Layered Money
From Gold and Dollars to Bitcoin and Central Bank Digital Currencies
by Nik Bhatia
4/5
Nik Bhatia 188 pages January 18, 2021
Discover the evolution of money. Nik Bhatia, a former Treasury trader, presents a clean framework for understanding the layers of the modern monetary system — from medieval bills of exchange to Eurodollars, Bitcoin, and the coming central bank digital currencies.
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Jim's Review
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Bhatia spent years as a Treasury trader and brings the trader's clarity to a topic most people find baffling: how does money actually work? His "layered money" framework — base money, deposits, derivatives — is one of the cleanest mental models around for thinking about dollars, gold, and bitcoin in the same picture. Short (under 200 pages), no math beyond basic arithmetic, and ruthlessly clear. Four worms. A smart pick for anyone who wants to understand the financial system before having opinions about it. Pair with The Price of Tomorrow.
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