Digital asset broker Octagon Strategy has said that the company “remains bullish” on bitcoin despite the current decline in price and the possible obstacles that await it in the future.
Bitcoin’s continued dip in price has led to a new set of bearish sentiments as regards its future and the possibility that it can reach the heights achieved last year.
Speaking to CNBC in an interview aired July 1, Octagon Strategy’s head trader Ryan Rabaglia said perspective matters a lot in the evaluation of bitcoin’s future. According to Rabaglia, there is plenty to look forward to as the bitcoin market is still in a “growth phase.” He went on further to explain why his company remains bullish by saying for a market that is “only eight years old,” bitcoin has continued to “yield 100 percent year over year,” which is quite impressive.
“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 said.
UncertaintiesWhen asked about the negative influence of regulation in the market, Rabaglia told the network the “regulatory phase” that the market is currently in should be seen as a “double-edged sword.”
He believes the regulatory stance of the industry while influencing the downward spiral of bitcoin would also lead to its revival.
“The uncertainty that drives around this market drives it further down as people don’t know where the price would end up,” he said. However, the same topic that brought about the uncertainty would also lead to its revival.
He added:
“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.”
Read More: https://www.ccn.com/octagon-strategy-remains-bullish-on-bitcoin-despite-price-decline/
