Participating in an event in Frankfurt, Germany, Christine Lagarde answered questions from about 200 young people this Friday (24). The highlight is the president of the European Central Bank (ECB) spoke about his son’s investments in cryptocurrencies and stated that he had lost money.
Asked about her opinion on cryptocurrencies, Lagarde laughed at first but turned serious when she spoke about the topic. The president of the European Central Bank, a major critic of the sector, again cited the sector’s recent fiascos.
“What we’ve seen over the last 9 months with Terra (LUNA), with FTX and now with Binance, I believe proves the point that cryptocurrencies are a highly speculative asset that people may want to invest in if they are willing to lose everything. , but they can also be used as a very malicious device.”Lagarde began, citing the use of cryptocurrencies by criminals.
“As you can see, I have a very negative opinion about cryptocurrencies.”
Furthermore, the ECB president says she is concerned about the level of bias and hatred associated with the cryptocurrency community. “People are free to invest their money wherever they want”Lagarde continued, noting that they should not, however, have the freedom to conduct sanctioned business.
“They should not insult those who claim this”said the ECB president, who seems to be used to what she sees about herself on social media.
“I look at my communications director. He knows I will be bombarded with disgusting and terrible tweets for the next three hours, but I still believe in what I just said about cryptocurrencies.
After being applauded, Lagarde asked the audience to investigate the reasons why Binance struck a multibillion-dollar deal with the US Department of Justice. Last Tuesday (21), the Binance founder resigned from his position as CEO after both he and his company pleaded guilty to several federal crimes.
Christine Lagarde claims her son lost money with cryptocurrencies
Despite being one of the biggest critics of cryptocurrencies in the world, Christine Lagarde revealed in May 2022 that one of her children had invested in cryptocurrencies.
Although the number of cryptocurrency investors is growing, especially among millennials, Lagarde served as president of the European Central Bank for four years and before that as director of the International Monetary Fund (IMF) for another eight years.
However, the unusual situation is not hidden by Lagarde. On the contrary, the ECB president is using her son’s investments as a warning to other potential enthusiasts in the sector.
“He generously ignored me, which is his prerogative.”Lagarde said about her son investing in cryptocurrencies. “And he lost almost all the money he had invested, it wasn’t much, but he lost about 60% of it.”
“So when I had another conversation with him about it, he reluctantly accepted that I was right.”
Largarde does not mention which cryptocurrencies his son has invested in. Since August 2011, Bitcoin has risen 624,990% in value against the euro, but is down 42% from the historic high of November 2021. For the year, the increase is 125%.
The full video can be viewed in full below. For over an hour, the ECB president also spoke about euro inflation, stating that “the battle is not over yet”.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
