In this episode, Nik and Joe are joined by CrossBorder Capital founder and Capital Wars author Michael Howell. In a wide ranging discussion on liquidity, the global monetary system, and bitcoin, Michael shares his theories on how this year will play out in financial markets. We ask him about debt monetization, currency devaluation forces on Japan and China, the impact of cross-border capital flows, why bitcoin is an excellent barometer of global liquidity, and much more. The Bitcoin Layer is...

In this video, Joe walks through 4 bitcoin charts and 1 chart about excess savings. He breaks down the near-term price action and why we have been consolidating for 10 weeks in a row, the broader macro factors at play for the rest of the year, why the smart money have taken profits but are now holding onto their coins, and why you should zoom out and observe that the bull market is likely not even close to finished just yet. The Bitcoin Layer is brought to you by River. Visit...

In this episode, Nik is joined by veteran investor Craig Shapiro. Craig breaks down why he is short small cap stocks by explaining how Powell is gaslighting the markets, why Yellen continues to dump Treasuries on the investing public, and how profit margins will struggle considering policy rates remain above 5%. Craig also explains why he is long bitcoin and gold. Craig's Trading Service & Writing: - https://t.co/gXfJxXXnhW - https://t.co/qtPWQ4dbvJ - https://twitter.com/ces921 The...

In this episode, Nik brings us a global macro update, focusing on bitcoin's correlation with the stock market, the US government's intentions on inflation, and recent weak economic data. He presents 18 charts to recap an eventful week in currency markets, what was said at the FOMC meeting and Jerome Powell press conference, and the latest US Treasury deficit funding needs. The Bitcoin Layer is brought to you by River. Visit http://River.com/TBL and earn up to $100 in bonus Bitcoin when you...

In this episode, Nik is joined by international economist and Copenhagen Business School professor Lars Christensen. Lars presents a masterclass on foreign exchange rates, currency movements, and the international monetary system. The audience will learn about secular shifts in the Japanese economy driving currency devaluation, China's predicament of below-trend growth, why the AI revolution is boosting the natural growth rate in the United States, and how the global economy will be impacted...

In this episode, Nik breaks down the current devaluation of the Japanese yen. With a 27% decline since the beginning of 2022, the weakening yen is a policy decision by the government to attempt to inflate away its debt. Nik goes through charts on Japan's debt to GDP, speculates on whether this move is influenced by the United States in an effort to impact China's economy, and concludes with a chart of bitcoin priced in JPY. The Bitcoin Layer is brought to you by River. Visit...

In this episode, Nik brings us a global macro update to discuss recent weakness in stocks and bitcoin, and looks ahead to next week Treasury's quarterly refunding announcement. With over 30 charts from inflation to the economy to asset markets, Nik shares his analysis on the stocks/bitcoin correlation, the Fed's mistakes around rhetoric and financial conditions, and the dangers stemming from a significant devaluation of the Japanese yen. The Bitcoin Layer is brought to you by River. Visit...

In this episode, Nik is joined by veteran investor Craig Shapiro to discuss the US Treasury debt market and what it means for the global monetary system, gold, and bitcoin. Craig explains what to look for during next week's FOMC meeting and Treasury refunding announcement, and how the balance between Treasury bills and coupons affects risk markets. He also dissects double speak out of the Fed on financial conditions and provides an epic rant on the case for bitcoin in today's global...

In this episode, Nik is joined by Jack Farley, host of the Forward Guidance podcast. Jack and Nik discuss their favorite books on finance and global macroeconomics. From banking history to financial markets to science fiction, Jack discusses what he loved about each book and inquires about Nik's background as a money markets and Treasury repo trader. Books and authors mentioned during this recording: Lords of Finance by Liaquat Ahamed Debt: The First 5000 Years by David Graeber Reminiscences...

In this episode, Nik Bhatia and Ritik Goyal present an in-depth graduate seminar on money creation. With over a dozen examples of monetary operations, watch this episode to learn how money is created by banks, the relationship between banks and central banks, the interaction between reserves and deposits, and an overview of repo. For those looking for over an hour of balance sheet mechanics and T-chart examples, this episode is for you. Grab your pens and pencils! The Bitcoin Layer is...

In this episode, Nik is joined by bitcoin analyst Checkmate. In a brilliant overview of measuring bitcoin price and determining cycle position, Checkmate breaks down bitcoin's novel price performance relative to traditional assets, closely examines the current round of selling at $70,000, and most importantly tells us exactly what to look for in order to identify the legitimate end of this bull market. Learn why he doesn't believe the current market is "top heavy." The Bitcoin Layer is...

In this episode, Nik is joined by veteran investor and former Goldman Sachs commodities trader Michael Kao. Michael explains the case for an upcoming currency war and competitive devaluation starting in Japan with a weakening yen. In this fantastic overview of the global monetary system's game theory, learn as Michael breaks down the decision trees for Japan, China, the ECB, & Janet Yellen and the US Treasury. The Bitcoin Layer is brought to you by River. Visit http://River.com/TBL and...

In this episode, Joe sits down with Felix Maradiaga, the leader of the Nicaraguan Opposition Party, Human Rights Defender, and 2024 Nobel Peace Prize Nominee. Live at the 2nd Annual Bitcoin Policy Summit hosted by the Bitcoin Policy Institute, Felix discusses financial repression in Nicaragua, the modern threat of techno-dictatorships, and how bitcoin functions as the apex tool for advancing financial freedom globally. Follow the Bitcoin Policy Institute on X (@)btcpolicyorg Follow Felix on...

In this episode, Nik joined once again by portfolio manager and fixed-income expert Andy Constan. Andy explains his bearish view on the stock market as a reaction to inflation refusing to come down and the Treasury department likely to keep coupon issuance high. He also breaks down why he does not view today's situation as fiscal dominance any longer and how restrictive monetary policy will ultimately impact the economy. Andy briefly discusses Michael Howell's liquidity framework and why...

In this episode, Joe sits down with Alex Thorn, Head of Research at Galaxy, live at the Bitcoin Policy Summit in Washington DC. Alex discusses his keynote speech, why bitcoin values are American values, and how property rights are now digitally ensured. He also explains the embedded geopolitical resiliency of the bitcoin network. The Bitcoin Layer is brought to you by River. Visit http://River.com/TBL and earn up to $100 in bonus Bitcoin when you buy. Subscribe and turn on notifications for...

In this episode, Nik brings us a timely chart pack to discuss a wild week in financial markets. With weakness in the stock market, Nik goes through charts on bitcoin, the dollar versus euro and Asian currencies, the latest in Japanese yen weakness, China's currency prospects, US & global debt to GDP, the latest inflation numbers, and recession likelihood. Throughout, Nik wonders if there is a major shift underway in the global monetary system. The Bitcoin Layer is brought to you by...

In this episode, Nik is joined by ResiClub co-founder Lance Lambert to discuss the US residential housing market. Lance explains why he is labeling the housing market 'constrained,' including how high mortgage rates are limiting buyer affordability while trapping sellers who don't want to give up sub-4% notes. He also breaks down regional differences in the market, addresses short-term rentals (AirBnB), and contrasts multi-family properties to residential...

In this episode, Joe sits down with Matthew Pines, Director of Security Advisory at Sentinel One National Security Fellow. Live at the 2nd Annual Bitcoin Policy Summit hosted by the Bitcoin Policy Institute, Matt delivers his geopolitical analysis, discusses how American companies are working directly with eastern countries, the US-China cold war that is brewing on the tech, trade, and currency fronts, and how complacency with BTC policy will severely set the United States back on the global...

In this episode, Nik is joined by veteran trader Craig Shapiro to discuss the diminishing role of the dollar in international trade settlement. Craig introduces the petrodollar as an instrument in marginal decline since 2022, why China is resisting US calls for it to revalue its currency stronger, and how gold is responding to a new international monetary system. Learn why the oil trade, Treasury yield curve, and gold's new all-time high are all related. Follow Craig's Writing:...

In this episode, Nik teaches us about how bank deposits, money market funds, and Treasury securities interact with Fed reserves. After explanations on financial plumbing, he proceeds to break down recent economic data and explain why stocks and real estate have had great starts to 2024. He finishes with bitcoin price and valuation analysis. The Bitcoin Layer is brought to you by River. Visit http://River.com/TBL and earn up to $100 in bonus Bitcoin when you buy. Subscribe and turn on...

In this episode, Nik is joined by Bitcoin historian Pete Rizzo on Satoshi Nakamoto's birthday. Pete explains the history of Satoshi's April 5 birthday and its significance, speaks to Bitcoin's origins by diving into the cypherpunk movement, and breaks down early Satoshi email and online communication for a better understanding of his motivations. The Bitcoin Layer is brought to you by River. Visit http://River.com/TBL and earn up to $100 in bonus Bitcoin when you buy. Subscribe and turn on...

In this episode, Nik is joined by Cognitive Investments partner Jacob Shapiro to discuss India. Jacob helps us understand the Indian political scene and gives background on the rise of current Prime Minister Narendra Modi. We ask Jacob about India's economic future and whether politics will help or hurt the country's growth aspirations. The Bitcoin Layer is brought to you by River. Visit http://River.com/TBL and earn up to $100 in bonus Bitcoin when you buy. Subscribe and turn on...

In this episode, Nik and Matt Dines provide an explainer on global banking regulations, Basel III, and leverage ratio regulations. Matt helps us understand the history of the Bank for International Settlements and Basel-originated leverage ratios for banks. We learn the difference between asset-side and liability-side regulations and discuss the United Stated implementation: the Supplementary Leverage Ratio (SLR). The Bitcoin Layer is brought to you by River. Visit http://River.com/TBL and...

In this episode, Nik brings us a quarter-end global macroeconomic and markets update. He begins with a look at US inflation, walks us through Treasury yields and Fed expectations, and discusses the tug of war between fiscal dominance and restrictive monetary policy. Finally, he closes with some important thoughts on bitcoin price action. The Bitcoin Layer is brought to you by River. Visit http://River.com/TBL and earn up to $100 in bonus Bitcoin when you buy. Subscribe and turn on...