ECB Chief Christine Lagarde Says Her Son Lost Heavily On Crypto Investments

Updated: 27 November 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

The European Central Bank (ECB) President Christine Lagarde said that her son lost around 60% of his money after investing in crypto.

Lagarde, a known crypto critic, disclosed that her son ignored her advice against crypto investments and ended up losing “almost all the money that he had invested.”

“He ignored me royally, which is his privilege,” Lagarde said while speaking to students in Frankfurt. “So when I then had another talk with him about it, he reluctantly accepted that I was right.”

Lagarde, who said the money lost wasn’t a lot, has declared an anti-crypto stance since taking over as the ECB chief, but she is currently leading its efforts towards establishing the digital euro, which entered its “preparation phase” last month.

Our Governing Council has decided to move to the next phase of the digital euro project.

In November 2023 we will start laying the foundation for the possible issuance of a digital euro. A decision on issuing a digital euro will come at a later stage.https://t.co/xuKklame0U pic.twitter.com/Nn0Z8RggVn

— European Central Bank (@ecb) October 18, 2023

Christine Lagarde Has ”Very Low Opinion” Of Crypto Industry

Lagarde also said she has “a very low opinion” of the crypto industry.

“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,” she said.

She commended Europe’s Markets in Crypto Assets (MiCA) regulation but said that it needs to focus on rapidly-growing areas such as crypto staking and lending.

In June 2022, Lagarde warned that crypto and DeFi posed “real risks.” At the time, she urged investors to avoid unfamiliar sectors lacking adequate regulations.

Later in the year she reiterated that the collapse of FTX proved the need to monitor the stability and reliability of cryptocurrency exchanges.