Uploaded April 2026 | Updated September 2026, 2 weeks ago
Nik welcomes back Lyn Alden for a wide-ranging conversation on AI’s economic impact, the repricing of software stocks, and why the deficit only goes one direction. Lyn breaks down how AI is reshaping white collar work the way offshoring reshaped manufacturing, why SaaS valuations may become value plays, and Anthropic’s red lines with the Pentagon. They dive into the 2020s-to-1940s parallel, SLR reform freeing bank balance sheets to absorb Treasury issuance, private credit’s three-tier banking structure, and why CPI is the wrong target for investors. Lyn explains her dilution framework: own scarce assets that aren’t being diluted by money supply growth or competitors.
Get Nik's weekly bitcoin and macro research free: thebitcoinlayer.com/subscribe
TBL Pulse: Live data and frameworks from the TBL research team: pulse.thebitcoinlayer.com
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:
0:00 — Intro & Highlights
0:12 — Welcome & Guest Introduction
0:54 — AI's Five-Year Outlook and White Collar Disruption
7:54 — Are Software Stocks Dead Money?
12:54 — How Companies Are Deploying AI for Backend Efficiencies
18:10 — Anthropic, OpenAI, and Pentagon Kill Decisions
21:29 — How Lyn Uses AI: Art, Research, and Vibe Coding
26:00 — Money Printing and Fiscal Deficits Abroad
30:23 — US Private Sector Lending and SLR Reform
38:45 — Bank Balance Sheets Absorbing Treasury Issuance
42:12 — From $40 to $50 Trillion: The Inflation Path
49:02 — Yield Curve Control and Soft Financial Repression
54:11 — Why CPI Doesn't Matter: The Dilution Framework
59:19 — Wrap-Up & Where to Find Lyn
Lyn Alden's website: lynalden.com
Lyn Alden's new science fiction novel, The Stolgard Incident: amazon.com/Stolguard-Incident-Lyn-Alden/dp/B0GNS9MYB5
📊 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
Nik welcomes back Lyn Alden for a wide-ranging conversation on AI’s economic impact, the repricing of software stocks, and why the deficit only goes one direction. Lyn breaks down how AI is reshaping white collar work the way offshoring reshaped manufacturing, why SaaS valuations may become value plays, and Anthropic’s red lines with the Pentagon. They dive into the 2020s-to-1940s parallel, SLR reform freeing bank balance sheets to absorb Treasury issuance, private credit’s three-tier banking structure, and why CPI is the wrong target for investors. Lyn explains her dilution framework: own scarce assets that aren’t being diluted by money supply growth or competitors.
Get Nik's weekly bitcoin and macro research free: thebitcoinlayer.com/subscribe
TBL Pulse: Live data and frameworks from the TBL research team: pulse.thebitcoinlayer.com
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:
0:00 — Intro & Highlights
0:12 — Welcome & Guest Introduction
0:54 — AI's Five-Year Outlook and White Collar Disruption
7:54 — Are Software Stocks Dead Money?
12:54 — How Companies Are Deploying AI for Backend Efficiencies
18:10 — Anthropic, OpenAI, and Pentagon Kill Decisions
21:29 — How Lyn Uses AI: Art, Research, and Vibe Coding
26:00 — Money Printing and Fiscal Deficits Abroad
30:23 — US Private Sector Lending and SLR Reform
38:45 — Bank Balance Sheets Absorbing Treasury Issuance
42:12 — From $40 to $50 Trillion: The Inflation Path
49:02 — Yield Curve Control and Soft Financial Repression
54:11 — Why CPI Doesn't Matter: The Dilution Framework
59:19 — Wrap-Up & Where to Find Lyn
Lyn Alden's website: lynalden.com
Lyn Alden's new science fiction novel, The Stolgard Incident: amazon.com/Stolguard-Incident-Lyn-Alden/dp/B0GNS9MYB5
📊 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
