In a recent statement to CNBC, the head trader of Octagon Strategy reveals their support behind Bitcoin, saying that their company “remains bullish,” even with the decrease in price and potential challenges. In fact, Ryan Rabaglia (the head trader) completely dismissed the downward spiral of the price on the market, even though it dipped below $6000 for the third time this year.
“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.”
Even though he feels confident in Bitcoin’s healing, many voices in the crypto world are proclaiming its future to be potentially abysmal. Rabaglia addresses that concern, saying that the attention from new regulations and the need for a more formal approach will make Bitcoin more valuable. On this though, Rabaglia commented,
“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 continued, saying, “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 has already felt the demand from the industry. The managing director, Dave Chapman, said that the company had been receiving requests from Hong Kong about Bitcoin, instead of regarding Blockchain.