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!