European Central Bank President criticizes cryptocurrencies as "worthless," but does not intervene in his son's coin purchases

European Central Bank (ECB) President Christine Lagarde bluntly described cryptocurrencies as "worthless" during a Dutch talk show, sparking backlash from the crypto community against the Euro.

European Central Bank (ECB) President Christine Lagarde bluntly stated in a Dutch talk show that cryptocurrency is "worthless," sparking backlash from the crypto community against the Euro.

With the entire cryptocurrency market currently at a standstill, coupled with the recent collapse of Terra UST and LUNA, Christine Lagarde stated that cryptocurrency is not real currency but speculative assets. She emphasized that stablecoins need to be backed by equivalent currency support, and other cryptocurrencies without underlying assets should be subject to regulation.

Christine Lagarde's criticism drew condemnation from the crypto community. Sheila Warren, Executive Director of the Crypto Council for Innovation, expressed disappointment in Lagarde's comments but was not surprised, stating, "The new digital economy will run on a combination of digital currencies, including cryptocurrencies, stablecoins, and CBDCs."

Cryptocurrency analyst Lark Davis sarcastically remarked that Lagarde believes cryptocurrency has no fundamental value and can serve as a safe asset, joking, "I guess she's just describing the US dollar and the Euro, printed out of thin air."

ESB President Christine LaGarde said “My very humble assessment is that [#crypto] is worth nothing, it is based on nothing—there is no underlying asset to act as an anchor of safety.”

Ummmm, I think she just described the $euro 🤣

Printed out of thin air pic.twitter.com/Mq25reXtNL

— Lark Davis (@TheCryptoLark) May 25, 2022

Twitter user Byzantine General shared a video showing Christine Lagarde admitting that her son trades cryptocurrency. Byzantine General described her as a "dinosaur" struggling in its death throes, questioning why these "dinosaurs" fail to realize that their time has passed. "Why keep fighting the future until the very end?"

Source: Horizon News Network