Lagarde Crypto Saga: No one can escape the unpredictable nature of crypto investments, not even the son of European Central Bank President Christine Lagarde. In a candid revelation, Lagarde disclosed that her son disregarded her warnings and ended up losing “almost all” of his investments in cryptocurrencies.
Despite Lagarde’s consistent criticism of cryptocurrencies, labeling them as speculative, worthless, and often associated with criminal activities, her son ventured into the risky territory against her advice. Speaking at a town hall with students in Frankfurt, Lagarde shared, “He ignored me royally, which is his privilege,” admitting that her son lost about 60% of his crypto investments.
While Lagarde did not specify which son she was referring to, she has two sons in their mid-30s. The European Central Bank, under Lagarde’s leadership, has been advocating for global regulations on crypto assets. The concerns range from protecting unaware consumers from risks to closing loopholes that could be exploited for funding terrorism or money laundering.
The ECB‘s caution towards privately issued currencies, which could potentially challenge government-backed money, prompted the initiation of the digital euro project. However, the actual issuance of digital currency by the bank is still years away, with the recent start of the “preparation phase.”
Expressing her skepticism about cryptocurrencies, Lagarde emphasized, “I have, as you can tell, a very low opinion of cryptos.” While acknowledging people’s freedom to invest and speculate, she stressed the need for curbing participation in illicit activities through crypto transactions. The disclosure about her son’s crypto misadventure adds a personal touch to Lagarde’s longstanding cautionary stance on the digital assets.
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