Son of ECB President Faces 60% Cryptocurrency Investment Decline, According to Report

Crypto News- ECB President Christine Lagarde doubled down on her skepticism towards cryptocurrencies, underscoring the losses suffered by her son in the volatile crypto market. Addressing a group of students in Frankfurt, Lagarde disclosed that her son had experienced a near-total wipeout of his crypto investments, attributing the substantial losses to his disregard for her earlier warnings against venturing into the unpredictable world of crypto.

Son of ECB President Faces 60% Cryptocurrency Investment Decline, According to Report

Known for her staunch anti-crypto stance, Lagarde has consistently criticized digital assets. In May 2022, she went on record stating that cryptocurrencies are essentially “worth nothing” as they lack any intrinsic value. Under her leadership, the European Central Bank embarked on the journey to introduce the Digital Euro, a Central Bank Digital Currency (CBDC), aimed at countering the growing influence of virtual assets.

Discussing her son’s crypto misadventure, Lagarde acknowledged that the financial hit wasn’t catastrophic, but he did incur losses amounting to around 60% of his initial investments. Despite initially dismissing Lagarde’s cautionary advice on digital assets, her son came to the realization of the risks associated with cryptocurrencies after experiencing firsthand losses. Lagarde remarked, “He reluctantly accepted that I was right.”

Expressing her disdain for cryptocurrencies, Lagarde emphasized that while people have the freedom to invest and speculate, they should not be allowed to engage in illicit or criminally sanctioned trade. She asserted,

“I have, as you can tell, a very low opinion of cryptos. People are free to invest their money where they want, people are free to speculate as much as they want, (but) people should not be free to participate in criminally sanctioned trade and businesses.”