4 years ago

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In this episode of Bitcoin Magazine’s "Fed Watch" podcast, Christian Keroles and Ansel Lindner interviewed Nik Bhatia, author of "Layered Money: From Gold And Dollars To Bitcoin And Central Bank Digital Currencies."

Bhatia has a diverse background from a U.S. treasuries trading desk of a large institutional asset manager to being an adjunct professor teaching finance and economics at the University of Southern California.

The interview started off with some high-level background of Bhatia, specifically on how his experience enabled him to understand Bitcoin early on. In these first few minutes, it became clear just how wide-ranging this conversation would be.

In "Layered Money," Bhatia describes the history of money from the year 1250 to the present day as a series of developments adding complexity to the monetary system. The hosts asked him if he views money as an evolutionary process and to walk them through that idea. They drilled down on this topic, which is of course central to this thesis on money, that money is defined as a whole of all the layers, and how they work together. Layers can be reused in a new money, but the current U.S. dollar based financial system would not be the same if the layers were different.

The part of the interview that will probably be most familiar to "Fed Watch" listeners is the part on the eurodollar system and how that interfaces with the domestic U.S. dollar system. "Layered Money" gives a new framework by which to view this complicated relationship. It is not straightforward and the hosts dug into the inflation versus deflation debate from Bhatia's perspective.

Last, but definitely not least, they discussed central bank digital currencies (CBDCs). Bhatia has a nuanced understanding of this emerging technology and its ramifications on the "Layered Money" framework. It is interesting that one of the questions they addressed is simply, “Do the central bankers know that CBDCs are threatening to remake the entire system?”

Overall, this was another great episode for your listening pleasure. Bhatia is very knowledgeable about all the topics commonly discussed on "Fed Watch." This is one you don’t want to miss!

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