Weekend Round-Up: Bitcoin's Potential Rebound, Saylor's Rescue Plan For STRC and Dalio's Bitcoin Investme
This week was a rollercoaster ride in the world of finance and cryptocurrency. Bitcoin’s potential rebound, Michael Saylor’s rescue plan for STRC and Ray Dalio’s Bitcoin investment were among the top stories. Let’s dive into the details.
Bitcoin’s Potential Rebound
Bitcoin is showing early signs of separating from equities, according to Ophelia Snyder, co-founder of 21Shares. In an interview with Scott Melker, Snyder suggested that Bitcoin’s muted reaction to a hawkish Federal Reserve meeting could indicate 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.”
Saylor’s Rescue Plan for STRC
Michael Saylor, the man behind STRC, has suggested that as much as $4 billion should be spent if necessary to make the product work. “If it took an extra $4 billion, spend $4 billion,” Saylor said during Strategy’s second-quarter earnings call. Saylor designed STRC with help from ChatGPT, only for the preferred stock to fall sharply below its $100 peg in June.
Ray Dalio’s Bitcoin Investment
Billionaire investor Ray Dalio revealed that he holds roughly 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. Dalio described Bitcoin as one of several forms of “hard money” that investors can use to protect themselves against the depreciation of government-issued currencies.
Bitcoin’s Potential Pullback
Bitcoin could be approaching another period of weakness after posting a double-digit gain in July, according to crypto analyst Benjamin Cowen. Cowen noted that Bitcoin gained around 10% in July, consistent with prior midterm election years, when the cryptocurrency staged relief rallies after sharp declines in June.
Resilience of Bitcoin and Ethereum
Despite expecting broader weakness across financial markets, Doctor Profit reflected on his July 18 positioning and said many questioned why he was buying crypto. He answered that the correction has been concentrated in AI and technology stocks rather than digital assets. “BTC has remained stable within its range and ETH has shown remarkable resilience,” he wrote.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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