European Central Bank (ECB) President and prominent bitcoin (btc) critic Christine Lagarde has shared a familiar story about failed cryptocurrency investments. technology/ecb-chief-lagarde-admits-her-son-lost-crypto-cash-2023-11-24/” target=”_blank” rel=”noopener nofollow”>according according to a Reuters report.
Lagarde told students at a town hall in Frankfurt on Nov. 24 that her son lost “almost all” of his investments in crypto assets despite persistent warnings, Reuters reported.
“He majestically ignored me, which is his privilege,” Lagarde reportedly declared, adding that she lost “almost all the money she had invested.”
The ECB chief did not reveal the sum his son lost, noting that he claimed it was not “a lot” but only “around 60%” of his cryptocurrency investments. “Then, when I had another conversation with him on the subject, he reluctantly accepted that I was right,” Lagarde reportedly declared, adding:
“As you can see, I have a very low opinion of cryptocurrencies (…) People are free to invest their money wherever they want, people are free to speculate as much as they want, (but) people should not be free. engage in criminally sanctioned commerce and business.”
Lagarde is known in the cryptocurrency community for her anti-crypto stance. In 2022, the head of the ECB argued that cryptocurrencies are “worthless” because the assets “are not based on anything.” In 2021, the ECB president also predicted that central banks around the world would be out of bitcoin anytime soon.
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While critical of cryptocurrencies like bitcoin, Lagarde has become a strong supporter of the central bank digital currency concept. In April 2023, Lagarde admitted that a possible digital euro would be used in a “limited” way to control daily payments.
This is a developing story and more information will be added as it becomes available.
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