## European Central Bank President Christine Lagarde’s Son Lost “Almost All” of His Crypto Investments
In a surprising admission, European Central Bank (ECB) President Christine Lagarde revealed on Friday that her son lost “almost all” of his investments in crypto assets. This revelation comes despite Lagarde’s longstanding warnings about the speculative and risky nature of cryptocurrencies.
### Ignoring Mother’s Advice
Lagarde, who has been a vocal critic of cryptocurrencies, shared her son’s experience during a town hall event with students in Frankfurt. She stated that her son ignored her warnings and went ahead with his investments, ultimately losing a significant portion of his capital.
“He ignored me royally, which is his privilege,” Lagarde told the audience. “And he lost almost all the money that he had invested. It wasn’t a lot, but he lost about 60% of it.”
### Push for Global Regulation
The admission from Lagarde, who has two sons in their mid-30s, further underscores the ECB’s stance on crypto assets and the need for global regulation. The ECB has consistently advocated for oversight of cryptocurrencies to protect consumers from potential risks and to prevent the exploitation of digital currencies for criminal activities.
In fact, the ECB’s concerns about privately issued currencies potentially displacing government-backed money led to the launch of its own digital euro project. However, the bank has clarified that it is still years away from making any decisions regarding the issuance of digital currency.
### Low Opinion of Cryptocurrencies
Lagarde minced no words when expressing her skepticism about cryptocurrencies during the town hall, stating, “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.”
Her remarks echoed the ECB’s stance on cryptocurrencies and the need for appropriate regulatory measures to mitigate the potential risks associated with digital assets.
As the ECB continues to navigate the complex landscape of digital currencies, Lagarde’s personal experience serves as a cautionary tale, highlighting the volatile and unpredictable nature of crypto investments.
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