European Central Bank President Christine Lagarde, known for her staunch criticism of cryptocurrencies, found herself unable to shield her family from the perils of digital assets. In a surprising admission during a town hall meeting in Frankfurt, Lagarde revealed that her son, in his thirties, defied her advice and invested in cryptocurrencies against her wishes, resulting in substantial losses.
“He ignored me royally, which is his privilege,” Lagarde candidly disclosed to a group of students, acknowledging her son’s decision to disregard her warnings. “And he lost almost all the money that he had invested.”
Despite Lagarde’s efforts to dissuade her son from investing in digital assets, he persisted, ultimately facing a loss of nearly 60% of his investment. The ECB chief had previously spoken publicly about her son’s crypto ventures, expressing her disapproval despite her unsuccessful attempts to sway his decisions.
“It wasn’t a lot but he lost it all,” Lagarde admitted, emphasizing her son’s realization of the mistake after incurring significant losses. “So when I then had another talk with him about it, he reluctantly accepted that I was right.”
This revelation comes as a paradox for Lagarde, who has maintained a steadfast position against cryptocurrencies. In past statements, she dismissed all crypto assets as having no intrinsic value and adamantly rejected the notion of central banks holding Bitcoin or any other cryptocurrency.
Lagarde’s personal encounter with her son’s crypto misfortune serves as a real-world example of the risks associated with digital assets, showcasing that even those close to the head of Europe’s banking system can fall victim to the market’s volatility.
