ECB Chief Lagarde Laments Son's Crypto Losses Amid Her Anti-Crypto Stance

By: Eliza Bennet

Christine Lagarde, the European Central Bank (ECB) president, known for her critical view on cryptocurrencies, recently revealed her son's substantial losses on crypto investments. Despite her persistent warnings, her son chose to invest in crypto assets, leading to a loss of nearly 60% of his investment. This news highlights the inherent risks of the volatile crypto market.

Lagarde has always maintained a skeptical stance on cryptocurrencies. Last year, she argued that digital assets are 'worth nothing' and 'based on nothing,' thereby carrying high risks for investors. Furthermore, she predicted that central banks worldwide would not hold Bitcoin anytime soon due to its inherent instability and speculative nature.

However, interestingly, while opposing Bitcoin and other cryptocurrencies, Lagarde supports the idea of central bank digital currencies (CBDCs). Just earlier this year, she acknowledged that a potential digital Euro would play a 'limited' role in controlling day-to-day payments, representing an alternative to the volatile landscape of cryptocurrencies.