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.  ––– Offers & Discounts ––– Theya is the world’s simplest Bitcoin self-custody solution. Download Theya Now at theya.us/cedric Get up to $100 in Bitcoin on River at river.com/Matrix The best Team Bitcoin merch is at HodlersOfficial.com. Use the code Matrix for a discount on your order. Become a sponsor of the show: https://thebitcoinmatrix.com/sponsors/ ––– Get To Know Today's Guest ––– • Richard Byworth on X: https://x.com/RichardByworth ––– Socials ––– • Check out our new website at https://TheBitcoinMatrix.Com • Follow Cedric Youngelman on X: https://x.com/cedyoungelman • Follow The Bitcoin Matrix Podcast on X: https://x.com/_bitcoinmatrix • Follow Cedric Youngelman on Nostr: npub12tq9jxmt707gd5vnce3tqllpm67ktr0mqskcvy58qqa4d074pz9s4ukdcs  ––– 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!