Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik breaks down the massive fiscal deficits of the US government over the past five years. We begin with comparing today's deficit historically, explain the numbers behind how the US has spent $10 trillion more than it has collected since 2020, and how this deficit has impacted financial markets and the economy. Nik discusses bitcoin's price increase to $70,000, the signal we are getting from realized price, and generally speaks to what we missed last year when forecasting a recession.

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