Bitcoin\u2019s market fundamentals have stayed strong in 2025, despite the asset\u2019s price and sentiment declining toward the end of the year, says Strategy CEO Phong Le.<\/p>\n
\u201cThe fundamentals of the market this year for Bitcoin couldn\u2019t be better,\u201d Le told the \u201cCoin Stories\u201d podcast<\/a> on Tuesday, emphasizing that he doesn\u2019t care too much about its short-term performance.\u00a0<\/p>\n Bitcoin (BTC<\/a>) reached an all-time high of $125,100 on Oct. 5, but has since declined nearly 30%, trading at $87,687 at the time of publication, according<\/a> to CoinMarketCap. AMeanwhile, the Crypto Fear & Greed Index<\/a>, which measures overall market sentiment, has shown \u201cExtreme Fear\u201d since Dec. 12.<\/p>\n Le acknowledged that Bitcoin\u2019s price \u201cdoes what it does\u201d and isn\u2019t always easy to explain.\u00a0<\/p>\n \u201cWhen you\u2019re an investor, you think about the long term of the asset class,\u201d he said.\u00a0<\/p>\n Le stressed that short-term price action is often unpredictable and Bitcoiners should be \u201cfairly methodical and mathematical about it.\u201d\u00a0<\/p>\n \u201cWhich is why we focus on things like mNAV, why we built out the Bitcoin treasury and why we built out the US dollar treasury,\u201d he said.<\/p>\n Alongside Bitcoin\u2019s price decline, Strategy\u2019s (MSTR) mNAV, the company\u2019s market value compared to the value of its Bitcoin holdings, has fallen below 1, trading at 0.93, according<\/a> to Saylor Tracker. The company holds 671,268 Bitcoin worth around $58.63 billion.<\/p>\n Looking at the long-term fundamentals, he pointed to the US government being \u201cfully supportive of Bitcoin like it\u2019s never been before.\u201d\u00a0<\/p>\n Le said that he and Strategy\u2019s executive chairman, Michael Saylor, have been meeting with traditional banks across the US and UAE, where institutions are trying to figure out how to catch up.<\/p>\n Related: <\/strong><\/em>Bitcoin mining\u2019s 2026 reckoning: AI pivots, margin pressure and a fight to survive<\/strong><\/em><\/a><\/p>\n \u201cIf you think about what\u2019s happening with traditional powers of the world. The US government, the US banking system, they are all getting on board with Bitcoin,\u201d Le said.<\/p>\n <\/template><\/p>\n \u201cThat\u2019s extremely bullish for this year and 2026,\u201d Le added. While US President Trump signed the executive order<\/a> officially establishing the Strategic Bitcoin Reserve and US Digital Asset Stockpile in March, a formalized strategic plan has not been confirmed yet.\u00a0<\/p>\n Some analysts had forecasted it coming to fruition this year.<\/p>\n Galaxy Digital\u2019s head of firmwide research, Alex Thorn, said in September<\/a> that \u201cthere\u2019s a strong chance the US government will announce this year that it has formed the strategic Bitcoin reserve.\u201d<\/p>\n Magazine: <\/strong><\/em>Big questions: Would Bitcoin survive a 10-year power outage?<\/strong><\/em><\/a><\/p>\nBitcoins Bitcoiners should be \u201cfairly methodical\u201d about short-term price<\/h2>\n
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Bitcoins TradFi is trying to \u201cfigure out\u201d how to catch up<\/h2>\n