ECB President Christine Lagarde Shares Son's Crypto Loss, Warns on Crypto Risks and Supports CBDCs
Summary:
Christine Lagarde, ECB President and noted critic of Bitcoin, shared a personal anecdote about her son's substantial loss in crypto investments, disregarding her repeated warnings. Lagarde, known for her anti-crypto stance, once again warned against the valueless nature of cryptocurrencies and illegal trade practices. However, she expressed support for the concept of a central bank digital currency (CBDC), particularly the potential use of a digital euro for daily transactions.
Christine Lagarde, the President of the European Central Bank(ECB) who is also highly critical of Bitcoin(BTC), revealed a family incident related to unsuccessful crypto investments, as reported by Reuters. In an informal get-together with students in Frankfurt on 24th of November, she mentioned her son lost nearly the whole of his crypto investments despite continuous cautions, as per information from Reuters.
"She noted with wry humor about her son ignoring her advice, a right he holds, leading to the loss of almost all his invested money", Lagarde allegedly said. The President of ECB didn’t share the exact amount her son lost, adding that according to him it was not much, but roughly "60%" of his crypto asset investments. He ultimately conceded to her earlier warnings after a following discussion on the matter, she reported. Lagarde allegedly expressed, “I do not hold cryptos in high regard…While individuals have the freedom to speculate and invest where they wish to, they should by no means be allowed to indulge in legally questionable trade practices and businesses".
Renowned for her anti-crypto views within the cryptocurrency community, Lagarde stated in 2022 that cryptocurrencies are of no value since they don't have a dependable foundation. In 2021, she also forecasted that it's unlikely for global central banks to own Bitcoin in the near future.
Related: European regulator suggests CASPs must focus on enhancing protocol interoperability, self-hosted wallets.
Whilst disapproving cryptocurrencies such as Bitcoin, Lagarde had shown immense support towards the idea of the central bank digital currency (CBDC). In April 2023, she confessed that a hypothetical digital euro would be used in a restrained manner to monitor daily transactions.
This is an evolving story, and further updates will be added as they become accessible. Magazine: Expert advice on safeguarding your crypto in an unstable market - from veteran Bitcoin enthusiasts.
Published At
11/24/2023 1:13:54 PM
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