ECB President Christine Lagarde Shares Story of Son’s Crypto Losses
Christine Lagarde, the president of the European Central Bank (ECB) and a well-known critic of Bitcoin (BTC), recently revealed that her son experienced significant losses from investing in cryptocurrencies. During a town hall event in Frankfurt, Lagarde disclosed that her son ignored her warnings and lost “almost all” of his crypto investments.
Lagarde did not disclose the exact amount lost but mentioned that it was around 60% of his crypto investments. She expressed her low opinion of cryptocurrencies and emphasized that people should not be allowed to engage in illegal trading activities.
Lagarde’s Anti-Crypto Stance
Christine Lagarde has long been known for her negative views on cryptocurrencies. In 2022, she stated that cryptocurrencies have no value as they are not backed by anything. Additionally, she predicted that central banks worldwide would not hold Bitcoin in the near future.
However, Lagarde has shown support for central bank digital currencies (CBDCs). She has suggested that a digital euro could be utilized for everyday payments but in a limited manner.
Hot Take: Lagarde’s Personal Experience Highlights Risks of Crypto Investments
Christine Lagarde’s revelation about her son’s crypto losses serves as a cautionary tale for investors. It demonstrates the potential risks involved in investing in cryptocurrencies and the importance of heeding expert advice. While Lagarde remains skeptical about the value of cryptocurrencies, she acknowledges the potential benefits of central bank digital currencies. This highlights the ongoing debate between traditional financial systems and emerging digital assets.
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