It is well known that in Brussels they have always had an ambiguous stance on cryptocurrencies, they represent an opportunity but they are no good, BTC no but CBDCs yes, and so on. Last week, Christine Lagarde herself, interrupted the dreams of crypto enthusiasts in Europe with a cold shower.
Christine Lagarde’s son holds cryptocurrencies
According to the President of the ECB, cryptocurrencies are rubbish and Bitcoin does not rest on any basis of real value, believing that an algorithm is not enough to give a value, but as they say, what goes around comes around.
On College Tour, a Dutch television program, a viewer from the audience asked the senior executive if she held any cryptocurrencies and the answer was as blunt and frank as it was unsettling.
Christine Lagarde said:
“No, I don’t have any cryptography because I want to practice what I preach. Actually I have a son who has invested in cryptocurrencies, I follow him very carefully. I told him not to keep them but I don’t think he will listen to me”.
Sincerity laid the foundation for doubt, but it is also true that children often do not always listen to their parents, even if the mother in question is head of the ECB. Besides this, it must also be said that blockchain and cryptocurrencies are an increasingly important topic and positions on this are constantly evolving.
The strong statements on Bitcoin and cryptos clash with the openness to CBDCs, also known as Central Bank Digital Currencies.
CBDCs are actual transformations of each state’s fiat currencies into their digital counterparts, and the fact that the bankers in Brussels like them so much suggests that Lagarde’s positions might be cunning.
Bitcoin continues to pose a threat to Central Banks
Bitcoin is seen as a threat to the true power of Central Banks, but if the digital currency becomes a currency managed by them then the perspective changes again.
The fight against crypto raises the question of whether it is an attempt to ward off a threat, an enemy attacking a long-established and proven central power that institutions in no way want to give up.
After all, his words on Bitcoin last week were clear:
“It’s not based on anything. There is no underlying asset that acts as a security anchor. I have always said that cryptocurrencies are highly speculative and highly risky assets”.
Amid all this, the fact remains that in the house of the current ECB chief they have an internal diatribe to resolve.
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