BITCOIN SEASON 2: Can Bitcoin Go Negative? How Bitcoin Futures Contracts Work
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 6 August 2025
⏱️ 60 minutes
🧾️ Download transcript
Summary
Matt Wraith, CTO of Bitnomial, breaks down Bitcoin futures markets, fork futures trading, and quantum computing risks. Deep dive into physical delivery, market mechanics, and how chain splits create unique trading opportunities.
Matt Wraith, CTO of Bitnomial, joins us to talk about the intricate world of Bitcoin futures trading. From explaining physical delivery vs cash-settled futures to exploring the wild possibilities of fork futures markets, Matt breaks down complex market mechanics with real-world examples. We dive into how chain splits could be traded, the quantum computing threat to Bitcoin, and why having oil storage matters when futures go negative.
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Notes:
- Bitnomial founded 2014, launched futures 2020
- Oil futures went negative in March 2020
- Bitcoin Cash hashrate flipped BTC post-fork
- Quantum computer threat "5 years away for 30 years"
- Physical delivery requires actual BTC transfer
- Fork futures first appeared during SegWit debate
Timestamps:
00:00 Start
01:09 Founding Bitnomial
03:32 Regulatory changes
05:16 CTO role
06:09 Multiple hats
07:29 Futures
10:08 History of futures
12:38 Physical delivery
14:48 Storage costs
17:25 Clearing house
18:27 Cash settled
21:22 Bitcoin futures history
25:23 Forks & futures
37:02 Assets on Bitcoin
41:22 Restrictions on futures
45:04 Black Swan pricing
48:18 Quantum
52:52 Presidio Bitcoin Quantum Conference
55:36 Futures as governance
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Transcript
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| 0:00.0 | Searching for a romantic summer getaway. Escape with Rich Girl Summer, the new Audible original |
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| 0:22.1 | a down-on-her-luck event planner posing as a socialite's long-lost daughter, while piecing |
| 0:26.5 | together the secrets surrounding a mysterious family and falling deeper and deeper in love with the |
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| 0:38.2 | and unexpectedly finding where she truly fits in, |
| 0:41.3 | Valerie learns her summer is about to get far more complicated |
| 0:44.0 | than she ever planned. |
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| 0:48.5 | Listen to Rich Girl Summer, now on Audible. |
| 0:51.2 | Go to audible.com slash rich girl summer. |
| 0:53.8 | How do Bitcoin futures work? It's actually pretty simple, but it can get very complex. |
| 0:59.7 | For example, if Bitcoin forks, how do we trade each side of the fork? |
| 1:03.8 | This has pretty big implications for the future of Bitcoin, and I've got CTO of Bitnomiel, |
| 1:09.2 | Matt Rath on the pod today. |
| 1:14.9 | We get into this and many other esoteric Bitcoin topics. |
| 1:17.0 | Bitcoin Season 2, let's kick it off. |
| 1:25.7 | Welcome back to Bitcoin Season 2. I have Matt Raith, CTO of Bitnomial, a digital asset futures exchange. |
| 1:32.5 | Welcome to show, Matt. |
| 1:34.5 | Thank you. |
... |
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