The macro environment for Bitcoin is strengthening in 2025, even as the asset continues to struggle in the market. That contrast framed a recent discussion between Frank Holmes, executive chairman of HIVE Digital Technologies (NASDAQ: HIVE) and TheStreet Roundtable's Jackson Hinkle.
Consumer interest in digital assets is rising, and regulatory clarity is progressing across Washington.
A recent survey from the National Cryptocurrency Association found that one in four Americans plan to either spend crypto on holiday gifts or give it to others. Despite these tailwinds, the price of Bitcoin has remained under pressure.
Holmes pointed to imbalances in the global economy as the main driver of the current disconnect.
" The global debt is 3X the global GDP,"he said. "We are looking at 340 trillion dollars and it started 25 years ago. (They still rely on) modern monetary theory (MMT) to solve all your problems, and this is not going away. And so money printing of fiat is only going to grow, which makes Bitcoin more valuable."
Related: Legendary hedge fund analyst warns Bitcoin is heading towards 1929-style crash
Gold, stablecoins become alternatives
Gold has already been a beneficiary of these trends.
"Central bankers have not bought into Bitcoin as of yet but they have bought into historically the five thousand years of history of gold,"Holmes said.
Central banks have continued to accumulate gold while largely avoiding crypto assets.
At the same time, major global powers are shifting away from dollar-denominated trade.
Holmes referenced China's push to empower BRICS nations to conduct commerce outside the United States dollar. He highlighted the surprising role of stablecoins in that landscape.
"Tether stablecoin, which is a big Bitcoin miner and big buyer of gold. They are bigger than Germany in owning government securities,"Holmes noted.
He added that citizens across Latin America, Africa, Eastern Europe, and parts of Asia are adopting stablecoins at a significant scale, which often leads them into owning Bitcoin as well.
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Government mistrust creates demand
Holmes described a widening financial divide. People in China and some emerging markets are selling United States securities, while others are increasing their exposure to dollars and stablecoins.
"They want American dollar bills, or they want a stablecoin. They do not trust their governments," Holmes explained.
According to Holmes, this environment is preparing Bitcoin for a structural advance.
"You are seeing this going on, and Bitcoin is going to fit right in there as a key component of a huge secular change of a digital economy," he said.
With continued monetary expansion expected he closed with a clear warning.
"MMT is not going away. They are going to print money. You better have some Bitcoin."
Related: HIVE chairman Frank Holmes says U.S. bitcoin reserve could trigger 'exponential' shift
This story was originally published by TheStreet on Dec 18, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
