Bitcoin Sees Signs of Separation from Equities as Saylor and Dalio Weigh In

Bitcoin's price movement has caught attention this week as it shows signs of separating from equities. According to Ophelia Snyder, co-founder of 21Shares, Bitcoin's muted reaction to a hawkish Federal Reserve meeting suggests that it has absorbed much of the selling pressure from nervous investors.

'It feels like Bitcoin's oversold to some extent,' Snyder noted. 'The people who want out have gotten out at this pricing.'

Michael Saylor, STRC's backer, suggested that up to $4 billion should be spent if necessary to make the product work. This comes after STRC's preferred stock fell sharply below its $100 peg in June.

Billionaire investor Ray Dalio revealed that he holds about 1% of his portfolio in Bitcoin, viewing it as a form of money that cannot be printed. However, he continues to prefer gold as a long-term store of value and described Bitcoin as one of several forms of 'hard money' that investors can use to protect themselves against the depreciation of government-issued currencies.