Fundamentals of a Strong Bitcoin Market in 2025: Strategy CEO
Although the asset's price and sentiment have weakened towards the end of the year, the fundamentals of the bitcoin market remain strong in 2025, said Fong Le, CEO of Strategy.
“The market fundamentals couldn't be better for Bitcoin this year,” he told the “Coin Stories” podcast on Tuesday, emphasizing that he doesn't care much about its short-term performance.
Bitcoin (BTC) reached a peak of $125,100 on October 5, but has since fallen nearly 30%, trading at $87,687 at press time, according to CoinMarketCap. Meanwhile, the Crypto Fear and Greed Index, which measures overall market sentiment, showed “extreme fear” as of December 12.
Le admits that the price of Bitcoin “does what it does” and is not always easy to explain.
“When you're an investor, you think long-term about an asset class,” he says.
Bitcoiners should be “in the right way” about short-term value
Le stressed that short-term price action is often unpredictable and Bitcoiners need to be “really methodical and mathematical about it.”
“That's why we focus on things like mNAV, why we built a Bitcoin treasury and why we built a US dollar treasury,” he said.
Alongside Bitcoin's price decline, the company's market value relative to the value of its Bitcoin holdings, Strategy's (MSTR) mNAV, has fallen below 1, trading at 0.93, according to Saylor Tracker. The company holds 671,268 Bitcoin worth around $58.63 billion.
Looking at the long-term fundamentals, he pointed out that the US government “fully supports Bitcoin as it has always done.”
TradFi is trying to “understand” how it behaves.
Le said he and the strategy's executive chairman, Michael Saylor, are meeting with traditional banks across the U.S. and the UAE to figure out how the institutions can find them.
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“If you think about what's happening with the traditional powers of the world, the US government, the US banking system, they're all getting on board with Bitcoin,” Le said.
“For this year and 2026, it's extremely embarrassing,” Le added. While US President Trump signed the executive order officially establishing the Strategic Bitcoin Reserve and the US Digital Asset Reserve in March, a formal strategic plan has yet to be confirmed.
Some analysts predict it will be implemented this year.
Alex Thorne, head of firm-wide research at Galaxy Digital, said in September that “there is a significant opportunity for the US government to announce the creation of a strategic bitcoin reserve this year.”
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