Uploaded April 2026 | Updated September 2026, 2 weeks ago
Nik welcomes Matt Dines, CIO of Build Asset Management, back to The Bitcoin Layer to unpack the UAE leaving OPEC and what it signals about a broader dollar system remake. Dines ties the UAE's pivot toward direct Fed swap lines to the Bank of Japan holding rates, the un-inversion of the 3-month / 6-month T-bill curve after 130 weeks, and the disaster unfolding in UK gilts. He closes with his thesis on the ninth inning of the credit cycle, the 1913 Anglo-American merger, and the Pax Silica vision tying together semiconductors, energy, critical minerals, stablecoins, and bitcoin as the glue of an emerging American-led global order.
Explore TBL Pulse for free: research.thebitcoinlayer.com
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
Pax Silica: state.gov/pax-silica
Previous Matt Dines videos:
- EUROPEAN BREAKING POINT: Italy Takes Gold Back, Sovereign Bond Crisis, & Bitcoin w/ Matt Dines: youtube.com/watch?v=-C13zU-ZsT8&t=1s
- THE GREAT AMERICAN RESET: Credit, Industry, and Bitcoin’s Role in What Comes Next: youtube.com/watch?v=iTyZ3eN3K4g&t=672s
Find Matt Dines here: https://x.com/LeveredUSTs
Timestamps:
00:00 Intro
02:44 UAE leaves OPEC: what does it mean
05:25 Crash-out narratives and de-dollarization doom
09:56 UAE leaving OPEC in context of Fed swap lines
15:30 BOJ holds rates: an olive branch to global markets
20:07 The 3-month / 6-month T-bill un-inversion
26:16 Global debt context and the UK gilts disaster
30:23 The dollar system remake explained
34:05 LIBOR to SOFR: the new dollar plumbing
39:07 1913 and the Anglo-American merger thesis
41:40 UK gilts and prior ceasefire reactions
49:03 Why the UK is behind the eight ball
53:26 The ninth inning: end of the credit cycle
57:00 PacSilica and the American-led order
1:01:26 Where to find Matt Dines
📊 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 Matt Dines, CIO of Build Asset Management, back to The Bitcoin Layer to unpack the UAE leaving OPEC and what it signals about a broader dollar system remake. Dines ties the UAE's pivot toward direct Fed swap lines to the Bank of Japan holding rates, the un-inversion of the 3-month / 6-month T-bill curve after 130 weeks, and the disaster unfolding in UK gilts. He closes with his thesis on the ninth inning of the credit cycle, the 1913 Anglo-American merger, and the Pax Silica vision tying together semiconductors, energy, critical minerals, stablecoins, and bitcoin as the glue of an emerging American-led global order.
Explore TBL Pulse for free: research.thebitcoinlayer.com
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
Pax Silica: state.gov/pax-silica
Previous Matt Dines videos:
- EUROPEAN BREAKING POINT: Italy Takes Gold Back, Sovereign Bond Crisis, & Bitcoin w/ Matt Dines: youtube.com/watch?v=-C13zU-ZsT8&t=1s
- THE GREAT AMERICAN RESET: Credit, Industry, and Bitcoin’s Role in What Comes Next: youtube.com/watch?v=iTyZ3eN3K4g&t=672s
Find Matt Dines here: https://x.com/LeveredUSTs
Timestamps:
00:00 Intro
02:44 UAE leaves OPEC: what does it mean
05:25 Crash-out narratives and de-dollarization doom
09:56 UAE leaving OPEC in context of Fed swap lines
15:30 BOJ holds rates: an olive branch to global markets
20:07 The 3-month / 6-month T-bill un-inversion
26:16 Global debt context and the UK gilts disaster
30:23 The dollar system remake explained
34:05 LIBOR to SOFR: the new dollar plumbing
39:07 1913 and the Anglo-American merger thesis
41:40 UK gilts and prior ceasefire reactions
49:03 Why the UK is behind the eight ball
53:26 The ninth inning: end of the credit cycle
57:00 PacSilica and the American-led order
1:01:26 Where to find Matt Dines
📊 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
