Christine Lagarde’s son also lost money on cryptocurrencies

On Friday, European Central Bank President Christine Lagarde took part in an event in Frankfurt where she answered questions from an audience of mostly young girls and boys: someone asked her when the best time was most difficult of his job, someone else what are the biggest challenges of a common currency like the euro, and still others what the role of cash will be in an increasingly digital world . A boy then asked her what her opinion was on cryptocurrencies, which Lagarde is notoriously against. So much so that there was some laughter from the audience and from Lagarde herself.

After having reiterated his very clear and negative position with regard to this type of investment which he describes as “highly speculative” and which puts investors at risk of “losing everything”, responding to a specific question from the moderator, he said his son also invests in cryptocurrencies. , even if she was against it. “He ignored me, which was his right. But then he lost almost everything he had invested. » He then added that “it wasn’t a big sum, but he still lost almost 60 percent of what he had invested.”

Lagarde has two sons in their 30s and did not specify which of them invested in cryptocurrencies. However, he said that after losing the money, his son “had to admit I was right.”

In her public speeches, Lagarde has often expressed categorical positions on cryptocurrencies. According to her, these are “based on nothing” and therefore very risky investments, which should be regulated more strictly, not only to protect people from the risk of losing their money, but also because they are often used as a means. of payment in criminal activities, because they guarantee the anonymity of the person carrying out the transaction. At the event in Frankfurt, he said it was right that “people are free to invest money as they want, to speculate as much as they want, but they should not be free to participate in criminal enterprises and activities.”

Lagarde then discussed certain legal and financial events that affected the sector last year, and which according to her are rather indicative of the risky nature of cryptocurrencies: among these, the bankruptcy of the crypto exchange platform FTX currencies, with the arrest of the founder. Sam Bankman Fried, who was convicted of fraud and faces up to 110 years in prison, and Binance CEO Changpeng Zhao’s recent admission of money laundering.

Source: ilpost

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