IMF BOSS’S BLOG POST BEHIND BITCOIN’S BOOST?
Christine LaGarde praises crypto-currencies in her article
Independent.co.uk has published its article a few hours ago, saying that Christine LaGarde, the head of the International Monetary Fund (IMF) wrote about her views on Bitcoin in a blogpost about crypto-currency. She writes that the crypto-currency could have a significant impact on how we manage our finances in the future. The IMF boss’s comment on the topic may be one of the factors that contributed to the unexpected surge in Bitcoin’s value.
Ms Lagarde wrote in her blogpost that crypto-currencies like Bitcoin could help improving transaction speed and lowering transaction costs, while the blockchain technology has great potential in making financial markets safer.
As we all know now, the price of BTC is now around the $8,000 level. There is no direct evidence that this sudden increase in the value has anything to do with the publication of Ms Lagarde’s blog on BTC, but it is possible and reasonable to suppose that publishing her positive view contributed to a significant growth in public trust in the number one crypto-currency.
She emphasized, “Before crypto-assets can transform financial activity in a meaningful and lasting way, they must earn the confidence and support of consumers and authorities.”
“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.”
Her message is significant because she is not someone who has always supported crypto-currencies. Just last month, she elaborated on her concerns in a blog post titled: 'Addressing the dark side of the crypto world'. She highlighted the risks that the decentralized and semi-anonymous nature of the technology might carry.
And now, just a month later, Ms Lagarde wrote in her blogpost, “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.” – Very important and powerful words from the head of the International Monetary Fund.