In this global macro update, Nik asks whether bitcoin has finally bottomed after tagging 58k and reclaiming 60,000. He walks through the bullish divergences forming on bitcoin's daily and weekly charts, why a grinding-higher dollar has been weighing on liquidity and bitcoin all year, and why he now sees Asia, particularly yen and Korean won weakness, as the most likely spot for trouble. Nik also covers new Fed chair Kevin Warsh and his read that Warsh is playing junior to Scott Bessent on taming
#278
July 1 · 43 min
I Built a $1 Million System in 11 Days With No Coding with Peter McCormack
In this episode, Nik welcomes Peter McCormack, host of the Peter McCormack Show, for a conversation on how he is using AI in his own business. Peter, who has no coding background, walks through the full podcast-management system he built with Claude in 11 days, work he says would once have taken a 14-person team over a year and cost around a million pounds. He covers how he got started, how he learned to prompt, and why he now thinks of himself as a software engineer. Peter and Nik also discuss
#277
June 26 · 48 min
Inside SpaceX's $60 Billion Bet on Cursor with Charlie Hu
In this episode, Nik welcomes Charlie Hu, founder of Coco AI and a bitcoiner since 2012, for a wide-ranging conversation on where AI is heading. Charlie shares takeaways from the Super AI conference in Singapore, walks through SpaceX's $60 billion acquisition of Cursor and what it signals about AI capital and exits, and gives his read on the US government's suspension of Anthropic's Fable and Mythos models. He then lays out his core thesis: that AI is ultimately a process of converting energy in
#276
June 23 · 31 min
What Bitcoin Twitter Is Signaling About the Market Bottom w/ Michael Sullivan
In this episode, Nik welcomes Michael Sullivan, a bitcoin researcher who analyzes market sentiment through language. Michael explains how he runs natural language models across thousands of tweets, cohorting bitcoiners into newer retail accounts versus longer-term holders, to measure moods like anger, conviction, optimism, and apathy over time. He covers why bitcoin is in one of the most prolonged anger regimes on record, why Michael Saylor has become the main target of that disapproval, and how
#275
June 18 · 34 min
I Woke Up Homeless With $75 When the Banks Took Everything | with Tony Yazbek
In this episode, Nik welcomes Tony Yazbek, co-founder of The Bitcoin Way, for a conversation on why owning bitcoin yourself is the whole point. Tony argues that bitcoin is money rather than an investment, and that anything wrapped in legacy finance, from ETFs to exchange balances, is not the same as holding it directly. He recounts surviving Lebanon's 2019 banking collapse, when he woke up homeless with about $75 after the banks confiscated everyone's savings, and how it shaped his conviction. T
#274
June 16 · 56 min
The Iran War and the Fight for Energy Dominance with Tanvi Ratna
In this episode, Nik welcomes back Tanvi Ratna, geoeconomic strategist and Fox News columnist, for a conversation on why the Iran conflict is far bigger than the Middle East. Tanvi lays out her thesis that Iran is the node in a global re-architecture of the world order, and walks through how the war is realigning Europe, reshaping NATO as European commanders take over operational theaters, and squeezing Russia out of Latin America, the Middle East, and its energy markets. She explains the Saudi-
#273
June 11 · 44 min
SpaceX Goes Public Tomorrow: Inside the $45 Billion Data Center with John Tinsman
In this episode, Nik welcomes John Tinsman, founder and portfolio manager at AOT Invest, for a conversation on why the AI buildout looks like a revolution rather than a bubble.
#272
June 9 · 37 min
AI Is Breaking the Power Grid, and Bitcoin Is the Fix
In this episode, Nik welcomes back Daniel Batten, bitcoin researcher and longtime voice on bitcoin's role in energy, for a conversation on the collision between AI, the power grid, and bitcoin mining.

Showing 21–35 of 35 episodes