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European Central Bank Head Reveals Her Son’s Crypto Losses

The story of Christine Lagarde, President of the European Central Bank

Christine Lagarde, the head of the European Central Bank, recently shared that her son, in his 30s, went against her advice and invested in cryptocurrencies, resulting in significant financial losses. She made the revelation during a town hall meeting in Frankfurt with a group of students.

Concerns and Outcomes
Lagarde stated that despite her warnings, her son “lost it all” on his cryptocurrency investments. She expressed her frustration, mentioning that she had tried to discourage him from making such investments, but he chose to ignore her advice. Subsequently, her son lost nearly 60% of the money he had invested in cryptocurrencies.

Opinion on Cryptocurrencies
While speaking to the students, Lagarde emphasized her negative stance toward cryptocurrencies and said that she has a “very low opinion” of them. She continues to stress that people have the freedom to invest and speculate as they choose. However, she firmly believes that engaging in criminally sanctioned trade and businesses is unacceptable.

The Digital Euro
As a vocal critic of bitcoin and other virtual currencies, Lagarde has consistently expressed skepticism about the value of such assets. On the other hand, she is an advocate for central bank digital currencies (CBDCs) and is enthusiastic about launching a digital version of the euro. The ECB is currently in the “preparation phase” for the digital euro project, which is expected to last two years.

While cautioning about the uncertainties of CBDCs, the ECB has yet to make a decision on whether the digital euro will be rolled out, pending the finalization of necessary European Union legislation.

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By Team