Friday, Christine Lagarde returned to the losses recorded by one of her sons on his cryptocurrency investments. The ECB President thus took the opportunity to reaffirm her anti-crypto stance. What did she say?
Christine Lagarde revisits her son’s cryptocurrency investments
While European Central Bank (ECB) President Christine Lagarde is openly against cryptocurrencies, we also already knew that at least one of her sons owned crypto investments.
Speaking to students in Frankfurt on Friday, Lagarde returned to the subject, referring to the losses her son has incurred. He is said to have gone against his mother’s advice:
“He ignored me royally, which is his privilege, and he lost almost all the money he had invested. […] It wasn’t much, but he lost it all, he lost about 60% of it. So when I had another discussion with him about it, he reluctantly agreed that I was right. “
To put things in context, Christine Lagarde has two sons, born in 1986 and 1988 respectively. Although the ECB President did not specify which one she was referring to, this is not a child still accountable to his parents, but a responsible adult free to make his own choices.
The assets in which the person concerned invested and the period during which these losses were incurred were also not mentioned, nor was the precise amount in question.
Consequently, it is not possible to judge whether this was an investment error or simply the consequence of the market’s devaluation during the bear market in 2022, for example, reused here to serve a political vision.
An openly anti-crypto stance
In addition, Christine Lagarde reaffirmed her anti-crypto stance, ending with a comment that seems to echo the latest news surrounding Binance:
“I have, as you can see, a very low opinion of cryptos. People are free to invest their money wherever they want, they’re free to speculate as much as they want, [but] people shouldn’t be free to participate in criminally sanctioned trades and businesses. “
Of course, such remarks are in no way surprising, his position as head of the ECB playing a major part in the delivery of such a speech.
Despite everything, it’s a reality that cryptocurrency investments do indeed carry risks of capital loss that shouldn’t be overlooked.
However, this is the lot of any asset class, and we may as well point out that since Christine Lagarde took over as head of the ECB in November 2019, inflation has never been higher in the European Union in the last 25 years:
Inflation in the European Union
