- ECB President Christine Lagarde admitted her son lost money in crypto investments.
- The ECB chief used the opportunity to reiterate her disapproval of crypto.
- It’s unclear if the story is true, as the ECB chief is known for her anti-crypto stance.
Losing money to investments is a given; whether it’s crypto, real estate, or traditional stocks, market participants are bound to lose money at some point in their investing careers. Joining the cohort of losers is the son of European Central Bank President Christine Lagarde, who publicly admitted that her son lost a massive amount in crypto investments.
Lagarde Reiterates Her Disapproval of Crypto
On November 24, during a recent address, ECB’s top executive, Christine Lagarde, candidly revealed that her son lost ‘almost all’ of his crypto-asset investments despite copious warnings.
Lagarde seized the opportunity to reiterate her disapproval of cryptocurrencies. Historically, she has branded digital assets as speculative, worthless, and tools frequently exploited by criminals for illicit activities.
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“He ignored me royally, which is his privilege, and he lost almost all the money that he had invested,” Lagarde disclosed during a town hall with students in Frankfurt. The chief clarified later that it wasn’t the entirety but rather a substantial 60% loss. She added, “So when I had another talk with him about it, he reluctantly accepted that I was right.”
Lagarde also stated:
"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."
While the ECB chief’s son might be a typical Gen Z teenager, both of her sons are in their mid-30s. The specific son in question remains unclear. The story’s accuracy is also dubious, given Lagarde’s publicly expressed disdain for cryptocurrencies.
DailyCoin has contacted Madam Lagarde’s sons to verify the story’s accuracy but has not received a response.
On the Flipside
- In 2021, Christine Lagarde boldly predicted that central banks wouldn’t hold Bitcoin anytime soon.
- Lagarde has emerged as a significant advocate of Central Bank Digital Currencies (CBDCs),
Why This Matters
Navigating financial losses is an inherent part of investment journeys, spanning crypto, real estate, or traditional stocks. Everyone is bound to lose money at some point in their careers. However, these setbacks do not diminish the broader potential and legitimacy of the entire industry, which continues to evolve and present opportunities for investors.
Read how the UK Government is embracing blockchain technology:
UK Government Approves Game-Changing Tokenization Initiative
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