Uploaded March 2026 | Updated September 2026, 1 week ago
In this episode, Nik welcomes back Brent Johnson of Santiago Capital for a wide-ranging global macro conversation. Brent breaks down the dollar's behavior during geopolitical crises, the deglobalization thesis and fracturing supply chains, and his Rise of the American Empire framework drawing parallels to Rome's transition from republic to empire. They cover the Office of Strategic Capital's push to secure critical minerals and semiconductors, the US-China power competition over chips and rare earths, Persian Gulf risks including fertilizer disruptions and famine, and close with stablecoins, bitcoin as a pure play on global liquidity, and why digital assets are here to stay.
📩 Get Nik's weekly bitcoin and macro research free: thebitcoinlayer.com/subscribe
Timestamps:
0:00 — Intro & Highlights
0:38 — Welcome & Guest Introduction
0:48 — Dollar Strength & Crisis Behavior
3:19 — War Outlook & Market Volatility
5:22 — Regime Change in Risk & Deglobalization
8:08 — Precious Metals & Energy Price Divergence
11:09 — Rise of the American Empire
17:42 — What GDP Is For: Statecraft & National Security
24:20 — Critical Minerals, Chips & the Technology Race
30:10 — Government Investments & MP Materials
33:37 — Semiconductor Manufacturing & Taiwan
35:38 — Blind Spots & Education Risks
38:28 — Persian Gulf, Strait of Hormuz & Food Security
47:05 — AI, Semiconductors & the US-China Power Competition
51:34 — Bitcoin, Stablecoins & Digital Assets
55:55 — Wrap-Up & Where to Find Brent
📊 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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🎙 Subscribe to The Bitcoin Layer on your favorite podcast platform.
🐦 Follow TBL on X: /thebitcoinlayer
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💎 Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at TheBitcoinLayer.com/merch
⚡ Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.gg
Nik Bhatia's Twitter: /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.
In this episode, Nik welcomes back Brent Johnson of Santiago Capital for a wide-ranging global macro conversation. Brent breaks down the dollar's behavior during geopolitical crises, the deglobalization thesis and fracturing supply chains, and his Rise of the American Empire framework drawing parallels to Rome's transition from republic to empire. They cover the Office of Strategic Capital's push to secure critical minerals and semiconductors, the US-China power competition over chips and rare earths, Persian Gulf risks including fertilizer disruptions and famine, and close with stablecoins, bitcoin as a pure play on global liquidity, and why digital assets are here to stay.
📩 Get Nik's weekly bitcoin and macro research free: thebitcoinlayer.com/subscribe
Timestamps:
0:00 — Intro & Highlights
0:38 — Welcome & Guest Introduction
0:48 — Dollar Strength & Crisis Behavior
3:19 — War Outlook & Market Volatility
5:22 — Regime Change in Risk & Deglobalization
8:08 — Precious Metals & Energy Price Divergence
11:09 — Rise of the American Empire
17:42 — What GDP Is For: Statecraft & National Security
24:20 — Critical Minerals, Chips & the Technology Race
30:10 — Government Investments & MP Materials
33:37 — Semiconductor Manufacturing & Taiwan
35:38 — Blind Spots & Education Risks
38:28 — Persian Gulf, Strait of Hormuz & Food Security
47:05 — AI, Semiconductors & the US-China Power Competition
51:34 — Bitcoin, Stablecoins & Digital Assets
55:55 — Wrap-Up & Where to Find Brent
📊 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 The Bitcoin Layer on your favorite podcast platform.
🐦 Follow TBL on X: /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
⚡ Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.gg
Nik Bhatia's Twitter: /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.
