According to Reuters, Christine Lagarde, President of the European Central Bank (ECB) and a well-known Bitcoin (BTC) critic, shared a family story about unsuccessful cryptocurrency investments.
On November 24, Lagarde told students at Frankfurt City Hall that despite constant warnings, her son had lost “almost all” of his crypto-asset investments. Reuters the report said.
“He completely ignored me and that was his prerogative,” Lagarde reportedly declared, adding that he had “lost almost all the money he invested.”
The ECB president did not disclose the amount of money her son lost, noting that he claimed it was not “a lot” but only represented “about 60%” of his cryptocurrency investments. “So when I spoke to him about it again, he reluctantly accepted that I was right,” Lagarde reportedly said, adding:
“As you know, I have a very low opinion of cryptocurrencies (…) People are free to invest their money where they want, people are free to speculate, (but) people should not be free to participate under criminal Sanctioned Trade and Business.”
Lagarde is well-known in the cryptocurrency community for her anti-crypto stance. In 2022, the president of the European Central Bank said cryptocurrencies were “worthless” because the assets had “no basis.” In 2021, the president of the European Central Bank also predicted that central banks around the world would not hold Bitcoin anytime soon.
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While criticizing cryptocurrencies such as Bitcoin, Lagarde has become a major fan of the concept of central bank digital currency (CBDC). In April 2023, Lagarde admitted that the potential 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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