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“Layered Cash” With Nik Bhatia

02/10/2021
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On this episode of Bitcoin Journal’s “Fed Watch” podcast, Christian Keroles and Ansel Lindner interviewed Nik Bhatia, writer of “Layered Cash: From Gold And {Dollars} To Bitcoin And Central Financial institution Digital Currencies.”

Bhatia has a various background from a U.S. treasuries buying and selling desk of a big institutional asset supervisor to being an adjunct professor instructing finance and economics on the College of Southern California.

The interview began off with some high-level background of Bhatia, particularly on how his expertise enabled him to know Bitcoin early on. In these first jiffy, it grew to become clear simply how wide-ranging this dialog could be.

In “Layered Cash,” Bhatia describes the historical past of cash from the yr 1250 to the current day as a sequence of developments including complexity to the financial system. The hosts requested him if he views cash as an evolutionary course of and to stroll them by that concept. They drilled down on this matter, which is after all central to this thesis on cash, that cash is outlined as a complete of all of the layers, and the way they work collectively. Layers will be reused in a brand new cash, however the present U.S. greenback primarily based monetary system wouldn’t be the identical if the layers have been totally different.

The a part of the interview that can in all probability be most acquainted to “Fed Watch” listeners is the half on the eurodollar system and the way that interfaces with the home U.S. greenback system. “Layered Cash” offers a brand new framework by which to view this difficult relationship. It’s not easy and the hosts dug into the inflation versus deflation debate from Bhatia’s perspective.

Final, however positively not least, they mentioned central financial institution digital currencies (CBDCs). Bhatia has a nuanced understanding of this rising expertise and its ramifications on the “Layered Cash” framework. It’s fascinating that one of many questions they addressed is solely, “Do the central bankers know that CBDCs are threatening to remake your entire system?”

General, this was one other nice episode on your listening pleasure. Bhatia could be very educated about all of the subjects generally mentioned on “Fed Watch.” That is one you don’t need to miss!

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