Richard Byworth: Bitcoin Treasuries Should SELL Bitcoin Below 1 mNAV (Former Nomura Trader)

from Treasury Orange - Bitcoin Podcast · host Tyler Rowe

🔥 Hedge fund veteran Richard Byworth built a Swiss Treasury Company w/ Adam Back & reveals how Switzerland's zero interest rate environment creates the perfect storm for Bitcoin-backed credit products to capture $750 billion. In this Treasury Orange exclusive, the Chairman of Future & advisor to Jan3 reveals: ✅ Why he went from "Bitcoin is a scam" (2010) to building a treasury w/ Adam Back 💰 How Switzerland's 12 basis point 10-year bonds create unstoppable demand for Bitcoin yield 📊 The "hedge fund on top of an ETF" framework that traditional finance finally understands 🎯 Why Bitcoin treasuries should SELL Bitcoin at 20% discounts (religious zealotry is killing returns) ⚡ Strategy's €620M Stream IPO was "super smart" - waking up the $300 trillion bond market 🚨 Put options underwriting that generates free Bitcoin premium (secret weapon) 💎 Why "family offices understand Bitcoin better than hedge funds" *THE GAME-CHANGING INSIGHT:* Richard explains why Bitcoin treasury companies are the "release valve of the fiat Ponzi" - using financial engineering to expose interest rate manipulation. With Swiss 10-year bonds at 12 basis points versus Bitcoin's CAGR, the arbitrage is undeniable. Future is positioned to offer 3-5% credit products in a country desperate for yield. *BEST QUOTES:* 💥 "Bitcoin treasury companies are the release valve of the fiat Ponzi" 🎯 "It's a hedge fund sitting on top of an ETF - that's how you explain it to Wall Street" 📈 "You never lend money at zero in a real market. The market is being manipulated" 🏦 "Swiss 10-year bonds at 12 basis points. Imagine locking up money for 10 years to get that. It's insanity" ⚡ "If you can buy Bitcoin at a 20% discount by buying back your shares, you should absolutely sell Bitcoin" 🌊 "Family offices made so much money in crypto that they haven't understood it's all a scam except Bitcoin" *TIMESTAMPS:* 00:00 Cold Open 01:49 Why Is Bitcoin Hard To Grok For TradFi 03:36 Richard's Journey To Bitcoin 08:21 The Fiat Debasement Trade: Bitcoin's Role 13:09 Building Future: A Bitcoin Treasury Company 16:10 Meeting Adam Back 17:53 Switzerland's Economic Landscape & Interest Rates 21:36 Bitcoin Treasury Companies & Institutional Adoption 24:00 Michael Saylor's Pivot To Preferred Equities As Leverage 27:00 Treasuries As A Hedge Fund Built On Bitcoin 33:39 Bitcoin Is A Threat To Fiat / Coordinated Attack? 36:48 Orange-Pilling Family Offices & Bitcoin As Wealth Preservation 40:11 How To Follow Richard 40:41 Stay Orange 40:48 Outro *THE TEAM BEHIND FUTURE:* Richard Byworth: Chairman, ex-Nomura, hedge fund veteran, financial engineer Adam Back: Co-founder, Blockstream CEO, Bitcoin technical pioneer Sebastian Hess: CEO, serial entrepreneur, ex-Founders Fund backed Donald Ewer: Advisor, ex-Citadel & Caxton Vijay Selvam: Board, author of "Principles of Bitcoin," lawyer Julian Linigar: Co-founder, Relai CEO Mark Syz: Vice Chair, private equity specialist *MENTIONED:* Future (Swiss Bitcoin Treasury) MicroStrategy/Strategy (MSTR) - Stream (STRE) IPO Metaplanet - Simon Gerovich put underwriting strategy Jan3 - Nation-state Bitcoin adoption Relai - Swiss Bitcoin DCA app Blockstream - Adam Back H100 (trading at 20% discount to NAV) Strive/ASST - Matt Cole comparison JP Morgan - short attack discussion MSCI/Morgan Stanley index exclusion debate S&P 500 inclusion battle ahead *CONNECT WITH RICHARD:* 🔔 X/Twitter: https://twitter.com/RichardByworth 🏢 Future: https://twitter.com/Future_Hodlings *RELATED VIDEOS:* 📺 Grain of Salt Changed His Mind on Prefs: https://twitter.com/TylerCompiler/status/1991318908255514920 📺 Strive CEO Matt Cole Interview: https://youtu.be/8r21Ttd-DLY 📺 Options Trader RETIRED on MSTR: https://youtu.be/qamyJhu0zvI 📺 Former MSTR Bull's Exit Warning: https://youtu.be/J-aHzNMUDts 📺Adam Back with Richard: https://www.youtube.com/watch?v=iUU65dpFA34 📧 Contact: [email protected] 🔔 Tyler on X: https://twitter.com/tylercompiler 🎙️ Treasury Orange: Analyzing Bitcoin treasury companies with insider access | TreasuryOrange.com https://youtube.com/@TreasuryOrange 🟠 STAY ORANGE #Bitcoin #BitcoinTreasury #Switzerland #SwissFinance #AdamBack #Future #Blockstream #ZeroRates #FixedIncome #MSTR #Strategy #Stream #STRE #Metaplanet #Jan3 #Relai #HedgeFund #FinancialEngineering #TreasuryOrange #BitcoinCredit #EuropeanBitcoin ⚠️ Not financial advice - Educational content only

What this episode covers

🔥 Hedge fund veteran Richard Byworth built a Swiss Treasury Company w/ Adam Back & reveals how Switzerland's zero interest rate environment creates the perfect storm for Bitcoin-backed credit products to capture $750 billion.In this Treasury Orange exclusive, the Chairman of Future & advisor to Jan3 reveals:✅ Why he went from "Bitcoin is a scam" (2010) to building a treasury w/ Adam Back💰 How Switzerland's 12 basis point 10-year bonds create unstoppable demand for Bitcoin yield📊 The "hedge fund on top of an ETF" framework that traditional finance finally understands🎯 Why Bitcoin treasuries should SELL Bitcoin at 20% discounts (religious zealotry is killing returns)⚡ Strategy's €620M Stream IPO was "super smart" - waking up the $300 trillion bond market🚨 Put options underwriting that generates free Bitcoin premium (secret weapon)💎 Why "family offices understand Bitcoin better than hedge funds"*THE GAME-CHANGING INSIGHT:*Richard explains why Bitcoin treasury companies are the "release valve of the fiat Ponzi" - using financial engineering to expose interest rate manipulation. With Swiss 10-year bonds at 12 basis points versus Bitcoin's CAGR, the arbitrage is undeniable. Future is positioned to offer 3-5% credit products in a country desperate for yield.*BEST QUOTES:*💥 "Bitcoin treasury companies are the release valve of the fiat Ponzi"🎯 "It's a hedge fund sitting on top of an ETF - that's how you explain it to Wall Street"📈 "You never lend money at zero in a real market. The market is being manipulated"🏦 "Swiss 10-year bonds at 12 basis points. Imagine locking up money for 10 years to get that. It's insanity"⚡ "If you can buy Bitcoin at a 20% discount by buying back your shares, you should absolutely sell Bitcoin"🌊 "Family offices made so much money in crypto that they haven't understood it's all a scam except Bitcoin"*TIMESTAMPS:*00:00 Cold Open01:49 Why Is Bitcoin Hard To Grok For TradFi03:36 Richard's Journey To Bitcoin08:21 The Fiat Debasement Trade: Bitcoin's Role13:09 Building Future: A Bitcoin Treasury Company16:10 Meeting Adam Back17:53 Switzerland's Economic Landscape & Interest Rates21:36 Bitcoin Treasury Companies & Institutional Adoption24:00 Michael Saylor's Pivot To Preferred Equities As Leverage27:00 Treasuries As A Hedge Fund Built On Bitcoin33:39 Bitcoin Is A Threat To Fiat / Coordinated Attack?36:48 Orange-Pilling Family Offices & Bitcoin As Wealth Preservation40:11 How To Follow Richard40:41 Stay Orange40:48 Outro*THE TEAM BEHIND FUTURE:*Richard Byworth: Chairman, ex-Nomura, hedge fund veteran, financial engineerAdam Back: Co-founder, Blockstream CEO, Bitcoin technical pioneerSebastian Hess: CEO, serial entrepreneur, ex-Founders Fund backedDonald Ewer: Advisor, ex-Citadel & CaxtonVijay Selvam: Board, author of "Principles of Bitcoin," lawyerJulian Linigar: Co-founder, Relai CEOMark Syz: Vice Chair, private equity specialist*MENTIONED:*Future (Swiss Bitcoin Treasury)MicroStrategy/Strategy (MSTR) - Stream (STRE) IPOMetaplanet - Simon Gerovich put underwriting strategyJan3 - Nation-state Bitcoin adoptionRelai - Swiss Bitcoin DCA appBlockstream - Adam BackH100 (trading at 20% discount to NAV)Strive/ASST - Matt Cole comparisonJP Morgan - short attack discussionMSCI/Morgan Stanley index exclusion debateS&P 500 inclusion battle ahead*CONNECT WITH RICHARD:*🔔 X/Twitter: https://twitter.com/RichardByworth🏢 Future: https://twitter.com/Future_Hodlings*RELATED VIDEOS:*📺 Grain of Salt Changed His Mind on Prefs: https://twitter.com/TylerCompiler/status/1991318908255514920📺 Strive CEO Matt Cole Interview: https://youtu.be/8r21Ttd-DLY📺 Options Trader RETIRED on MSTR: https://youtu.be/qamyJhu0zvI📺 Former MSTR Bull's Exit Warning: https://youtu.be/J-aHzNMUDts📺Adam Back with Richard: https://www.youtube.com/watch?v=iUU65dpFA34📧 Contact: [email protected]🔔 Tyler on X: https://twitter.com/tylercompiler🎙️ Treasury Orange: Analyzing Bitcoin treasury companies with insider access | Treas

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Richard Byworth: Bitcoin Treasuries Should SELL Bitcoin Below 1 mNAV (Former Nomura Trader)

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