We have a surprising confession from the European Central Bank (ECB) President Christine Lagarde — she revealed that her son lost almost all of his crypto Investments despite her repeated warnings.
Lagarde has been an outspoken critic of cryptocurrencies to the point of calling them worthless, speculative and criminal.
The ECB is actively working on its own digital Euro project — but it is still far from launching it.
The bank has also called for global regulations of crypto assets to protect consumers and prevent money laundering and terrorism financing.
Read: Markets In Crypto-Assets (MiCA) Regulation – A Comprehensive Guide
Christine Largarde’s Anecdote
Lagarde stated as per Reuters, “He ignored me royally, which is his privilege, and he lost almost all the money that he had invested.”
Lagarde is using an anecdotal item here, or evidence to try to paint her narrative, saying her son lost almost all his money trading crypto, as though he could not have lost all his money trading stocks or investing in real estate.
And she is using that to call for a global regulation of the crypto market to protect consumers who are unaware of its risk.
But since Bitcoin has had a minimum profit of 145% in any 4-year cycle, that means Lagarde’s story is either biased or her son was investing in lower cap, riskier cryptocurrencies.
Read: ECB: Digital Euro Offers Privacy, But Not Like Cash
Central Banks’ View On Crypto
As with all central bankers, they do not like Bitcoin and cryptocurrencies — it exposes them and the fiat money printing scam and the legalized ponzinomics that they have been running for a long time, which has been detrimental to many economies, hurting a lot of people financially.
Therefore they do not want you moving your fiat currency into Bitcoin or crypto. So any excuse, any narrative that they can paint a negative view, they will do so.
Read: European Bank’s (ECB) CBDC Design Choices Raise Eyebrows
Final Thoughts
Now, here is the thing: I believe in financial education; I believe people should do their research before investing. That goes with any investment — take the time to research, learn the technology, what is happening, the fundamentals, the charts and so forth. Then make a decision. And of course you should not be putting your life savings in this.
The point is, financial education is very important. Do we need crypto regulations? Yes, but we do not need draconian regulations — we need balanced regulations. But these central bankers, they will try to stop crypto as much as possible because they want their central bank digital currencies (CBDCs) to be the standard. But that is a whole other conversation for sure.