This episode is sponsored by Nexo, Abra and FTX US.

On today’s episode, NLW is joined by Nik Bhatia, author of “Layered Money” and The Bitcoin Layer newsletter. They discuss:

  • Bitcoin’s relationship with equities and the TradFi markets
  • Why the Fed is trapped by rates markets
  • Whether privacy is essential to Bitcoin’s success
  • The game theory around nation-state bitcoin adoption
  • How financialization of BTC will impact the asset

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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Time” by OBOY. Image credit: Overearth/iStock/Getty Images Plus, modified by CoinDesk. Join the discussion at