Bitcoin Latest News: Bitcoin price: Cryptocurrency expert says he is 'BULLISH' on bitcoin for THIS reason

BITCOIN price has plunged in the last month but trader Ryan Rabaglia said he is “bullish” on the cryptocurrency – pointing to its price rise "well over a hundred percent” year-over-year.

Mr Rabaglia of Octagon Strategy said he thinks bitcoin regulation will eventually “drive it higher” in price.

Speaking to CNBC, Mr Rabaglia said: “Of course, it is quite clear that the markets have been under pressure. They are coming down off that high starting later this year and into late last year.

“I think it’s more interesting to sort of remember where we came from in this market.

“Year-over-year we are up well over a hundred percent still and the markets are still in a growth phase, which I know a lot of people have been saying and have said and will probably continue to say – you have to be reminded that the industry is still only eight years old.

“There is still a lot of growth to sort of get through and to go through. That there are going to be a lot of obstacles in something so young and immature.

“But yes, we are still bullish and we are still upgrading this space in a bullish manner.”

Mr Rabaglia said he thinks it is important to look at the regulatory stance of the industry, which he said is a “double—edge sword”.

He said: “The uncertainty that is driven around this regulation is what gives pressure to this market and drives it further down as people don’t know exactly where it is going to end up.

“But at the same time, that same topic is going to be what is going to drive it higher in the end.

“Once we actually establish that regulation, the professional players that are going to be entering the market and that have already going to continue and they’re going to get that support from the regulatory environment that they have been looking for.”

Bitcoin price stood at £6,329.27 at 13:10 (BST) on Monday, according to CoinDesk. It saw its highest price before Christmas when it almost hit $20,000.

But bitcoin and other cryptocurrencies have faced criticism by banks and finance experts, with billionaire Bill Gates telling CNBC he would bet against the bitcoin and short it if he could.

The Microsoft co-founder said: “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 said he believes bitcoin is a scam and a “pyramid scheme”.

Discussing the longevity of bitcoin and other cryptocurrencies, Mr Kovacevich told CNBC: “I think it’s a pyramid scheme. It makes no sense. I’m just surprised it isn’t even lower.

“I never called it a fraud because there’s no fraudulent thing going on. It’s just a pyramid scheme, you’re betting that somebody is going to buy it.

“And some people have been right, but the fundamentals make no sense.”