Don’t listen to persuasion to invest in cryptocurrencies! ECB president: Obviously ‘worthless’

While European Central Bank (ECB) President Christine Lagarde believes that cryptocurrencies are “worthless” and even stressed that she will never touch cryptocurrencies, her son clearly has a different opinion.

Lagarde recently accepted an exclusive interview with the Dutch talk show “College Tour”. When asked by the audience whether she held any cryptocurrencies, she admitted that she did not hold cryptocurrencies, but her son was investing in cryptocurrencies:

No, I don’t (own any cryptocurrency) because I want to practice what I preach. In fact, I have a son who invests in cryptocurrencies — so I’m watching (the market) very carefully. 

As president of the European Central Bank, Lagarde has long warned the public against investing in cryptocurrencies, and while the EU currently has no intention of banning cryptocurrency trading entirely, she noted:

My personal assessment is that cryptocurrencies are worthless, there is no basis behind them, there is no underlying asset support, and they should be regulated.

As she emphasized on the show, she believes that cryptocurrencies are “highly speculative” and “highly risky” assets that should be avoided. Even so, Lagarde said her son did not follow her advice.

When asked if her son had suffered any losses during the recent downturn in the cryptocurrency market, Lagarde said he was reluctant to tell her. What worries Lagarde more, though, is that investors looking for returns may end up falling prey to market volatility, she said:

They don’t understand the risks, they will lose everything, they will be very disappointed, that’s why cryptocurrencies should be regulated.

While Lagarde is skeptical of cryptocurrencies, she is keen on central bank digital currencies (CBDCs), having previously said the idea of ​​a digital euro is “important” and could facilitate cross-border payments and benefit trade blocs. The European Union also said in February that it would consider legislation to create a digital euro by early 2023.