Bitcoin’s market fundamentals have demonstrated remarkable resilience throughout 2025, even as the asset’s price and overall sentiment experienced a downturn later in the year. Phong Le, CEO of Strategy, shared his insights during a recent episode of the “Coin Stories” podcast, expressing confidence in Bitcoin’s long-term value despite short-term fluctuations.
He highlighted that Bitcoin reached its peak valuation of $125,100 on October 5 but has since seen a significant drop, trading at approximately $87,687, representing nearly a 30% decline, as reported by CoinMarketCap. The prevailing market sentiment, measured by the Crypto Fear & Greed Index, has been firmly in the “Extreme Fear” category since December 12.
Le noted that explaining Bitcoin’s price movements can be complex and unpredictable. “When you’re an investor, you think about the long term of the asset class,” he remarked, urging Bitcoin users to adopt a structured approach to short-term price volatility. He emphasized the importance of focusing on metrics such as mNAV (market value compared to Bitcoin holdings), which for Strategy has dropped below 1, currently sitting at 0.93. The firm maintains a considerable Bitcoin reserve, holding 671,268 Bitcoins valued at around $58.63 billion.
Le also addressed the broader institutional landscape, pointing to a notable shift in support for Bitcoin from the U.S. government, which he believes is stronger than ever. He mentioned ongoing discussions with traditional banks in the U.S. and UAE, indicating that these institutions are actively exploring how to adapt and align with the growing influence of Bitcoin. “If you think about what’s happening with traditional powers of the world… they are all getting on board with Bitcoin,” he noted, labeling this trend as “extremely bullish” for the years 2025 and 2026.
In March, President Trump had signed an executive order to establish a Strategic Bitcoin Reserve and US Digital Asset Stockpile, although details of a formal strategic plan are still awaited. Some analysts, including Alex Thorn from Galaxy Digital, have suggested that there could be an announcement regarding this strategic reserve as soon as this year, reflecting a potential shift in how the U.S. may leverage Bitcoin in the future.
