Uploaded May 2026 | Updated September 2026, 1 week ago
🚨 CHECK OUT TBL PULSE FOR FREE: research.thebitcoinlayer.com
The CME just launched compute futures, with CEO Terry Duffy calling compute "the new oil of the 21st century." In this video, Nik argues this is the dominant force in markets right now, and it's exactly what he laid out in yesterday's Substack post, The Token Layer. Nvidia crossed $5.3 trillion as Jensen Huang forward-bought Samsung's RAM supply, hyperscalers fund their capex through the bond market, and credit is expanding to meet it. Bitcoin holds $80,000, and Nik makes the case that the AI revolution will be supportive of bitcoin over its life. He also unpacks Deutsche Bank's "return of history" framing on gold and central bank demand, and weighs what it means that Trump is arriving in China with Musk, Cook, and the CEOs of Boeing, BlackRock, Goldman, and a dozen more.
Get Nik's weekly bitcoin and macro research: thebitcoinlayer.com/subscribe
The Bitcoin Layer is proud to be sponsored by The Bitcoin Way. Most people know how to buy bitcoin, but few know how to truly secure it. The Bitcoin Way offers one-on-one, white glove self-custody training so you can take full control of your bitcoin wealth with zero counterparty risk. They never touch your bitcoin. From air-gapped hardware to inheritance planning to node running, they handle the full stack. They also offer personal cybersecurity services and Plan B residency in Panama for those seeking jurisdictional sovereignty. Book a free consultation today: thebitcoinway.com/tbl
Timestamps:
00:00 Intro
02:15 Bitcoin at $80K, Nvidia at $5T, stocks near all-time highs
04:49 The Token Layer: AI tokens as the new oil
06:53 Why this is a revolution, not a bubble
08:30 $20 Claude subscriptions repricing the digital economy
10:00 Jensen, Samsung, and the global RAM squeeze
12:00 Hyperscaler capex, the bond market, and balance sheet expansion
14:00 CME launches compute futures
16:44 Nvidia at $5.3T and the distribution of margins
20:52 Why this cycle is bigger than the dot-com build-out
27:28 Bitcoin price and TBL Pulse liquidity framework
31:50 Deutsche Bank's "return of history" thesis on gold
38:57 Trump heads to China with Musk, Cook, and Wall Street's CEOs
42:45 Cooperation and cold war can coexist
44:58 Global debt, US asset base, and the path to higher bitcoin
📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
▶️ Subscribe and turn on notifications for TBL on YouTube.
🎙 Subscribe to The Bitcoin Layer on your favorite podcast platform.
🐦 Follow TBL on X: /thebitcoinlayer
Nik Bhatia's Twitter: /timevalueofbtc
Researcher Demian Schatt's Twitter: https://x.com/demianschatt
Lead Statistician Augustine Carrasco Twitter: https://x.com/AugustineCarrB
🚨 CHECK OUT TBL PULSE FOR FREE: research.thebitcoinlayer.com
The CME just launched compute futures, with CEO Terry Duffy calling compute "the new oil of the 21st century." In this video, Nik argues this is the dominant force in markets right now, and it's exactly what he laid out in yesterday's Substack post, The Token Layer. Nvidia crossed $5.3 trillion as Jensen Huang forward-bought Samsung's RAM supply, hyperscalers fund their capex through the bond market, and credit is expanding to meet it. Bitcoin holds $80,000, and Nik makes the case that the AI revolution will be supportive of bitcoin over its life. He also unpacks Deutsche Bank's "return of history" framing on gold and central bank demand, and weighs what it means that Trump is arriving in China with Musk, Cook, and the CEOs of Boeing, BlackRock, Goldman, and a dozen more.
Get Nik's weekly bitcoin and macro research: thebitcoinlayer.com/subscribe
The Bitcoin Layer is proud to be sponsored by The Bitcoin Way. Most people know how to buy bitcoin, but few know how to truly secure it. The Bitcoin Way offers one-on-one, white glove self-custody training so you can take full control of your bitcoin wealth with zero counterparty risk. They never touch your bitcoin. From air-gapped hardware to inheritance planning to node running, they handle the full stack. They also offer personal cybersecurity services and Plan B residency in Panama for those seeking jurisdictional sovereignty. Book a free consultation today: thebitcoinway.com/tbl
Timestamps:
00:00 Intro
02:15 Bitcoin at $80K, Nvidia at $5T, stocks near all-time highs
04:49 The Token Layer: AI tokens as the new oil
06:53 Why this is a revolution, not a bubble
08:30 $20 Claude subscriptions repricing the digital economy
10:00 Jensen, Samsung, and the global RAM squeeze
12:00 Hyperscaler capex, the bond market, and balance sheet expansion
14:00 CME launches compute futures
16:44 Nvidia at $5.3T and the distribution of margins
20:52 Why this cycle is bigger than the dot-com build-out
27:28 Bitcoin price and TBL Pulse liquidity framework
31:50 Deutsche Bank's "return of history" thesis on gold
38:57 Trump heads to China with Musk, Cook, and Wall Street's CEOs
42:45 Cooperation and cold war can coexist
44:58 Global debt, US asset base, and the path to higher bitcoin
📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
▶️ Subscribe and turn on notifications for TBL on YouTube.
🎙 Subscribe to The Bitcoin Layer on your favorite podcast platform.
🐦 Follow TBL on X: /thebitcoinlayer
Nik Bhatia's Twitter: /timevalueofbtc
Researcher Demian Schatt's Twitter: https://x.com/demianschatt
Lead Statistician Augustine Carrasco Twitter: https://x.com/AugustineCarrB
