European Central Bank (ECB) President Christine Lagarde recently shared a personal anecdote that hits close to home. Her son lost a significant portion of his crypto investment.
Despite Lagarde’s frequent warnings about crypto’s volatile and speculative nature, her son chose to explore the market on his own and faced a substantial financial setback.
Christine Lagarde’s Son Got Liquidated Trading Crypto
Christine Lagarde has consistently highlighted the risks of crypto, including using it in illicit activities and its inherently speculative nature. At a Frankfurt town hall meeting, she recounted her son’s experience, noting that he “lost about 60%” of his investment.
This incident highlights the key message Lagarde has consistently advocated: the high risks associated with crypto investments.
“He ignored me royally, which is his privilege. 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 said.
The personal revelation from the ECB chief also adds a human dimension to her professional stance on crypto. Lagarde’s anecdote is a cautionary tale for investors, particularly young enthusiasts drawn to the allure of quick gains.
“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 added.
The ECB has been pushing for global regulation of crypto to protect consumers and prevent their misuse in criminal activities. Concerns over privately issued currencies potentially displacing government-issued money have propelled the ECB to explore its own digital currency.
Read more: A Token Economy for Europe: Considering the Opportunities
Although the bank has initiated the “preparation phase” for a digital euro, it remains years away from issuing digital money.
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