In this episode, Nik continues our Bitcoin & Liquidity Academy with a deep dive into fixed income market structure and its role in global capital markets. He explains how loans become securities, why bonds trade differently than stocks, and how the Treasury system is organized through CUSIPs. Nik unpacks the scale of the $120 trillion bond market, contrasts equity and debt financing, and walks through who owns U.S. Treasuries today. He also explores the link between GDP, tax revenue, and debt service, framing the U.S. balance sheet as a key lens for understanding future liquidity.

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Nik Bhatia's Twitter: https://twitter.com/timevalueofbtc
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