Mr Rabaglia of Octagon Strategy stated he thinks bitcoin legislation will in the end “drive it higher” in value.
Speaking to CNBC, Mr Rabaglia stated: “Of route, it is rather transparent that the markets had been underneath force. They are coming down off that top beginning later this 12 months and into overdue closing 12 months.
“I believe it’s extra attention-grabbing to kind of take into accout the place we got here from on this marketplace.
“Year-over-year we’re up neatly over 100% nonetheless and the markets are nonetheless in a enlargement section, which I do know numerous folks had been announcing and feature stated and can more than likely proceed to mention – you need to be reminded that the trade is nonetheless simplest 8 years previous.
“There is nonetheless numerous enlargement to kind of get via and to move via. That there are going to be numerous hindrances in one thing so younger and immature.
“But sure, we’re nonetheless bullish and we’re nonetheless upgrading this area in a bullish method.”
Mr Rabaglia stated he thinks it is vital to have a look at the regulatory stance of the trade, which he stated is a “double—edge sword”.
He stated: “The uncertainty that is pushed round this legislation is what offers force to this marketplace and drives it additional down as folks don’t know precisely the place it is going to finally end up.
“But on the identical time, that very same subject is going to be what is going to pressure it upper in spite of everything.
“Once we in reality determine that legislation, the pro avid gamers which might be going to be getting into the marketplace and that experience already going to proceed they usually’re going to get that fortify from the regulatory atmosphere that they’ve been in search of.”
Bitcoin value stood at £6,329.27 at 13:10 (BST) on Monday, in keeping with CoinDesk. It noticed its best possible value ahead of Christmas when it virtually hit $20,000.
But bitcoin and different cryptocurrencies have confronted complaint by means of banks and finance mavens, with billionaire Bill Gates telling CNBC he would wager in opposition to the bitcoin and quick it if he may just.
The Microsoft co-founder stated: “As an asset class, you’re not producing anything and so you shouldn’t expect it to go up. It’s kind of a pure ‘greater fool theory’ type of investment.”
He added: “I agree I would short it if there was an easy way to do it.”
Former Wells Fargo chairman and CEO Dick Kovacevich stated he believes bitcoin is a rip-off and a “pyramid scheme”.
Discussing the longevity of bitcoin and different cryptocurrencies, Mr Kovacevich informed CNBC: “I believe it’s a pyramid scheme. It is unnecessary. I’m simply stunned it isn’t even decrease.
“I by no means known as it a fraud as a result of there’s no fraudulent factor going on. It’s only a pyramid scheme, you’re making a bet that anyone is going to shop for it.
“And some folks had been proper, however the basics make no sense.”