In this episode, Nik is joined by Matt Dines, CIO of Build Asset Management, for an expansive look at America’s evolving grand strategy. They break down the Fed’s next move in the repo market, the role of gold in global reflation, and how Bitcoin fits into the new era of credit, conflict, and liquidity. Nik and Matt explore the CapEx boom, private credit expansion, and why the U.S. banking system’s structural shift gives it a strategic edge over Europe and China. The discussion connects five centuries of global finance, from gold-backed empires to Bitcoin’s rise as the foundation for a new monetary order.
Find Matt Dines here: https://x.com/LeveredUSTs
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Nik Bhatia’s Twitter: https://twitter.com/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.
Chapters:
00:00 Welcome & Repo Market Update
03:00 Repo Tightness and Lessons from 2019
08:00 Interest Rate Cycles & Money Market Dynamics
16:00 Private Investors and the Yield Curve
23:00 How Rate Cuts Play into Economic Cycles
28:00 Outlook: CapEx Boom & The Business Cycle
33:00 The Coming Wave of Reflation
40:00 US Banking System & Private Credit Shift
47:00 Liquidity, Risk Assets & Global Banking Assets
53:00 Private Credit: US VS Europe – Strategic Edge
56:00 Central Banks, Gold Policy & Balance Sheet Expansion
01:05:00 Why Gold Is Rallying and The Central Bank Connection
01:13:00 Argentina, US Strategy & Geopolitical Shifts
01:22:00 Argentina, Soybeans, and 21st Century Grand Strategy
01:32:00 Closing Thoughts & Five Centuries of Big Picture
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