Bitcoin’s long-term fundamentals remain solid in 2025, even as its price and market sentiment weakened toward the end of the year, according to Strategy CEO Phong Le. Speaking on the Coin Stories podcast, Le said short-term price movements do not change the broader outlook for Bitcoin as an asset class.
Bitcoin reached an all-time high of $125,100 on Oct. 5 before falling nearly 30%. At the time of writing, BTC was trading near $87,700. Market sentiment has also cooled, with the Crypto Fear & Greed Index showing “Extreme Fear” since Dec. 12. Despite this, Le believes investors should stay focused on the bigger picture rather than daily price swings.
Bitcoin Price Volatility vs Long-Term Market Fundamentals
Le acknowledged that Bitcoin’s price action can be difficult to explain in the short term. He emphasized that long-term investors should take a disciplined and data-driven approach instead of reacting emotionally to volatility.
According to Le, Strategy focuses on measurable indicators such as mNAV, which compares the company’s market value to the value of its Bitcoin holdings. As Bitcoin’s price declined, Strategy’s mNAV dropped below 1, currently sitting around 0.93. The company holds approximately 671,268 Bitcoin, valued at about $58.6 billion.
Le explained that Bitcoin “does what it does,” but long-term fundamentals, adoption trends, and institutional interest matter far more than short-term price movements.
Institutional Adoption and Government Support Fuel Bullish Outlook
Looking ahead, Le highlighted increasing government and institutional support as a key bullish signal. He noted that the US government is more supportive of Bitcoin than ever before, even though a fully detailed strategic plan has not yet been finalized.
In March, US President Donald Trump signed an executive order establishing a Strategic Bitcoin Reserve and a US Digital Asset Stockpile. While some analysts expected further details this year, the move itself marked a significant shift in government policy toward Bitcoin.
Le also shared that Strategy executives, including executive chairman Michael Saylor, have been meeting with traditional financial institutions across the US and the UAE. Many banks, he said, are now trying to figure out how to integrate Bitcoin into their operations.
This growing interest from traditional finance, combined with government-level acknowledgment, makes Le optimistic about Bitcoin’s outlook for 2025 and 2026. Analysts like Galaxy Digital’s Alex Thorn have echoed this sentiment, suggesting there is still a strong chance the US government could formally announce a strategic Bitcoin reserve in the near future.
