How America Is Fighting to Keep the Dollar on Top with Nik Bhatia

The initial wave of the dollar’s dominance was built on infrastructure from the 1940s. The rewiring of this for the 21st century is now well underway. In this conversation with Nik Bhatia, author of Layered Money and visiting fellow at the Bitcoin Policy Institute, we break down why stablecoins are less about crypto and more about whether America can take back control of an overleveraged Eurodollar system.

We get into why stablecoins backed by U.S. Treasuries are Washington’s answer to China’s yuan peg and supply chain dominance that allowed Beijing to avoid the very trap that is now closing in on the U.S.; Triffin’s Dilemma. We also unpack why the end of China’s deflationary unsystem, as Nik put it. It is the most important and least discussed macro shift of our lifetime, what it means for rates, asset prices, and the dollar’s future. If you’ve ever wondered why Washington suddenly cares about crypto, this episode answers that question, and the answer has nothing to do with Bitcoin.