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Summary

In this fascinating deep dive into the evolution of monetary systems around the globe, Nik Bhatia takes us into the origins of how money has evolved to function in a “layered” manner. Using gold as an example of this term, he traces the layers of this ancient currency from raw mined material, to gold coins, and finally to bank-issued gold certificates. In a groundbreaking manner, Bhatia offers a similar paradigm for the evolution of digital currencies. Bhatia’s analysis begins in Renaissance Florence with the gold Florin coin and a burgeoning banking culture, continues with the evolution of central banking, and concludes with a vision for the future of our international monetary system. As central banks around the world prepare to launch their own crypto-competitors, Bhatia illustrates how the invention of Bitcoin created a seismic shift in money and merged the monetary and cryptography sciences. His unique analysis of “layered money” illuminates money markets for the general reader and shows how Bitcoin is becoming a trusted global currency. Listeners will come away with an understanding of the mechanics of our financial system, why the dollar is deeply entrenched despite its state of disrepair, and how Central Bank Digital Currencies (CBDCs) and cryptocurrencies will interact in our new monetary future. 

Nik Bhatia is a financial researcher, CFA charterholder, and adjunct professor of finance and business economics at the University of Southern California Marshall School of Business where he teaches Applied Finance in Fixed Income Securities. Previously, Nik worked the US Treasuries trading desk for a large institutional asset manager and has extensive trading experience in money markets and interest rate futures. After starting his teaching career, Nik felt the urge to bring his research on both the international monetary system and Bitcoin together as one to write the book titled Layered Money: From Gold and Dollars to Bitcoin and Central Bank Digital Currencies. He has a BA in social sciences from University of Southern California and a Master in Finance from IE Business School in Madrid, Spain. Nik lives in Los Angeles, CA, with his wife and young daughter.

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio. 

©2021 Nikhil Bhatia (P)2021 Nikhil Bhatia

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Great listen for Bitcoin fundamentals

Awesome dive into Bitcoin and economics. Clear explanations with historic context and an interesting view of the future. Very well read as audiobook.

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Excellent

Excellent framework which is now required for navigating the relationship between impending CBDCs and Bitcoin. Highly recommended as a follow up to The Bitcoin Standard by Saifedean Ammous. Also well narrated and concise.

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  • Brian Sachetta
  • 15-04-21

Engaging and easy to understand

Before I picked this one up, I actually thought it was going to be super technical. I’d only ever listened to one podcast featuring Bhatia, and that was a while ago, so I couldn’t remember what his style was. Especially given the subject, I assumed I was in for a bit of a slog.

However, this book is anything but that, and I think that’s why I found it to be quite good. Bhatia takes something that’s super complex and vague (the layered money system) and breaks it down in just a handful of hours. More importantly, he does so in a way that just about anyone can understand.

Though I liked the entire book, the last third was my favorite. In that part, Bhatia takes all the layered money concepts he covers in the first two-thirds and applies them to Bitcoin and digital currencies.

Overall, it’s a very good read and one that I recommend.

-Brian Sachetta
Author of “Get Out of Your Head”

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  • kevin chan
  • 05-04-21

more bullish than saif

bitcoin number go up Forever laura.
makes saif look like a bear.
pump it Nik

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  • concerned customer
  • 07-04-21

best book on money that you will read this decade.

excellent narration. fascinating topic. if this doesn't convince you on bitcoin, nothing will. enjoy friends!

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  • Amazon Customer
  • 11-04-21

Engaging and informative

For someone who is not familiar with the history of money and the complexity off the layers of money, this book was extremely helpful in making sense of how bitcoin fits into the big financial picture.

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  • Heidi Torres
  • 27-05-21

Exceptional

With all of the previous books I’ve listened to related to Bitcoin, this book has helped me understand Bitcoin with a different perspective.

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  • Matthew C Conlan
  • 19-05-21

Monetary evolution for the Bitcoin curious

4 of 5 stars.

Nik Bhatia has written an accessible history of the evolution of the macro monetary system and how it could ultimately migrate from the current Dollar Standard into a new system with Bitcoin as the base layer. In simple terms, Layered Money describes a conceptual framework for how monetary systems have evolved over time and why the current Worldwide Dollar Standard is fundamentally broken and overdue for a reset.

As this overview isn’t a deep dive into monetary history, some important aspects of Bretton Woods and debt were not mentioned, but the basic conceptual framework for layered money is covered sufficiently.

I would also recommend The Bitcoin Standard as a companion read for a fuller understanding of why Bitcoin is such a unique, timely and perhaps inevitable invention for humanity.

The reader is okay but doesn’t seem like a seasoned professional relative to other narrators. He doesn’t quite know how to carry alternative voice inflections when he reads historical quotes.