Bitcoin gets a boost after IMF boss praises crypto

Bitcoin received an unexpected boost today after Christine Lagarde, the head of the International Monetary Fund (IMF), praised cryptocurrency and wrote about its global benefits in her latest blogpost.

Her upbeat blog reportedly pushed the valuation of the digital currency above $8,000, from a morning low of $7,972.55.

Lagarde has written that cryptocurrencies, like bitcoin, could enable fast and inexpensive transactions, while the underlying blockchain technology could make financial markets safer.

“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,” Ms Lagarde wrote.

“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.”