Uploaded January 2026 | Updated September 2026, 2 weeks ago
In this episode, Nik steps back to assess the massive shifts underway in global markets. With gold surging to record highs, silver collapsing after a historic spike, and Bitcoin struggling versus both gold and the dollar, Nik revisits long-held assumptions about money, Basel III, the Shanghai Gold Exchange, and the end of the WTO era. He explains why gold is reentering the monetary system, how Bitcoin still fits into the layered money framework, and what these changes mean for investors navigating a post-globalization world.
Link to podcast mentioned: podcasts.apple.com/us/podcast/bias-the-sequel/id1802258017
📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
🔓 The Bitcoin Layer is proud to be sponsored by Unchained, the leader in Bitcoin financial services. Unchained empowers you to take full control of your Bitcoin with a collaborative multisig vault, where you hold two of three keys, and benefit from a Bitcoin security partner. Purchase Bitcoin directly into your cold storage vault and eliminate exchange risks with Unchained's Trading Desk. Unchained also offers the best IRA product in the industry, allowing you to easily roll over old 401(k)s or IRAs into Bitcoin while keeping control of your keys. Don’t pay more taxes than you have to. Talk to us today.
Visit unchained.com/tbl and use the code TBL10 for a 10% credit towards your first year's account fees.
🔨 Try Stamp Seed, a DIY kit that enables you to hammer your seed words into a durable plate of titanium using professional stamping tools. Take 15% off with code TBL. Get your Stamp Seed today! stampseed.com/shop/seed-plates.html
▶️ Subscribe and turn on notifications for TBL on YouTube.
📚 Subscribe to TBL’s research letter: thebitcoinlayer.com/subscribe
🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.
📱 Follow TBL on X: 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 TheBitcoinLayer.com/merch
⛓️ ₿lock Height 934398
⚡ Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.gg
Nik Bhatia's Twitter: twitter.com/timevalueofbtc
Researcher Demian Schatt's Twitter: https://x.com/demianschatt
Lead Statistician Augustine Carrasco Twitter: https://x.com/AugustineCarrB
❗ The Bitcoin Layer and its guests do not provide investment advice.
Chapters:
00:00 Global Macro Update & Market Volatility
01:00 Our Approach: Signal Over Hype
02:00 Reflecting on Research & the Hierarchy of Money
05:00 Bitcoin & Gold: Comparing Monetary Roles
08:00 Lessons from the Great Financial Crisis
10:00 Embracing Mistakes & Shifting Narratives
13:00 Bitcoin’s Poor Performance and Political Shifts
16:00 Fed Changes, Debasement Trade & Portfolio Tips
18:00 Diagnosing the Bitcoin Drawdown
20:00 Four-Year Cycles, Bubbles, and New Theories
22:00 Is Gold Replacing Bitcoin?
25:00 Tether, Gold Stablecoins & Market Trends
27:00 Digital vs Physical Gold—A Dual Future
31:00 Slow Bitcoinization—Not Hyperbitcoinization
34:00 Bear Cases: Dollar Strength and Gold’s Revival
37:00 Bitcoin as 'Monetary Police' and Market Sentiment
41:00 Investment Probabilities: Betting on Bitcoin
47:00 Gold Back in the Monetary Spotlight
51:00 Basel III, Shanghai Gold Exchange, and Market Drivers
57:00 Gold’s Repricing and US Balance Sheet Implications
01:00:00 Post-WTO Era: Commodities, Geopolitics & Bilateralism
01:04:00 Bitcoin & Gold: Coexistence in the New Macro Landscape
01:07:00 Recap & Resources for Deeper Insight
In this episode, Nik steps back to assess the massive shifts underway in global markets. With gold surging to record highs, silver collapsing after a historic spike, and Bitcoin struggling versus both gold and the dollar, Nik revisits long-held assumptions about money, Basel III, the Shanghai Gold Exchange, and the end of the WTO era. He explains why gold is reentering the monetary system, how Bitcoin still fits into the layered money framework, and what these changes mean for investors navigating a post-globalization world.
Link to podcast mentioned: podcasts.apple.com/us/podcast/bias-the-sequel/id1802258017
📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
🔓 The Bitcoin Layer is proud to be sponsored by Unchained, the leader in Bitcoin financial services. Unchained empowers you to take full control of your Bitcoin with a collaborative multisig vault, where you hold two of three keys, and benefit from a Bitcoin security partner. Purchase Bitcoin directly into your cold storage vault and eliminate exchange risks with Unchained's Trading Desk. Unchained also offers the best IRA product in the industry, allowing you to easily roll over old 401(k)s or IRAs into Bitcoin while keeping control of your keys. Don’t pay more taxes than you have to. Talk to us today.
Visit unchained.com/tbl and use the code TBL10 for a 10% credit towards your first year's account fees.
🔨 Try Stamp Seed, a DIY kit that enables you to hammer your seed words into a durable plate of titanium using professional stamping tools. Take 15% off with code TBL. Get your Stamp Seed today! stampseed.com/shop/seed-plates.html
▶️ Subscribe and turn on notifications for TBL on YouTube.
📚 Subscribe to TBL’s research letter: thebitcoinlayer.com/subscribe
🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.
📱 Follow TBL on X: 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 TheBitcoinLayer.com/merch
⛓️ ₿lock Height 934398
⚡ Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.gg
Nik Bhatia's Twitter: twitter.com/timevalueofbtc
Researcher Demian Schatt's Twitter: https://x.com/demianschatt
Lead Statistician Augustine Carrasco Twitter: https://x.com/AugustineCarrB
❗ The Bitcoin Layer and its guests do not provide investment advice.
Chapters:
00:00 Global Macro Update & Market Volatility
01:00 Our Approach: Signal Over Hype
02:00 Reflecting on Research & the Hierarchy of Money
05:00 Bitcoin & Gold: Comparing Monetary Roles
08:00 Lessons from the Great Financial Crisis
10:00 Embracing Mistakes & Shifting Narratives
13:00 Bitcoin’s Poor Performance and Political Shifts
16:00 Fed Changes, Debasement Trade & Portfolio Tips
18:00 Diagnosing the Bitcoin Drawdown
20:00 Four-Year Cycles, Bubbles, and New Theories
22:00 Is Gold Replacing Bitcoin?
25:00 Tether, Gold Stablecoins & Market Trends
27:00 Digital vs Physical Gold—A Dual Future
31:00 Slow Bitcoinization—Not Hyperbitcoinization
34:00 Bear Cases: Dollar Strength and Gold’s Revival
37:00 Bitcoin as 'Monetary Police' and Market Sentiment
41:00 Investment Probabilities: Betting on Bitcoin
47:00 Gold Back in the Monetary Spotlight
51:00 Basel III, Shanghai Gold Exchange, and Market Drivers
57:00 Gold’s Repricing and US Balance Sheet Implications
01:00:00 Post-WTO Era: Commodities, Geopolitics & Bilateralism
01:04:00 Bitcoin & Gold: Coexistence in the New Macro Landscape
01:07:00 Recap & Resources for Deeper Insight
