ECB President Christine Lagarde Says Her Son Lost “Almost All” Money He Invested in Crypto
European Central Bank (ECB) President Christine Lagarde has revealed that her son endured substantial losses in his investments in cryptocurrencies.
During a town hall event with students in Frankfurt , Lagarde said that despite her strong criticisms of crypto assets, her son chose to invest in them, disregarding her warnings.
“He ignored me royally, which is his privilege,” she stated. “And he lost almost all the money that he had invested.”
“It wasn’t a lot, but he lost it all, he lost about 60% of it. So when I then had another talk with him about it, he reluctantly accepted that I was right.”
Lagarde did not specify which of her two sons, both in their mid-30s, had suffered the losses.
Lagarde has been vocal about her concerns regarding cryptocurrencies, often describing them as speculative and worthless.
She has also highlighted their potential use in illicit activities by criminals.
The ECB, under Lagarde’s leadership, has been advocating for global regulations on crypto assets.
The primary objectives of such regulations are to protect unaware consumers from risks associated with cryptocurrencies and to address the potential loopholes that facilitate funding for terrorists and money laundering by criminals.
The ECB’s concerns about privately issued currencies potentially displacing government money have prompted the bank to initiate its own digital euro project.
However, the launch of a digital euro is still years away, as the bank recently entered the “preparation phase” and expects to take another two years before making a decision on its rollout.
Lagarde’s personal experience with her son’s losses has reinforced her skepticism towards cryptocurrencies.
“I have, as you can tell, a very low
Read more on cryptonews.com
