Uploaded May 2026 | Updated September 2026, 1 week ago
Nik Bhatia breaks down why bitcoin's direction is tied directly to the AI capex super cycle. Bitcoin doesn't do well when the global economy is crashing; it does well when people earn money. With over $1 trillion in capex heading into 2027 and the corporate bond market funding it, the path to supportive global liquidity runs straight through banking assets.
This clip is from our latest TBL Pro global macro update on Substack.
The full update goes deeper into the four pillars of TBL Liquidity and why banking assets are the easiest pillar to forecast right now, the labor market data quietly contradicting the "AI is replacing jobs" narrative, Jevons' paradox and why software developer demand is rising not falling, the ASML and TSMC bottlenecks that make this a supply story not a demand story, and Kane McGukan's "devaluing for tech" framework on why every major government will print fiat to build out their tech stack.
📎 Watch the full update: thebitcoinlayer.substack.com/p/video-jevons-paradox
🔓 Subscribe to TBL Pro: https://thebitcoinlayer.substack.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
Inside TBL Pro you get:
Two weekly macro updates from Nik Bhatia (one letter + one exclusive video)
One weekly Bitcoin market analysis
Access to the TBL Research Dashboard to track liquidity metrics yourself
Monthly report collaboration with James Check (Checkonchain)
About The Bitcoin Layer
The Bitcoin Layer provides macro research focused on liquidity cycles, global markets, and Bitcoin’s role in the financial system.
New Global Macro Updates are released every Thursday for TBL Pro members.
Nik Bhatia breaks down why bitcoin's direction is tied directly to the AI capex super cycle. Bitcoin doesn't do well when the global economy is crashing; it does well when people earn money. With over $1 trillion in capex heading into 2027 and the corporate bond market funding it, the path to supportive global liquidity runs straight through banking assets.
This clip is from our latest TBL Pro global macro update on Substack.
The full update goes deeper into the four pillars of TBL Liquidity and why banking assets are the easiest pillar to forecast right now, the labor market data quietly contradicting the "AI is replacing jobs" narrative, Jevons' paradox and why software developer demand is rising not falling, the ASML and TSMC bottlenecks that make this a supply story not a demand story, and Kane McGukan's "devaluing for tech" framework on why every major government will print fiat to build out their tech stack.
📎 Watch the full update: thebitcoinlayer.substack.com/p/video-jevons-paradox
🔓 Subscribe to TBL Pro: https://thebitcoinlayer.substack.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
Inside TBL Pro you get:
Two weekly macro updates from Nik Bhatia (one letter + one exclusive video)
One weekly Bitcoin market analysis
Access to the TBL Research Dashboard to track liquidity metrics yourself
Monthly report collaboration with James Check (Checkonchain)
About The Bitcoin Layer
The Bitcoin Layer provides macro research focused on liquidity cycles, global markets, and Bitcoin’s role in the financial system.
New Global Macro Updates are released every Thursday for TBL Pro members.
