Uploaded February 2026 | Updated September 2026, 1 week ago
In this episode, Nik sits down with Sam Baker, Research at River, to break down River's second annual Bitcoin adoption report, covering how institutional ownership, registered investment advisors, sovereign holdings, and small business adoption all accelerated in 2025 despite price weakness. Sam explains why individual ownership likely peaked in 2024, why RIAs managing $146 trillion hold less than one basis point in Bitcoin, and what the ownership distribution trend implies for the decade ahead. Nik connects the data to his framework of Bitcoin as a tool of American economic statecraft in the US-China competition for global capital dominance.
Episode links:
- river.com/learn/files/river-bitcoin-adoption-report-2026.pdf
- https://x.com/River/status/2026322299595432323?s=20
- btcmap.org
- https://x.com/macromule
📊 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.
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⛓️ ₿lock Height 938184
⚡ 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 Introduction & Bitcoin Adoption Report
01:42 Insights from Bitcoin Adoption Data
03:55 Institutional vs. Individual Adoption Trends
05:08 ETF Ownership and Breakdown
08:13 River's Unique Industry Perspective
12:16 Distribution & Projection of Bitcoin Ownership
16:34 The Three Eras of Bitcoin's Evolution
20:59 Economic Statecraft & Bitcoin's Role
24:27 Bitcoin and U.S.–China Competition
28:00 Strategic Reserves: Individuals, Businesses, and Government
31:31 Business Adoption: Who’s Buying Bitcoin?
34:08 Industry Trends in Bitcoin Adoption
37:01 Future Outlook: RAAs & Underallocation
38:56 Wrap-Up & Where to Find More Research
In this episode, Nik sits down with Sam Baker, Research at River, to break down River's second annual Bitcoin adoption report, covering how institutional ownership, registered investment advisors, sovereign holdings, and small business adoption all accelerated in 2025 despite price weakness. Sam explains why individual ownership likely peaked in 2024, why RIAs managing $146 trillion hold less than one basis point in Bitcoin, and what the ownership distribution trend implies for the decade ahead. Nik connects the data to his framework of Bitcoin as a tool of American economic statecraft in the US-China competition for global capital dominance.
Episode links:
- river.com/learn/files/river-bitcoin-adoption-report-2026.pdf
- https://x.com/River/status/2026322299595432323?s=20
- btcmap.org
- https://x.com/macromule
📊 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.
▶️ 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 938184
⚡ 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 Introduction & Bitcoin Adoption Report
01:42 Insights from Bitcoin Adoption Data
03:55 Institutional vs. Individual Adoption Trends
05:08 ETF Ownership and Breakdown
08:13 River's Unique Industry Perspective
12:16 Distribution & Projection of Bitcoin Ownership
16:34 The Three Eras of Bitcoin's Evolution
20:59 Economic Statecraft & Bitcoin's Role
24:27 Bitcoin and U.S.–China Competition
28:00 Strategic Reserves: Individuals, Businesses, and Government
31:31 Business Adoption: Who’s Buying Bitcoin?
34:08 Industry Trends in Bitcoin Adoption
37:01 Future Outlook: RAAs & Underallocation
38:56 Wrap-Up & Where to Find More Research
