Bitcoin Is FINALLY Decoupling From Wall Street - What's Happening?

**Scott Melker** (0:00)
Bitcoin is finally, potentially, maybe, decoupling from Wall Street. Obviously, yesterday, the Fed held rates, but many viewed the meeting as hawkish. Markets all over the world, up, down, volatility, and Bitcoin effectively did nothing. I personally view that as good news. I'm curious to hear the thoughts of today's amazing guest, co-founder of 21 shares. I wore the T-shirt. Co-founder of 21 shares, Ophelia Snyder. Let's go.
Good morning, everybody. Happy Thursday. And I don't know where I am. I just never know what's going to happen. My producers throw up something on the background to surprise me. And today, apparently, I'm in an Elvish forest with a waterfall. You're not in an Elvish forest with a waterfall, I feel like. Good morning.

**Ophelia Snyder** (0:58)
Good morning, but I am jealous.

**Scott Melker** (1:00)
Of course you are. You wouldn't want to be swimming in a waterfall while doing a YouTube stream. So, yeah, we haven't done this in a long time, we realized before. So I think you pointed out the fact, obviously, there's been a lot has happened since we spoke last, which was recording and not live. So I apologize in advance.
But I don't think ETFs had even launched.

**Ophelia Snyder** (1:22)
I don't think so either. I think it was like right around then, but no, I don't think we'd had ETFs in the US yet.

**Scott Melker** (1:29)
Okay. So since then, obviously, you were the co-founder of 21 shares, we had the massive launch and you guys sold the Falcon X, so now you're free of your chains and living your best life, I would imagine.

**Ophelia Snyder** (1:40)
Yes, and having a lot of fun because actually, I don't think I've ever been quite this bullish on crypto, which is maybe surprising to people, but I think it is probably the best it's ever been, which is fascinating.

**Scott Melker** (1:53)
Let's talk about that, because it's such an interesting. So maybe we'll just start with kind of the news, even though it's whatever. We have the Fed yesterday. So many of you, this is a hawkish pause, is sort of the term that they're being used.
Three Fed governors dissented, which is not something we would see during the Pal era when he demanded consensus, right? You'd always have a unanimous vote. I think he alluded to the fact that there will be no soft inflation target. We're going to get back to 2%, which immediately sent prediction markets for a hike, actually soaring for September. And of course, the Dow was down massively. Oil was up big. Korea is doing whatever Korea is doing, which is unrelated. We can get into that in a minute. But what I want to get at here is at this moment, it feels like we're in the place where what could be viewed as bad news for Bitcoin or crypto doesn't really move markets anymore. And we've seen that sort of repeatedly, I think, over the past few months. The best example of that, to me, honestly, was when Sailor sold a lot of Bitcoin and Bitcoin went up, right? And so there was no fear of him being the fourth seller anymore. But it feels like the negative narratives and things that should be moving us down aren't, which makes me very bullish as well.

**Ophelia Snyder** (3:05)
It feels like Bitcoin's oversold to some extent, and that's why it's reacting this way, right? Like the people who want out have gotten out at this pricing, if there's a pretty decent equilibrium between people who want it and people who want out. I think a lot of tolerance for macro chaos is building in the market to some extent, especially around crypto. I think we get it and are maybe more used to it than other parts of the marketer.

**Scott Melker** (3:33)
Yeah, it feels like we just don't have the nervous participants that are going to sell on any piece of news anymore. We certainly had them, and they sent us the XT. You know, I just don't think they're here anymore, but maybe that's a good segue into what you said before, which is you're more bullish on crypto than ever, which I think would surprise probably a lot of people. So maybe you can give us your premise for that idea.

**Ophelia Snyder** (3:56)
Yeah, so there's a few different things happening at the same time, which are really exciting to me. I think you're seeing around Bitcoin specifically and around alts, there are two different things happening, both of which I'm really excited about independently of each other, and they're not really related, which is also fascinating. On the Bitcoin side, I think you're seeing a rotation away from the dollar in reserve assets. That's why you're seeing growing stockpiles of gold. I think it's something like 75% of central banks and the World Gold Council's reports that they're planning on reducing dollar exposure.