Head Of IMF Positive On Crypto
2018 and crypto haven’t been the best of friends, with a slew of negative press hitting prices hard. But Bitcoin has been boosted by an unexpected source as Christine Lagarde – head of the International Monetary Fund (IMF) – expounded the digital currency’s benefits in a blog post. For similar stories take a look at our homepage blockchain daily
The ideas explained in the blog won’t be new to connoisseurs of crypto. Lagarde outlines the global benefits of Bitcoin and other digital tokens, like their potential to improve transaction speeds while reducing their cost and the ability of blockchain to improve the security of financial markets. But the source of these positive comments after talk of intensive, unilateral governmental regulation is a boon for the world’s most famous and successful cryptocurrency.
“Just as a few technologies that emerged from the dot-com era have transformed our lives, the crypto assets that survive could have a significant impact on how we save, invest and pay our bills,” Ms Lagarde wrote in the blogpost.
“Before crypto-assets can transform financial activity in a meaningful and lasting way, they must earn the confidence and support of consumers and authorities,” she added. “An important initial step will be to reach a consensus within the global regulatory community on the role crypto-assets should play. Because crypto-assets know no boundaries, international cooperation will be essential.”
Many viewed Bitcoin’s performance at the tail end of 2018 – when its price swelled to an all-time high of $20k – as a bubble, and the prices have represented that opinion with a steady decline down to $7k between Jan 2018 and April 2018. A recent spike has given investors cause for optimism, with many commentators suggesting that the drop to $7k sparked a flurry of interest.
Bitcoin has maintained its press since the unprecedented spike, which saw it gain $1000 in value in under an hour, and currently stands at $9,200 at the time of writing, according to Coindesk’s index. The IMF’s latest comments in support will only add to the positive feeling.