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

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