According to Strategy CEO Phong Le, Bitcoin’s market fundamentals have remained robust in 2025, even as the asset’s price and overall sentiment dipped toward year-end.
“This year, the fundamentals of the Bitcoin market couldn’t be stronger,” Le stated during the “Coin Stories” podcast on Tuesday, reinforcing that he isn’t overly concerned with its short-term fluctuations.
On October 5, Bitcoin (BTC) soared to an all-time high of $125,100 but has since seen a nearly 30% drop, currently trading at $87,687, as reported by CoinMarketCap. Meanwhile, the Crypto Fear & Greed Index has indicated “Extreme Fear” since December 12.
Le acknowledged that Bitcoin’s price “moves as it does,” and its behavior isn’t always straightforward to understand.
“As an investor, you focus on the long-term potential of the asset class,” he explained.
Bitcoiners should approach short-term pricing “methodically”
Le emphasized that short-term price movements are often unpredictable, urging Bitcoiners to be “fairly methodical and mathematical about it.”
“That’s why we concentrate on metrics like mNAV and have developed both a Bitcoin and a US dollar treasury,” he added.
In light of Bitcoin’s price decline, Strategy’s (MSTR) mNAV, reflecting the company’s market value compared to its Bitcoin assets, has dropped below 1, now at 0.93, according to Saylor Tracker. The company currently holds 671,268 Bitcoin, valued at approximately $58.63 billion.
When considering long-term fundamentals, Le pointed out that the US government is “more supportive of Bitcoin than ever before.”
TradFi is working to “catch up”
Le shared that he and Strategy’s executive chairman, Michael Saylor, have been engaging with traditional banks across the US and UAE, as these institutions seek ways to catch up.
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“Looking at the global landscape of traditional power, the US government and banking system are both getting on board with Bitcoin,” Le said.
“This is incredibly bullish for both this year and 2026,” Le added. While US President Trump signed an executive order establishing the Strategic Bitcoin Reserve and US Digital Asset Stockpile in March, a detailed strategic plan has yet to be confirmed.
Some analysts had anticipated this would materialize this year.
Alex Thorn, head of firmwide research at Galaxy Digital, noted in September that “there’s a strong chance the US government will announce this year that it has formed the strategic Bitcoin reserve.”
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