In this episode of the Bitcoin Matrix Podcast, I chat with Richard Byworth, a seasoned investment banker turned Bitcoin maximalist, live from the Bitcoin Conference in Las Vegas.
We explore the mechanics and evolution of convertible bonds, Bitcoin treasury strategies, and why institutional players are waking up to Bitcoin’s potential.
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––– Get To Know Today's Guest –––
• Richard Byworth on X: https://x.com/RichardByworth
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––– Chapters –––
00:00 - Intro
01:14 - Richard's Background
02:52 - Building Nomura’s Convertible Bond Business
05:53 - Becoming a Bitcoin Maximalist
07:43 - Explaining Convertible Bonds for Bitcoiners
09:28 - Convertible Bonds as Institutional Tools
10:17 - Why MicroStrategy Can Issue Zero-Coupon Convertibles
12:44 - Will Bitcoin Volatility Increase or Decrease?
14:10 - Forecasting a Supply Crunch and Volatility Spike
14:59 - The Bitcoin Treasury Company Playbook
16:17 - Metaplanet’s Strategic Innovation
19:34 - Accretive Dilution vs Traditional Dilution
24:05 - Short Squeezes and Japan’s Market Mechanics
27:26 - The Debate Around Proof of Reserves
33:47 - Future of BTC Dividends and Financial Engineering
34:28 - Why TradFi Still Doesn’t Understand Bitcoin
37:14 - Where Is Real Bitcoin Price Discovery?
38:55 - ETF Flows and Institutional Demand Signals
40:08 - Satoshis vs BTC: The Unit Bias Debate
42:10 - Advice for High-Net-Worth Investors Considering Bitcoin
I want to take a moment to express my heartfelt gratitude to all of you for tuning in, supporting the show, and contributing.
Thank you for listening!
