The No. 1 digital currency bitcoin regained ground Tuesday, after some upbeat remarks by International Monetary Fund Managing Director Christine Lagarde pushed bitcoin back above $8,000.
The price of a single bitcoin was last at $8,089.92, up 0.5% on the day and off its early morning low of $7,972.55.
The digital-currency community got some good news late Monday when Lagarde outlined the benefits of bitcoin and the blockchain technology.
In a blog post, Lagarde said cryptocurrencies have the power to minimize transaction costs, while the technology that underlines the cryptocurrencies could improve efficiency and increase safety.
“Crypto-assets enable fast and inexpensive financial transactions while offering some of the convenience of cash. Some payment services now make overseas transfers in a matter of hours, not days,” Lagarde wrote in the April 16 post.
“The underlying technology of crypto-assets—distributed ledger technology, or DLT—could help financial markets function more efficiently. Self-executing and self-enforcing ‘smart contracts’ could eliminate the need for some intermediaries,” she said.
Lagarde’s comments come as digital currencies are making a comeback; bitcoin rose by as much as 20% last week, recording back-to-back weekly gains for the first time since 2017.
Bitcoin boosted by IMF chief Christine Lagarde’s positive comments