Christine Lagarde, President of the European Central Bank (ECB) and a prominent Bitcoin (BTC) critic, recently shared a story to the students at a town hall in Frankfurt, according to a report from Reuters. The story was about her son’s unsuccessful investment in cryptocurrencies despite her persistent warnings.
Lagarde recalled that her son had lost “almost all” of his investments in crypto assets. “He ignored me royally, which is his privilege,” she declared. Although her son stated that it wasn’t a lot of money, the amount was reportedly “about 60%”. Lagarde commented that when she spoke to him about it again, he reluctantly accepted that she was right.
The ECB President has continuously expressed her disapproval of cryptocurrencies. In 2022, she stated that they are “worth nothing” because the assets are “based on nothing”. In 2021, she predicted that central banks around the world would not be holding Bitcoin anytime soon.
However, Lagarde has been a strong supporter of central bank digital currency (CBDC). In April 2023, she admitted that a potential digital euro would be used in a “limited” way to control day-to-day payments.
This is a developing story and further updates will be available when they come.
