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The ECB’s President’s son is involved in crypto investments, and here’s how Christine Lagarde, known for her critical stance on Bitcoin, recently shared a personal warning about her son’s financial misadventure.
According to a Reuters report, Lagarde revealed during a town hall event in Frankfurt on November 24 that despite her persistent warnings, her son disregarded her advice and ended up losing “almost all” of his investments in crypto assets.
European Central Bank President Christine Lagarde admitted on Friday that her son lost “almost all” of his investments in crypto assets, despite copious warnings. “He ignored me royally, which is his privilege,” Lagarde told a town hall with students in Frankfurt. “And he lost…
— Wu Blockchain (@WuBlockchain) November 25, 2023
Lagarde, a prominent figure in the financial world, did not disclose the amount her son lost but mentioned that it constituted “about 60%” of his digital currency investments. Despite her son initially dismissing her concerns, Lagarde stated,
“So when I then had another talk with him about it, he reluctantly accepted that I was right.”
Crypto Investments Ignored by ECB Chief
The ECB chief expressed her skepticism towards cryptocurrencies, emphasizing her “very low opinion of cryptos.” While acknowledging individuals’ freedom to invest and speculate, Lagarde highlighted the need to prevent participation in “criminally sanctioned trade and businesses.”
Christine Lagarde has consistently criticized digital currencies, asserting in 2022 that they are “worth nothing” as they lack a solid foundation. Additionally, in 2021, she predicted that central banks globally would not incorporate Bitcoin into their reserves.
Despite her negative stance on decentralized cryptocurrencies like Bitcoin, Lagarde has supported the concept of a central bank digital currency (CBDC). In April 2023, she admitted that a potential digital euro could be utilized ” limited ” to oversee day-to-day payments.
