European Central Bank President Christine Lagarde revealed on Friday that her son had lost the majority of his investments in crypto assets, despite her numerous warnings against them.
“CRYPTO ASSETS NOT WORTHWHILE,” SAYS LAGARDE
During a town hall with students in Frankfurt, Lagarde confessed that her son had ignored her advice and subsequently lost “almost all” of his invested money. “He ignored me royally, which is his privilege,” Lagarde told the audience. “And he lost almost all the money that he had invested.”
In response to her son’s losses, Lagarde continued, “It wasn’t a lot but he lost it all, he lost about 60% of it. So when I then had another talk with him about it, he reluctantly accepted that I was right.” However, she did not specify which of her two sons, both in their mid-30s, had been the unfortunate investor.
Lagarde has been vocal about her skepticism of cryptocurrencies, referring to them as speculative, worthless, and frequently utilized for criminal activities. She has even accused them of being used to channel funding to terrorists or launder money.
ECB CALLS FOR GLOBAL REGULATION OF CRYPTO ASSETS
In response to the risks associated with crypto assets, the European Central Bank (ECB) has advocated for global regulation to safeguard uninformed consumers and prevent illegal use. The ECB’s concerns regarding privately issued currencies have led the institution to initiate its own digital euro project. However, the bank is still years away from implementing any digital money.
Lagarde emphasized her disapproval of cryptocurrencies, stating, “I have, as you can tell, a very low opinion of cryptos. People are free to invest their money where they want, people are free to speculate as much as they want, (but) people should not be free to participate in criminally sanctioned trade and businesses.”
The ECB began the “preparation phase” for the digital euro last month, but anticipates another two years of assessment before considering its rollout.
With her candid admission regarding her son’s losses, Lagarde’s opposition to cryptocurrencies has been further underscored, strengthening the ECB’s stance against them.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
