Bitcoin’s rise to over US$8K came as Christine Lagarde, head of the International Monetary Fund (IMF) touted the global benefits of cryptocurrency on Tuesday. The IMF chief said cryptocurrencies could enable fast and inexpensive transactions, while the underlying blockchain technology could make financial markets safer.

Lagarde wrote in her blogpost:
 
“Just as a few technologies that emerged from the dotcom era have transformed our lives, the crypto assets that survive could have a significant impact on how we save, invest and pay our bills.”
 
But Lagarde warned that “before crypto-assets can transform financial activity in a meaningful and lasting way, they must earn the confidence and support of consumers and authorities”.