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Nik Bhatia — What Bitcoin Did episode 1064
Latest episodeEP 1064 · 3 SEPT 2026 · 1:09:42

Bitcoin & the $40 Trillion Debt Reckoning

With Nik Bhatia — on America’s debt problem, the pressure building in bond markets, and what it means for Bitcoin’s next move.

IN THIS CONVERSATIONDebt · Dollar liquidity · Bitcoin’s next move
Show notesSpotify ↗Watch on YouTube ↗
Inside this conversation

Nik Bhatia returns to get into America’s $40 trillion debt problem, why the real danger is the share of tax revenue being consumed by interest, and how continued Treasury bill issuance could eventually trigger stress in the repo market and force the Fed to intervene.

We discuss whether Treasury buybacks helped drive Bitcoin’s recent 20% rally, why the UK, France and Japan may face major monetary intervention before the United States, and how Washington is attempting to reclaim control of the offshore dollar system. Is the world entering a new kind of financial war?

Nik also explains why he believes Bitcoin’s bottom is in but the next bull market has not yet begun, what his liquidity indicators are signalling, and why the bond market could determine Bitcoin’s next major move.

Full episode & show notes →

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The back catalogue · 204 episodes

1064Bitcoin & the $40 Trillion Debt ReckoningNik Bhatia1:09
1063The Everything Rally Is About to BeginJoe Carlasare1:10
1062The Great Rotation Into Bitcoin Has BegunEric Yakes1:18
1061The Plan to Put Bitcoin in Every ConversationSeth For Privacy1:29
1060The Coldcard Disaster: What Really HappenedLloyd Fournier & Nick Farrow1:23
1059Bitcoin Is Running Out Of SellersCheckmate1:14
1058Has Bitcoin Lost Its Way?American HODL & Junseth & Erik Cason & Thomas Pacchia1:22
1057Why Bitcoin Wins When AI Breaks EverythingZack Shapiro1:14
1056The $1 Trillion Bitcoin Loan Market Is ComingMauricio Di Bartolomeo1:16
1055The Data Says Bitcoin’s Bottom Is Already InMitchell Askew & John Haar1:28
1054Who Is Left to Sell Bitcoin?Alex Thorn1:20
1053The Fed Can’t Let the AI Bubble BurstLuke Gromen1:24
1052EMERGENCY BITCOIN UPDATE: Coldcard Attack ExplainedRob Hamilton42m
1051Why I Left Twenty OneJack Mallers1:44
1050Bringing Back The Bitcoin Bull MarketCory Klippsten1:09
1049The Bitcoin Bear Market Is a Survival TestMatt Odell1:57
1048Global Liquidity Has Peaked: What Happens to Bitcoin?Michael Howell1:05
1047The Bitcoin Treasury Company TrapParker Lewis1:19
1046The Next 10 Years Will Decide Bitcoin’s FutureBrandon Quittem1:18
1045Is The Bitcoin Power Law Broken?Matthew Mezinskis1:40
1044Is The Fed Lying About Inflation?James Lavish1:03
1043The Death of Bitcoin CultureFernando Nikolic1:04
1042The Final Stage Of The Bitcoin Bear MarketJoe Consorti1:09
1041The Dollar Changed. Bitcoin Is the EndgameMatt Dines2:34
1040Is Michael Saylor Trapped? STRC ExplainedAdam Livingston1:03
1039The Fed Is Trapped: Why Double-Digit Inflation Is InevitableLawrence Lepard1:16
1038How Global Power Actually WorksSimon Dixon2:19
1037The Dollar Endgame Is Not What You ThinkPeruvian Bull1:14
1036The Best Bitcoin Buying Opportunity In HistoryPeter Dunworth1:04
1035How The State Makes Us PoorerMax Hillebrand1:31
1034Why BIP110 Won’t Change BitcoinMr Hodl & Wicked1:11
1033The Bitcoin Credit Gold RushJeff Walton1:41
1032Who Really Controls Bitcoin?Bitcoin Mechanic1:32
1031The Bitcoin Liquidity Wave Is HereArthur Hayes56m
1030Bitcoin’s Bull Market Is BackCheckmate1:27
1029Bitcoin’s Parallel Economy Is StartingBrian De Mint1:02
1028The Bitcoin Treasury MachineHarry Sudock & Rory Murray1:09
1027The Future of Owning BitcoinJonathan Pollock57m
1026Bitcoin Is Eating The Financial SystemJack Mallers1:48
1025The Biggest Lie in EconomicsAllen Farrington & Sacha Meyers58m
1024The Financial System Is Moving to BitcoinDavid Marcus57m
1023Can Bitcoin Save The West?American HODL & Peter McCormack1:25
1022AI Is Coming for Bitcoin’s EnergyMichael Dunworth1:39
1021Should Satoshi’s Coins Be Frozen?Rob Hamilton1:18
1020This Is The End Of The Dollar SystemJeff Ross1:19
1019Why Everyone Is Wrong About InflationAnsel Lindner58m
1018Is the Quantum Threat to Bitcoin Actually Real?Alex Pruden1:17
1017The System Cannot Survive What’s ComingJeff Booth1:11
1016The Debt Crisis Is Already HereLyn Alden1:25
1015Monetary Domination & The Death of ThoughtBradley Rettler1:37
1014The AI Future Is Overhyped. Why Bitcoin Still MattersJunseth1:40
1013The Commodity Shift, Credit Crisis & BitcoinEric Yakes1:40
10125 Years In Prison For Building A Bitcoin WalletLauren Rodriguez1:02
1011This Is The Macro ResetNik Bhatia1:24
1010Bitcoin is Undervalued, But the Bottom Isn't In YetRational Root1:11
1009A Financial Reset has BegunLuke Gromen1:06
1008The Four Year Cycle Is Not BrokenMatthew Mezinskis1:16
1007Is This The Start Of A Financial Crisis?Jeff Snider1:05
1006Was Bitcoin’s Price Suppressed?Alex Thorn1:07
1005Trump's Secret Plan for a US Economic RenaissanceBrent Johnson1:15
1004The Breakdown of the Fiat World OrderParker Lewis1:28
1003Nobody Is Safe From AI AnymoreMark Suman1:04
1002Everyone Was Wrong About This CycleAndy Edstrom1:10
1001The Epstein Files: What They Reveal About Bitcoin & The Dollar SystemMark Goodwin1:50
1000Is The Bitcoin Bottom In?Checkmate1:21
999Bitcoin Crashed. What Comes Next?Joe Consorti1:18
998The System Is Broken, the Fed Is TrappedJames Lavish1:08
997The Truth About Quantum Computing & BitcoinBrandon Black1:00
996Gold Is Being Repriced & Bitcoin Is NextCaitlin Long1:26
995The Tyranny of Permissionlessness in BitcoinAmiti Uttarwar1:11
994The Fed Pivot, Bitcoin vs Gold & The Return Of QELawrence Lepard1:15
993Bitcoin Is Still WinningCory Klippsten1:00
992The Bitcoin Cheat CodeMark Moss1:13
991The Bitcoin Treasury Debate Gets HeatedMichael Saylor2:04
990Only Bitcoin Can Stop Government CorruptionPeter McCormack1:43
989How The Financial System Controls GovernmentsSimon Dixon1:48
9882025: Bitcoin in ReviewAmerican HODL & Matt Odell1:29
—2026 Macro Outlook and What It Means for BitcoinJoe Carlasare1:16
986The Global Financial System Is Structurally BrokenDavid Dredge1:13
985Bitcoin, Liquidity, And The Coming Inflection PointJeff Ross1:04
—Liquidity, Deficits & the Real Bitcoin SignalSam Callahan1:11
983Fiat Money, Inflation & the Collapse of CivilizationSaifedean Ammous1:07
982The Bitcoin Bull Market Hasn’t Started YetEric Yakes56m
981The Future of Bitcoin TreasuriesJeff Walton48m
980How Bitcoin Is Changing the WorldErik Hersman & Phillip Walton & Eric Yakes & Mark Kamau1:19
979How Broken Money Distorts RealitySeb Bunney1:21
978Bitcoin, AI & The Fourth TurningGeorge Bodine1:36
977The $60 Billion Bitcoin BetPhong Le1:16
976Bitcoin Adoption Is Going MainstreamMax Guise57m
975Did the Bitcoin Bull Market Just End?Checkmate & Alec Dejanovic1:35
974Bitcoin, AI & the Coming Surveillance StateMark Suman1:15
973Bitcoin, Gold & the Coming Liquidity PivotLyn Alden1:19
972Is BIP444 An Attack on Bitcoin?Rob Hamilton1:23
971What It Really Means to Be SovereignSeedSigner1:49
970Bitcoin Power Law: The End of Exponential GrowthMatthew Mezinskis1:39
969Why Bitcoin’s Bull Market Isn’t OverRational Root1:01
968Don’t Lose Your Bitcoin Generational WealthBTC Sessions1:12
—The Spiritual War for BitcoinAmerican HODL & Erik Cason & Marty Bent1:33
966Rebuilding the World’s Financial System with BitcoinObi Nwosu2:09
965Bitcoin and the End of Financial RepressionAlex Gladstein1:02
964Bitcoin & The Coming Liquidity BoomNik Bhatia1:15
963Jailed by a Dictator, Fighting Back with BitcoinLeopoldo López1:36
962Bitcoin Is Rebuilding the Financial SystemAndrew Hohns1:43
961Why Bitcoin Must WinMatt Odell1:49
960Has the Debt Spiral Started?Luke Gromen1:20
959Market Chaos: Is the Bitcoin Bull Run Over?Checkmate1:10
958The AI Revolution That Ends HumanityRoman Yampolskiy1:04
957Bitcoin Core v30 Explained: Spam, Filters & the Knots DebateAntoine Poinsot1:23
956Bitcoin is Generational WealthPeter Dunworth1:09
955The End of Fed Control? Bitcoin & Macro OutlookCheckmate & Joe Carlasare & Matthew Pines1:41
—The Fight For Bitcoin’s FutureSamson Mow1:10
953The Fourth Turning is Here: Bitcoin vs CrisisBrandon Quittem1:19
952The Big Print, Inflation & The End Of The DollarLawrence Lepard1:18
951Is Bitcoin Culture Dead?Pete Rizzo1:30
950Why Every Company Will Hold BitcoinFreddie New1:09
949Inflation, Liquidity, the Fed & BitcoinJames Lavish1:05
948The Path to $10 Million BitcoinEric Yakes1:57
947Exposing Pegasus: How the State Spies on YouJohn Scott-Railton1:40
—From Wall Street to Bitcoin & The Separation of Money & StateVijay Selvam1:01
945The Real Bitcoin Revolution Is GrassrootsRod Roudi1:07
944Paper Bitcoin SummerAmerican HODL & Steven Lubka1:26
943The Bull Market, Institutional Adoption & 2026 Recession?Willy Woo1:12
942The Bitcoin Treasury PlaybookPreston Pysh1:06
941Saving Bedford with BitcoinPeter McCormack1:47
940The War on Bitcoin PrivacyCalle1:33
939Is MSTR a Ponzi?Lyn Alden & Andy Constan1:45
938The State of Bitcoin AdoptionTroy Cross & Ella Hough1:18
937Why This Bitcoin Bull Market Is DifferentCheckmate1:14
936Metaplanet, Strategy, and the Corporate Bitcoin RaceDylan LeClair1:15
935Bitcoin’s New Era: Liquidity, Macro, and the End of Four-Year CyclesNik Bhatia1:02
934AI, Bitcoin, & The Collapse Of The Fiat EconomyJeff Booth1:10
933Bitcoin Culture vs Wall StreetThomas Pacchia1:12
932How Bitcoin Is Changing the Financial SystemMauricio Di Bartolomeo1:53
931Bitcoin All Time High: Has the Cycle Broken?Rational Root1:03
930Bitcoin Treasury Companies, Mining & The Slow Grind to $1 MillionMitchell Askew1:01
929The Bull Market & Bitcoin vs Real EstateCJ Konstantinos1:29
928UFOs, AI & the Future of Human ConsciousnessMatthew Pines1:45
927Bitcoin is Winning in DCGrant McCarty1:11
926Adoption & CorruptionBecca Rubenfeld1:57
925How Bitcoin Will Destroy the StateErik Cason & Jesse Posner1:31
—Strategy's Trillion Dollar Bitcoin BetJeff Walton1:20
923Inflation, War & $475K BitcoinJeff Ross1:04
922Hyperbitcoinisation by 2032?Erin Redwing1:23
921Is Bitcoin Failing?Alex Gladstein & Paul Sztorc1:42
920Why America Is Winning the Bitcoin RaceSam Wouters1:11
919The Myth of the Dollar CollapseJoe Carlasare1:21
918Bitcoin Core, OP_RETURN, & the Fight to Save Our WalletsMatt Corallo1:09
917How the State Captures BitcoinAmerican HODL1:11
916The Debt Spiral, Stagflation & Why Bitcoin WinsJames Lavish1:04
—Orange Pilling Wall StreetJack Mallers1:47
—THIS TIME IS DIFFERENT: BITCOIN, WALL STREET & ENERGYHarry Sudock1:04
—Is the Fed Losing Control?Matthew Mezinskis1:27
912The True Cost of the Dollar EmpireLyn Alden1:07
—The OP_RETURN War: Who Controls BitcoinBitcoin Mechanic1:23
910$100K Bitcoin: Is the Cycle Breaking?Checkmate1:16
909The US Government Vs BitcoinZack Shapiro1:10
908OP_RETURN, Filters & Bitcoin’s Identity CrisisShinobi1:05
907BITCOIN IS HUMAN NATUREJesse Myers1:17
906LIVE IN BEDFORDCheckmate & Preston Pysh & Lawrence Lepard & James Lavish & Matthew Pines & Alex Thorn & Cameron Parry1:27
905The End of Globalisation & The Rise of BitcoinMark Moss1:33
904BITCOIN: A TROJAN HORSE FOR FREEDOMAlex Gladstein1:35
—BITCOIN IS WINNINGMatt Odell1:52
—HAS BITCOIN ACTUALLY DONE ANYTHING?Junseth1:56
—THE RISKS OF BITCOIN MINING CENTRALISATIONBob Burnett1:30
900THE BIG PRINT IS COMINGLawrence Lepard1:18
899THE CASE FOR BITCOINJoe Bryan1:45
898THE DOLLAR MILKSHAKE & BITCOINBrent Johnson1:18
897BITCOIN BRAIN MELTMichael Dunworth1:21
896GAMESTOP, MICROSTRATEGY & THE FINANCIALIZATION OF BITCOINPeter Dunworth1:14
895QE, LIQUIDITY, BONDS & BITCOINNik Bhatia1:26
—THE BITCOIN REVOLUTIONPierre Rochard & Michael Goldstein1:35
—BITCOIN & THE END OF THE DOLLAR SYSTEMLuke Gromen1:15
—THE WORLD WILL CONVERGE ON BITCOINParker Lewis1:25
891BITCOIN & THE U.S. DEBT CRISISAvik Roy1:32
890THE FED CAN’T SAVE THE ECONOMYJeff Snider1:01
—WILL QUANTUM BREAK BITCOIN?Hunter Beast1:10
888THE STRATEGIC BITCOIN RESERVE IS HEREAmerican HODL & Matthew Pines1:22
887BITCOIN & THE MONETARY REVOLUTIONJosh Hendrickson & William Luther1:42
886NATION STATE MININGDaniel Batten1:18
885THE BITCOIN SHAKEOUTCheckmate56m
884THE MONEY PRINTER IS COMINGJames Lavish1:15
—BITCOIN BONDS & THE FIAT PONZIPreston Pysh & Nico Lechuga1:15
882BITCOIN PRICE, ADOPTION, MSTR & NATION STATESEric Yakes1:24
881THE FUTURE OF BITCOIN CUSTODYBecca Rubenfeld1:23
—DEBATE: CAN BITCOIN RESIST THE STATE?Alex Gladstein & Fictitious Capital1:37
879TRUMP, INSTITUTIONS & BITCOIN DOMINANCEAlex Thorn1:33
—IS THE BITCOIN BULL MARKET OVER?Rational Root1:05
877SHOULD BITCOIN OSSIFY?Jameson Lopp1:08
876WILL MICROSTRATEGY BECOME THE BIGGEST COMPANY IN THE WORLD?Jeff Walton1:10
875SELF CUSTODY, SECURITY, & THE QUANTUM THREAT TO BITCOINAlex Leishman49m
—THE BITCOIN TROJAN HORSEErik Cason1:23
873TRUMP, INFLATION, MSTR & BITCOINLyn Alden1:05
872DID THE US GOVERNMENT CREATE BITCOIN?Mark Goodwin1:26
871PREPARING FOR $475K BITCOINJeff Ross1:05
870INFLATION, THE FED & BITCOINLawrence Lepard1:19
86816 YEARS OF BITCOINPete Rizzo1:11
—2024: BITCOIN IN REVIEWAmerican HODL & Matt Odell1:49
866THE RISE OF BITCOINParker Lewis56m
865BITCOIN & THE GLOBAL ECONOMIC REORDERINGMatthew Pines1:54
864STRATEGIC BITCOIN RESERVE, NATION STATE ADOPTION & BITCOIN MININGHarry Sudock1:08
863REPRICING THE WORLD IN BITCOINJeff Booth1:11
862SAMOURAI WALLET & THE FIGHT FOR BITCOIN PRIVACYRoger Burlingame & Zack Shapiro1:09
861HYPERBITCOINISATION & UPGRADING BITCOINRob Hamilton1:19
860WBD IS BACK - $100K BITCOIN, MICROSTRATEGY AND THE BULL MARKETCheckmate1:15