With the exciting development in the financial sector, crypto has witnessed astonishing growth due to its decentralized nature. The growing popularity of crypto has motivated investors to invest in digital assets to maximize profit.
However, the bearish crypto trend has exposed many to the loss of substantial amounts of money. Among the investors counting losses include the son of the European Central Bank (ECB) president, Christine Lagarde.
Christine Lagarde’s Son Loss Big in Crypto
Addressing a meeting in Frankfurt, the anti-crypto policymaker regretted that his 30-year-old son had invested in crypto without the knowledge of Lagarde. She stated that the son’s crypto investment yielded no profit following the bumpy crypto winter.
The distressed mother lamented that her son lost everything in the crypto investment. Lagarde admitted that before the son invested in crypto, she warned him about the inherent risk of digital assets.
From 2019 Lagarde has been warning the public on the volatile nature of the crypto assets. Her anti crypto moves aimed at protecting the Eurozone from being exposed to crypto losses.
Despite efforts to protect consumers from risky investments, his son disregarded her mother’s advice and invested in digital assets. In an earlier statement, Lagarde complained that despite multiple interventions to stop the son from investing in crypto, the son brushed aside the advice.
ECB Official Warns Public to Shun from Risky Crypto Investments
In her address, the troubled mother of two confessed to give royal advices to her sons The ECB official has always been against crypto investment and development. Her anti-crypto moves created heated debates amongst the audience, who demanded Lagarde’s stance on crypto assets.
At the event, one of the participants asked the ECB president whether she had ever invested in crypto.
Others speculated that Lagarde’s resistance to digital assets emanated from a crypto investment that failed to bring positive outcomes. Responding to the audience, Lagarde said she had never invested in crypto.
She vowed to practice what she preaches. In a subsequent question, the audience demanded Lagarde’s take on her son’s crypto investment.
The 67-year-old French politician confessed that the son had concealed his crypto investment from the mother. She stated that the son only disclosed his crypto holding after suffering massive losses from the investment.
The ECB official regretted that the son lost approximately 60% of the investment. The disgraced crypto novice investor admitted his mother’s advice on crypto investments was right.
Significance of CBDC
For years, Lagarde has vehemently opposed crypto investment. In a previous meeting with the ECB official Lagarde opposed that central banks should not be granted the legal power to oversee crypto assets such as Bitcoin (BTC). She described crypto assets as worthless and based on nothing.
In support of Lagarde’s advice, Jim Cramer, the popular CNBC host, urged the public to abandon crypto investments, more so Bitcoin. The Mad Money CNBC host confessed that initially, he supported Bitcoin, but the bearish market outlook forced him to think otherwise.
Despite Lagarde’s anti-crypto stance the ECB official has supported the development of the central bank digital currency (CBDC). The executive has chaired the ECB in developing the digital Euro.
Even though the ECB has not decided on the adoption of the CBDC, Lagarde believes that the digital Euro will eliminate the involvement of third parties in the financial sector.
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