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Bitcoin critic, ECB chief Lagarde says her son ‘ignored’ her, lost money on crypto: Report

Bitcoin critic, ECB chief Lagarde says her son ‘ignored’ her, lost money on crypto: Report

According to a report from Reuters, European Central Bank (ECB) president and prominent Bitcoin (BTC) critic Christine Lagarde shared a family story about unsuccessful cryptocurrency investments.

At a town hall in Frankfurt on Nov. 24, Lagarde told students that her son lost “almost all” of his investments in crypto assets despite persistent warnings from her, as reported by Reuters.

She reportedly stated, “He ignored me royally, which is his privilege,” and added that he lost “almost all the money he had invested.” Lagarde did not disclose the exact sum her son lost but noted that he claimed it wasn’t “a lot,” only “about 60%” of his crypto investments. She further stated, “So when I then had another talk with him about it, he reluctantly accepted that I was right.”

“I have, as you can tell, a very low opinion of cryptos […] 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.”

Lagarde is known for her anti-crypto stance, having argued in 2022 that cryptocurrencies are “worth nothing” because they are “based on nothing.” She also predicted in 2021 that central banks worldwide would not be holding Bitcoin anytime soon.

Related: European regulator: CASPs should work on protocol interoperability, self-hosted wallets

Despite her criticism of cryptocurrencies like Bitcoin, Lagarde has expressed support for the concept of the central bank digital currency. 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 information will be added as it becomes available.

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