Layered Money

Archival Summary & Scope

Nik Bhatia explores global monetary evolution through the concept of "layered money." He illustrates this paradigm by tracing gold's progression from raw material to bank certificates, then applies it to the development of digital currencies. The analysis spans Renaissance Florence's banking culture and the evolution of central banking, culminating in a vision for the international monetary system's future. As central banks prepare for crypto-competitors, Bhatia explains how Bitcoin's invention merged monetary and cryptographic sciences, creating a seismic shift and establishing it as a trusted global currency. Readers will gain insights into the mechanics of our financial system, the dollar's enduring strength, and the future interplay between Central Bank Digital Currencies (CBDCs) and other cryptocurrencies.