ECB President’s Son Loses 60% Of His Crypto Investments: Report

• The ECB President Christine Lagarde revealed that her son has misplaced about 60% of his investments in cryptocurrencies.
• Lagarde asserted that although her son disregarded his warnings towards crypto, he realized its dangerous nature ultimately.
• Analysing Lagarde’s earlier feedback on cryptocurrencies reinforces her anti-crypto stance.

The European Central Financial institution (ECB) President Christine Lagarde bolstered her anti-crypto stance, illustrating her son’s losses in crypto investments. Throughout a gathering with college students in Frankfurt, Lagarde revealed that her son has misplaced “nearly all” of his crypto investments, as he “ignored” her warnings towards crypto.

Christine Lagarde could possibly be considered one of many greatest critics of cryptocurrencies, contemplating her anti-crypto notions and feedback. In Might 2022, Lagarde asserted that cryptocurrencies are “value nothing” because the property are “based mostly on nothing.” It was underneath her management that the European Central Financial institution initiated its enterprise to launch Europe’s CBDC (Central Financial institution Digital Forex), Digital Euro, as a technique to problem the increasing dominance of digital property.

Speaking about her son’s failure in crypto investments, Lagarde mentioned that although the loss wasn’t extreme, he misplaced about 60% of his investments. She added that although he disregarded her warning towards digital property at first, he realized the dangerous nature of cryptocurrencies following his losses, as she cited, “He reluctantly accepted that I used to be proper.” Lagarde added,

I’ve, as you possibly can inform, a really low opinion of cryptos. Persons are free to take a position their cash the place they need, individuals are free to take a position as a lot as they need, (however) individuals shouldn’t be free to take part in criminally sanctioned commerce and companies.

In 2021, Lagarde shared her sturdy opposition to Bitcoin’s dominance, arguing that the central banks are much less more likely to undertake Bitcoins within the close to future. Although the ECB President thought of the introduction of CBDCs may confront the rising reputation of cryptocurrencies, the financial institution hasn’t proceeded with the additional steps of realizing the digital euro as a substitute entity to cryptocurrencies. ECB cited, “After two years, the Governing Council will resolve whether or not to maneuver to the following stage of preparations, to pave the way in which for the potential future issuance and roll-out of a digital euro.”