ECB Chief Christine Lagarde Says Her Son Lost Heavily On Crypto Investments

The European Central Bank (ECB) President Christine Lagarde said that her son lost around 60% of his money after investing in crypto.

Lagarde, a known crypto critic, disclosed that her son ignored her advice against crypto investments and ended up losing “almost all the money that he had invested.”

“He ignored me royally, which is his privilege,” Lagarde said while speaking to students in Frankfurt. “So when I then had another talk with him about it, he reluctantly accepted that I was right.”

Lagarde, who said the money lost wasn’t a lot, has declared an anti-crypto stance since taking over as the ECB chief, but she is currently leading its efforts towards establishing the digital euro, which entered its “preparation phase” last month.

Christine Lagarde Has ”Very Low Opinion” Of Crypto Industry

Lagarde also said she has “a very low opinion” of the crypto industry.

“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,” she said.

She commended Europe’s Markets in Crypto Assets (MiCA) regulation but said that it needs to focus on rapidly-growing areas such as crypto staking and lending.

In June 2022, Lagarde warned that crypto and DeFi posed “real risks.” At the time, she urged investors to avoid unfamiliar sectors lacking adequate regulations.

Later in the year she reiterated that the collapse of FTX proved the need to monitor the stability and reliability of cryptocurrency exchanges.

Also Read

  • Hex Founder Richard Heart Has Court Appearance Delayed Because SEC Can’t Serve Him
  • Scam Vendor ‘Inferno Drainer’ Strikes Again, Steals 6 NFTs On OpenSea In A Phishing Attack
  • Bitcoin Price Climbs To 18-Month High of $38,200 While Bitcoin ETF Token Blasts Past $1.57m On FOMO

Comments

Post a Comment

Popular posts from this blog

Shiba Inu Whales and Dogecoin Whales Cash Out, Is Tamadoge a Better Investment

Image
Throughout 2022, Shiba Inu and Dogecoin have experienced huge price corrections, leading whales to cash out of the popular meme coins. While investors are looking for alternative meme investments, many are looking to invest in Tamadoge - a popular play-to-earn (P2E) cryptocurrency project.  Shiba Inu and Dogecoin Correction Since the beginning of 2022, the best shitcoins have been going through a large-scale price correction. Notably, Shiba Inu (SHIB) and Dogecoin have both witnessed huge price dips and have not performed as well as some of the other top cryptocurrencies. After starting August 2022 at $0.000012, Shiba Inu increased by 44% to $0.00001739. However, the cryptocurrency corrected back to the $0.000012 mark by the end of the month. On the other hand, Dogecoin also received a 24% price increase in the first 2 weeks of August before losing 27% of its valuation.  Shiba Inu and Dogecoin are trading 85% and 91% below their all-time high (ATH), respectivel...
Read more

Asia's weekly TOP10 crypto news (May 29 to June 4)

Image
Author：Crescent Editor：Colin Wu 1. Japan’s Weekly Summary 1.1 MUFG, Japan’s Largest Bank, to Issue Local Bank-backed Stablecoins on Multiple Public Blockchains link On June 3rd, according to Ledger Insights, MUFG, Japan’s largest bank, announced that its Progmat Coin solution will issue a local bank-backed stablecoin on multiple public blockchains, including Ethereum, Avalanche, Cosmos, and Polygon. This initiative is in its early stages, and the exact timeline for the release has not been determined yet. 1.2 BitFlyer Announces Restrictions on Cryptocurrency Deposits and Transfers, Limited to Exchanges and Wallets Complying with Travel Rule link On May 30th, according to Coinpost, the Japanese cryptocurrency exchange BitFlyer announced that starting from 15:00 on May 30th, it will only support cryptocurrency deposits and transfers from exchanges or wallets that comply with travel rules, such as MetaMask. The supported types of cryptocurrencies under the travel rules are also limited, ...
Read more

Introduction to THE APEX POWER (TAP) | The Best Renewable Energy Solutions

Image
The world is facing a major environmental crisis caused by the use of non-renewable energy sources. These sources of energy, such as coal and oil, are harmful to our environment and contribute to climate change. As a result, there is a growing need to transition to renewable energy sources, which are sustainable and environmentally friendly. Renewable energy sources such as solar power, wind power, and hydro power are gaining popularity around the world. The adoption of these energy sources is not only beneficial for the environment but also for businesses and individuals looking to reduce their energy costs. The Apex Power (TAP) is a company that specializes in renewable energy solutions. They provide sustainable energy solutions to businesses and individuals looking to reduce their carbon footprint and transition to green energy. Solar Power Solar power is a renewable energy source that harnesses the energy of the sun to produce electricity. It is one of the most popular fo...
Read more