Despite the decline in Bitcoin’s price and sentiment towards the end of 2025, Strategy CEO Phong Le believes that the asset’s market fundamentals remain strong. In a recent interview on the “Coin Stories” podcast, Le emphasized that he is not overly concerned with short-term price fluctuations, instead focusing on the long-term prospects of the asset class. As he noted, “The fundamentals of the market this year for Bitcoin couldn’t be better.”
Bitcoin (BTC) reached an all-time high of $125,100 on October 5 but has since declined by nearly 30%, trading at $87,687 at the time of publication, according to CoinMarketCap. Meanwhile, the Crypto Fear & Greed Index, which measures overall market sentiment, has shown “Extreme Fear” since December 12. Le acknowledged that Bitcoin’s price can be unpredictable, stating that “it does what it does” and isn’t always easy to explain.
Long-term Focus
As an investor, Le thinks about the long-term potential of the asset class, rather than getting caught up in short-term price action. He stressed that Bitcoiners should be “fairly methodical and mathematical” about short-term price movements, focusing on key metrics such as mNAV (market value compared to the value of Bitcoin holdings). This approach is reflected in Strategy’s investment strategy, which includes building out a Bitcoin treasury and a US dollar treasury.
Strategy CEO Phong Le spoke to Natalie Brunell on the Coin Stories podcast. Source: Coin Stories
Government Support and Institutional Adoption
Le pointed to the US government’s growing support for Bitcoin, with the executive chairman of Strategy, Michael Saylor, and himself meeting with traditional banks across the US and UAE. These institutions are trying to “figure out” how to catch up with the rapidly evolving cryptocurrency space. As Le noted, “If you think about what’s happening with traditional powers of the world, the US government, the US banking system, they are all getting on board with Bitcoin.” This trend is expected to continue, with some analysts predicting the establishment of a Strategic Bitcoin Reserve in the US.
Galaxy Digital’s head of firmwide research, Alex Thorn, stated in September that “there’s a strong chance the US government will announce this year that it has formed the strategic Bitcoin reserve.” While this has not yet come to fruition, the growing support from governments and institutions is seen as a bullish sign for Bitcoin’s long-term prospects.
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