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The Price of Bitcoin Rises on the First Day of the G20 Summit

Despite we have still not seen an official stance of the ministers of finances and the presidents of the central banks who are participating in the G20 summit in Buenos Aires, the price of bitcoin and the value of the cryptocurrency market is experiencing a growth, especially after the statements made on Sunday by Mark Carney, the Governor of the Bank of England and the Chair of the Financial Stability Board (FSB), the entity that coordinates the regulatory entities of the G20 countries.

Carney sent a letter two days ago to the participants of the G20 summit in which he talked about the low threat that the cryptocurrencies present for the stability of the global financial system. Since this letter presented an official stance of the regulatory authority of the G20 countries, the price of bitcoin went up 13% yesterday, while the total market capitalization rose by 15% in the last 24 hours. On Sunday, the price of bitcoin reached its lowest value in March with the price of 7,412 dollars per coin. The current price of bitcoin is 8,570 dollars.

For some cryptocurrency investors the stance of Mark Carney is soothing. Iqbal Gandham, the director of the eToro social trading and investing network in the United Kingdom said: “Carney’s comments come as a calming antidote in front of other alarming statements in the past several weeks. Gandham said the cryptocurrencies present an industry that should be better known and is still in its early development phases.

At a press conference on Tuesday, Nicolás Dujovne, the Minister of the Treasury of Argentina, and Angel Gurría, the Secretary-General of the OECD, provided details about the first day of the G20 summit in Buenos Aires.

After officially inaugurating the first ministerial summit, both Dujovne and Gurría pointed out the relevance of the summit as a place for global discussion and emphasized the importance of pushing an agenda to achieve an inclusive growth. The financing of the infrastructure, the future of work and the technology behind the cryptocurrencies are some of the subjects that are being discussed during the G20 summit in Argentina. Nevertheless, the representatives have not yet revealed details about the results of the discussions related to the cryptocurrency world.

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