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

• The ECB President Christine Lagarde revealed that her son has lost about 60% of his investments in cryptocurrencies.
• Lagarde asserted that though her son disregarded his warnings against crypto, he realized its risky nature in the end.
• Analysing Lagarde’s previous comments on cryptocurrencies reinforces her anti-crypto stance.

The European Central Bank (ECB) President Christine Lagarde reinforced her anti-crypto stance, illustrating her son’s losses in crypto investments. During a meeting with students in Frankfurt, Lagarde revealed that her son has lost “almost all” of his crypto investments, as he “ignored” her warnings against crypto.

Christine Lagarde could be regarded as one of the biggest critics of cryptocurrencies, considering her anti-crypto notions and comments. In May 2022, Lagarde asserted that cryptocurrencies are “worth nothing” as the assets are “based on nothing.” It was under her leadership that the European Central Bank initiated its venture to launch Europe’s CBDC (Central Bank Digital Currency), Digital Euro, as a way to challenge the expanding dominance of virtual assets.

Talking about her son’s failure in crypto investments, Lagarde said that though the loss wasn’t severe, he lost about 60% of his investments. She added that though he disregarded her caution against digital assets in the beginning, he realized the risky nature of cryptocurrencies following his losses, as she cited, “He reluctantly accepted that I was right.” Lagarde added,

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.

In 2021, Lagarde shared her strong opposition to Bitcoin’s dominance, arguing that the central banks are less likely to adopt Bitcoins in the near future. Though the ECB President considered the introduction of CBDCs could confront the growing popularity of cryptocurrencies, the bank hasn’t proceeded with the further steps of realizing the digital euro as an alternative entity to cryptocurrencies. ECB cited, “After two years, the Governing Council will decide whether to move to the next stage of preparations, to pave the way for the possible future issuance and roll-out of a digital euro.”