I think Bitcoin being this global, accessible digital capital and digital commodity is very important.

Anybody who hold Bitcoin in Venezuela in the last couple of years, right?

I think it's like multiple X better off compared to a lot of the average citizens who are just holding their local currency.

Value capture is shifted away from layer ones.

A new Coin desk research report reveals that while layer one still holds 90% of market cap, they now capture only 12% of on-chain fees.

Explore the structural changes defining 2026 from Bitcoin's post-quant

risks and Ethereum's roll-up economics to the new era of compliant privacy with input outputs

midnight at coindesk.com forward slash research. Hello and welcome to the 2026 debut of

Markets Outlook. I'm Jen Sanasi. Geopolitics is already muscling its way into the new year following the U.S. operation in Venezuela. And today we're asking if Bitcoin is finally proving its metal as a non-sovereign safe haven. Joining us now to break it all down is Charlie Hu, co-founder of BitLayer, a Bitcoin Layer 2, with a total value locked of around half a

billion dollars last year. Charlie, welcome to the show. Hi, Jennifer. Great to be here.

Great to have you here. Happy New Year. We are kicking off 2026 today. Talk to me a little bit

about what you're watching in the markets. Sure. I think today we had a pretty good Monday.

Consider this a relief rally. Hopefully we can have a continuation of the rest of the months.

I think a lot of people coming back to work right after the pretty good Christmas season.

There's some interesting events we need to

watch, right, including the Bitcoin Treasury Company, some of the key companies, and some of the

events, as we want to potentially we'll talk about, from Belis Villa. It is important, right,

to reconsider what is Bitcoin involvement, right, across all the global movement.

And for us, we're building things for Bitcoin financialization. So it's important for us as well.

If we look at what's going on in Venezuela, talk to me a little bit about the financialization

of Bitcoin. How are you watching the events unfold there?

And how can we relate that back to crypto?

...