Christine Lagarde's son took a hit in the crypto market

So, Christine Lagarde, who leads the European Central Bank and has been pretty vocal against Bitcoin, shared a personal story about her son's not-so-great experience with crypto. During a talk in Frankfurt, she mentioned that he lost nearly all of his investments in crypto, despite her warnings. She said her son pretty much ignored her advice, which she thinks is his choice, and ended up losing almost everything he put in. She didn’t get into specifics about how much he lost, but he downplayed it, saying it wasn’t too much just around 60% of his investments. Lagarde then joked about how he finally admitted she was right after that chat. She expressed her not-so-favorable views on cryptocurrencies, saying people can invest as they wish, but there should definitely be more regulations to prevent criminal activities in the crypto space. It’s kind of wild to think about someone in that position facing losses like this. Makes you wonder if the kid could really go broke.

People can make up such stories to discourage other people from investing into certain as it classes. It does not really mean that Christine Lagarde's son had actually invested in cryptos and made losses. Christine was never in favor of cryptocurrency. So I am not surprised to hear such things from her. A lot of people invest in cryptos. Is everyone making losses? No! If you buy crap in the name of cryptocurrency, you will obviously loose money. If this story is true, I am sure Christine's son had invested in some memecoins which eventually pulled the plug. Shit happens! That does not mean cryptocurrency investment is bad.

Well, for starters, it appears from the news that the son allegedly invested in "crypto", which most likely means he engaged in pump and dump shitcoins, which is not unlike going and gambling your money at the casino. Without knowing for sure if the story is made up, I don't have to believe it's false either, and it's quite plausible because many young people buy shitcoins from their mobile in the same way they place bets on sports or on casinos. I couldn't care less about her son losing his money, although this will serve Lagarde to emphasize her personal crusade against cryptocurrencies, among which she counts Bitcoin as just another one (and not something essentially different), and it will also serve to promote the goodness and security of CBDCs.

So if one person makes a bad trade using a currency I don't like, then I must go on a crusade to stop everyone from using that particular currency, right? Right? (/s) I am very glad that the IMF doesn't have any power to do anything about cryptocurrency transactions, in fact it seems that it's the governments themselves who have more leverage over it.

When CBDCs begin to operate en masse, it will be much easier for governments to fight cryptocurrencies. I agree that a lot of new cryptocurrency investors lose their investments not only because they buy tokens at high prices. This market has been developing for many years due to the influx of capital from inexperienced investors. But in principle, in any market, experienced investors make money at the expense of new hamsters.