The head trader of Octagon Strategy has told CNBC the company “remains bullish” on Bitcoin despite price decreases and “obstacles” it may face in the future.
Octagon Strategy is a privately-owned commodity and digital asset trading firm. Speaking to CNBC July 1, Ryan Rabaglia, the head trader, dismissed the current downward price pressure on Bitcoin markets, which last week took prices below $6000 for the third time in 2018.
“I think it’s more interesting to remember where we came from in this market and year [on] year we’re up well over one hundred percent,” he told the network.
Bitcoin’s continued ‘slow bleed’ price depreciation has signalled a fresh round of bearish sentiment about its future, principally stemming from mainstream media and finance sources.
For Rabaglia, however, the combination of regulatory attention delivering a more formalized landscape worldwide for cryptocurrency will ultimate serve to improve value.
“I sort of look at it as a double-edged sword. The uncertainty that’s driven around this regulation is what gives pressure to this market and drives it further down as people don’t know exactly where it’s going to end up,” he explained.
“At the same time that same topic is going to be what’s going to drive it higher in the end. Once we actually establish that regulation, the professional and traditional players that are going to be entering the market… are going to get that support from regulators.”
Octagon experienced the demand first-hand, managing director Dave Chapman last year revealing the firm had received requests for information on Bitcoin rather than Blockchain from Hong Kong financial institutions.