Lagarde reveals that her son lost 60% of what he invested in cryptocurrencies: "He completely ignored me"

The president of the European Central Bank (ECB), Christine Lagarde, acknowledged this Friday that she has “a 'very low' opinion on cryptocurrencies” and revealed that her own son, ignoring her advice, lost 60% of what he had invested. in them.

“He completely ignored me, which is his right. And he lost almost all the money he had invested. It wasn't much, but it lost approximately 60%,” he said at a colloquium in Frankfurt with 200 young people organized by the Bundesbank.

She explained that later, when they talked about it, he reluctantly agreed that she was right.

Lagarde assured that what has been seen in recent months with Terra or Luna, FTX and now with Binance shows that cryptocurrencies are “a highly speculative asset.”

“People are free to invest their money wherever they want, they are free to speculate as much as they want, but people should not be free to participate in criminally sanctioned operations and businesses,” he said.

This week, the world's largest cryptocurrency platform, Binance, agreed to pay a $4.3 billion fine and resign its CEO, Changpeng Zhao, for money laundering, following an accusation described as a “point of inflection” by the United States authorities.

For his part, the founder of FTX, Sam Bankman-Fried, is awaiting a prison sentence after being found guilty this month of seven crimes of fraud following a criminal trial, and has another process pending, promoted by the Commission of Securities and Exchange Commission (SEC).