The Bitcoin Matrix Richard Byworth - Bitcoin Is Taking Over the System
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Jun 2, 2025 In a vibrant discussion from the Bitcoin Conference in Las Vegas, Richard Byworth, a seasoned investment banker turned Bitcoin maximalist and digital asset strategist, shares insights into Bitcoin’s growing institution adoption. He explores the intricacies of convertible bonds as tools for institutions and explains aggressive treasury strategies employed by companies like MicroStrategy. Richard also forecasts Bitcoin's evolving volatility and the potential for a future supply crunch, making a compelling case for Bitcoin's central role in reshaping financial systems.
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Richard's TradFi Journey
- Richard Byworth built Nomura's leading convertible bond franchise in Tokyo and expanded it significantly across Asia-Pacific.
- He experienced an intense cultural integration when Nomura acquired Lehman Brothers' Asia and Europe operation.
Convertible Bonds Market Overview
- Convertible bonds are mainly institutional products due to high minimum increments and complexity.
- The zero interest rate environment significantly reduced issuance, affecting liquidity and fund focus globally.
Volatility Arbitrage in Convertibles
- Convertible bonds are bought mainly for the embedded option, not yield.
- Hedge funds arbitrage volatility by dynamically hedging equity exposure, profiting from price fluctuations.