In this episode, Nik sits down with Kane McGukin to map the future of collateral, credit, and liquidity across the global system. They unpack Michael Howell’s Capital Wars, why chips and energy are becoming strategic collateral, how stablecoins can move bank reserves onto usable rails, and where Bitcoin fits as digital collateral. The conversation covers potential credit markets built on Bitcoin, how banks may enter with custody and lending, and why US policy appears to be devaluing dollars to boost technology and rebuild supply chains.

📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H

📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm.

▶️ Subscribe and turn on notifications for TBL on YouTube.
📚 Subscribe to TBL’s research letter: https://thebitcoinlayer.com/subscribe
🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.
📱 Follow TBL on X: https://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 http://TheBitcoinLayer.com/merch

⛓️ ₿lock Height 912936

⚡ Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.gg

Nik Bhatia's Twitter: https://twitter.com/timevalueofbtc
Creative Director Matthew Ball's Twitter: https://twitter.com/matthewrball
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.

OpenAI Launches ChatGPT 5.4

AI Breakdown

Performance on Professional Deliverables

The AI-powered Podcast Player