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!