Formula News founder Vida said he reduced one-third of his Bitcoin position at around $63,000, laying out a medium-term view that he expects to buy the stake back at lower prices. In comments posted on his personal channel and cited by PANews on Aug. 14, Vida said Bitcoin still has a bull market ahead, but its narrative has been overshadowed by AI. He added that he does not see a new Bitcoin narrative emerging over the next one to two years.
Vida said Bitcoin’s remaining core narrative is as a substitute for fiat currencies and a hedge against fiat depreciation. In his view, the next major bull run would need to be driven by problems in U.S. Treasuries or the U.S. dollar, and he does not expect issues of that scale to appear in the short term. Before the next bull market arrives, he said, global assets are likely to go through a repricing first. Based on that outlook, Vida said he expects to buy back the trimmed position within one to three years at a lower range of $45,000 to $55,000.
Formula News founder Vida said he sold one-third of his Bitcoin position near $63,000, according to a PANews report published on Aug. 14.
Posting on his personal channel, Vida said Bitcoin still has a bull market ahead. At the same time, he said the asset’s narrative has been fully overshadowed by AI and that he does not see a new narrative taking shape over the next one to two years.
Vida outlines buyback range
Vida said Bitcoin’s remaining core narrative is fiat substitution and a hedge against fiat depreciation. He added that the next bull market would need problems to emerge in U.S. Treasuries or the U.S. dollar, while saying he does not see issues of that scale appearing in the near term.
Before the next bull cycle, global assets will most likely be repriced first, according to Vida. Based on that view, he said he expects to buy back the trimmed position within one to three years at a cheaper level, targeting $45,000 to $55,000.
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