• Layered Money

  • From Gold and Dollars to Bitcoin and Central Bank Digital Currencies
  • By: Nik Bhatia
  • Narrated by: Guy Swann
  • Length: 4 hrs and 16 mins
  • 4.8 out of 5 stars (589 ratings)

1 title per month from Audible’s entire catalog of best sellers, and new releases.
Access a growing selection of included Audible Originals, audiobooks and podcasts.
You will get an email reminder before your trial ends.
Your Premium Plus plan is $14.95 a month after 30 day trial. Cancel anytime.
Buy for $14.95

Buy for $14.95

Pay using card ending in
By confirming your purchase, you agree to Audible's Conditions of Use and Amazon's Privacy Notice. Taxes where applicable.

Publisher's 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

More from the same

What listeners say about Layered Money

Average Customer Ratings
Overall
  • 5 out of 5 stars
  • 5 Stars
    499
  • 4 Stars
    72
  • 3 Stars
    11
  • 2 Stars
    6
  • 1 Stars
    1
Performance
  • 5 out of 5 stars
  • 5 Stars
    397
  • 4 Stars
    59
  • 3 Stars
    19
  • 2 Stars
    3
  • 1 Stars
    1
Story
  • 5 out of 5 stars
  • 5 Stars
    394
  • 4 Stars
    60
  • 3 Stars
    16
  • 2 Stars
    5
  • 1 Stars
    1

Reviews - Please select the tabs below to change the source of reviews.

Sort by:
Filter by:
  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    5 out of 5 stars

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”

5 people found this helpful

  • Overall
    1 out of 5 stars
  • Performance
    3 out of 5 stars
  • Story
    1 out of 5 stars
  • JD
  • 08-23-21

Stunningly biased. Reads like an ad for BTC

I bought this book to understand cryptocurrencies better in the context of the history of money. I was happy with the book until the first chapter on Bitcoin, at which point Bhatia transforms from a scholar into a Bitcoin fanboy. He makes dangerously hyperbolic statements about the imperviousness and unimpeachable wisdom of the Bitcoin protocol, describing it as “tamper-proof, incorruptible, brilliant, razor-precise”. Phrases like those killed the book for me as an objective resource to learn about cryptocurrencies.

Aside from extolling BTC itself, Bhatia also omits discussion of the development and respective advantages of other existing cryptocurrencies—another reason the book feels stunningly biased toward BTC. “No currency in the digital realm will ever be able to prove itself as resistant to corruption as BTC.” On what basis can Bhatia possibly make a sweeping claim like that? I wish he had discussed ETH and other emerging technologies, with their pros and cons versus BTC.

Bhatia also makes illogical legal arguments as to why BTC should be immune from most or all regulation. Primarily, he makes a bullish claim that Bitcoin calculations are just math and therefore not regulable since they are free speech... ignoring the fact that even if math cannot be regulated, currencies obviously can be. Since BTC is both math and a currency, then it is likely regulable as a currency, even if it is not regulable as math or free speech... but Bhatia doesn't seem to grasp the simple logic here. Bhatia’s legal arguments sound like a bad first year law school paper: he cites one or two supportive case law rulings, omits all case law against his position, and then assumes that the rule he quotes will never change, ignoring the very real fact that case law and legislation both evolve all the time. I am not asking Bhatia to be perfect. Rather, I am asking Bhatia, who is a USC professor, not to commit elementary logical errors to support his position while he is ostensibly objectively analyzing the future of cryptocurrencies.

The narrator is fine most of the time, though very oddly he alternates into and out of a Southern accent. The worst aspect of the narration, however, is that he uses stupendously bad accents and voices when quoting others (so poorly done, it sounds like he’s mocking them). For example, when he quotes Nassim Taleb, he uses an awful "British" accent that sounds nothing like Taleb himself, who is Lebanese.

Also, we should note that Taleb himself does not believe in BTC as a currency and has recently publicly stated as much, yet Bhatia quotes him in support of BTC. Bhatia’s research once again rings superficial.

Overall, this is a book that starts off promising but becomes a trainwreck of fanboyism in the 2nd half. Skip this book if you want an objective resource on cryptocurrencies and their place in the development of money.

4 people found this helpful

  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    5 out of 5 stars

more bullish than saif

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

4 people found this helpful

  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    5 out of 5 stars

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!

2 people found this helpful

  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    5 out of 5 stars

Essential reading for all crypto curious or enthusiasts

Makes the top 5 of essential reading/listening.
In no particular order:

Layered Money
Bitcoin Standard
Sovereign Individual
Price of Tomorrow
Digital Gold

Essential YouTube:
Invest Answers
Into the Cryptoverse
Coin Bureau
Pomp

Essential Podcasts:
What Bitcoin Did
Decrypt Daily
Coindesk Breakdown
Coin Stories

1 person found this helpful

  • Overall
    4 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    4 out of 5 stars

one sided analysis but good history

Author explains things well. Does not leave enough room for counter arguments that would more fully educate the reader regarding crypto's possible futures.

1 person found this helpful

  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    5 out of 5 stars

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.

1 person found this helpful

  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    5 out of 5 stars

In simple terms

FANTASTIC study of banking, finance, theory of money, and bitcoin, in the simplest and most concise language I have come across yet.

  • Overall
    3 out of 5 stars
  • Performance
    3 out of 5 stars
  • Story
    3 out of 5 stars

Great Overview of Currency Origin

Great book that covers the creation of currency (Money/Dollars) over time. The book also dives into the evolution of Bitcoin currency!

  • Overall
    4 out of 5 stars
  • Performance
    4 out of 5 stars
  • Story
    4 out of 5 stars

Decent overview, not stellar, but worth a listen

The book is good, albeit towards the end there are those that don't like the description and time devoted to bit coin. But it is necessary if the reader is not familiar with bit coin AND understands the new dynamic the central banks are scrambling to gain a foot hold if they even hope to compete with BTC. Time will tell. The Federal Reserve is exposed and I don't think they will survive without government backing....

Sort by:
Filter by:
  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    5 out of 5 stars
Profile Image for Anonymous User
  • Anonymous User
  • 07-03-21

Worth every minute of it

Nik did an amazing job with laying out the foundation of how money works, which really helps the listener understand why Bitcoin is the solution we need.

1 person found this helpful

  • Overall
    4 out of 5 stars
  • Performance
    4 out of 5 stars
  • Story
    3 out of 5 stars
Profile Image for Anonymous User
  • Anonymous User
  • 04-14-22

Complex understanding at times

Great listen however complex to understand at times. Probably worth a re listen maybe two

  • Overall
    5 out of 5 stars
  • Performance
    4 out of 5 stars
  • Story
    5 out of 5 stars
Profile Image for Steven Macciolli
  • Steven Macciolli
  • 02-23-22

A 30,000ft view on the history or my money, gold and bitcoin

A great insight of gold and how money has worked over the many centuries and how Bitcoin could be part of our future

  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    5 out of 5 stars
Profile Image for Anonymous User
  • Anonymous User
  • 12-12-21

Bitcoin wins

Some parts of this book were a little bit too advanced for me but the last chapters were easy to understand.

  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    5 out of 5 stars
Profile Image for Tudor George Florinel
  • Tudor George Florinel
  • 06-30-21

Very interesting vision on the future of Bitcoin

The author presents the history of money as a pyramid, where gold was the top layer but gradually got retired so that money coukd become elastic. It then argues that Bitcoin will be the top layer, replacing the current US Treasuries , from which central banks will launch and settle CBDC (Central Bank Digital Currency) .

  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    5 out of 5 stars
Profile Image for Nelson Carreras
  • Nelson Carreras
  • 04-28-21

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.

  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    5 out of 5 stars
Profile Image for Amazon Customer
  • Amazon Customer
  • 04-05-21

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.

Sort by:
Filter by:
  • Overall
    2 out of 5 stars
  • Performance
    4 out of 5 stars
  • Story
    1 out of 5 stars
Profile Image for Anonymous User
  • Anonymous User
  • 04-26-21

Good in the beginning and then very bad

Best part of the book is the concepts of layered money and the interesting history of gold and fiat money.

However the book is clearly written by someone who believes in only Bitcoin and completely overlooks or purposefully ignores all of the other cryptocurrencies and what they offer.

1) No mention of the alt-coins which you would expect in 2021 when DEFI and other ecosystems are growing exponentially.

2) No mention of Etherium and its smart contracts- however the books focuses upon Bitcoins smart contracts which is strange because I would'nt think that would be worth mentioning. Then there is mention of the lightening network which

3) No mention of DEFI -probably because it is on Etherium which this author seems not think is worth mentioning.

4) No mention of Wrapped Bitcoin which is used as a layer 1 on DEFI on Etherium.

5) No mention of the other cryptocurrencies which are brining about decentralisation.


Basically its a book written by a maxi or a very uninformed person on cryptocurrencies.

1 person found this helpful

  • Overall
    5 out of 5 stars
Profile Image for Anonymous User
  • Anonymous User
  • 06-09-22

essential reding

This is my go to book when anyone asks me about bitcoin or finacial literacy. The frameworks outlined perfectly break down monetary systems into language those outside of economics can understand

  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    5 out of 5 stars
Profile Image for Anonymous User
  • Anonymous User
  • 07-29-21

Life changing perspective shift

Will never see the money system the same way again with this knowledge my life will forever be improved.

  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    5 out of 5 stars
Profile Image for Kelsey Clark
  • Kelsey Clark
  • 04-19-21

MUST LISTEN

Excellent book on why Bitcoin is the future of money and a masterclass narrative by Guy Swann.

*Chefs kiss*

  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Story
    5 out of 5 stars
Profile Image for Chiranjeev
  • Chiranjeev
  • 04-02-21

Great sound quality, amazing content.

Recommend this to one and all. If you want to understand money, this is it. Congratulations Mr Bhatia ⭐⭐⭐⭐⭐