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European Central Bank (ECB) President Christine Lagarde, a vocal critic of cryptocurrencies, recently shared a personal anecdote during a town hall meeting in Frankfurt. According to a reputed news publishing house, Lagarde revealed that her son ignored her persistent warnings about crypto investments. That resulting in him losing “almost all” of his crypto assets. 
“He ignored me royally, which is his privilege,” Lagarde further highlighted the challenges even for those close to the financial world. Despite the loss, her son reportedly insisted that it wasn’t “a lot.” However, it was amounting to approximately 60% of his crypto investments. 
Like always, Lagarde also expressed her <a href="https://news.todayq.com/ecb-board-member-wants-to-ban-bitcoin-mining-amid-environmental-concerns/">skeptical view</a> on cryptocurrencies. Said said, “I have, as you can tell, a very low opinion of cryptos.” She emphasized that while people are free to invest and speculate, they should not participate in “criminally sanctioned trade and businesses.” Lagarde’s ant-crypto stance 
This revelation aligns with Lagarde’s consistent anti-crypto stance. In 2022, she argued that cryptocurrencies are “worth nothing” as they are “based on nothing.” Additionally, in 2021, Lagarde predicted that central banks worldwide would not be holding Bitcoin in their reserves any time soon. 
While critical of traditional cryptocurrencies, Lagarde has shown <a href="https://news.todayq.com/ecbs-christine-lagarde-promises-privacy-with-the-upcoming-digital-euro/">support</a> for central bank digital currencies (CBDCs). In April 2023, she admitted that a potential digital euro could be utilized in a “limited” way for day-to-day payments, emphasizing the ECB’s exploration of the digital currency landscape. 
Lagarde’s personal encounter with her son’s crypto investment loss adds a unique perspective to her stance on cryptocurrencies. It has shed light on the challenges even financial insiders face in navigating the volatile crypto market. 
Investors and industry observers remain divided on Lagarde’s opinions, with some highlighting the risk associated with crypto investments, while others advocate for the ongoing development of digital currencies, including CBDCs. 
© Todayq News

ECB President Christine Lagarde’s son takes a 60% hit after investing in Crypto

Todayq News

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