Christine Lagarde – president of the European Central Bank (ECB) said her son lost “almost all” of his investment in crypto despite her repeated warnings not to touch the asset class.

Due to the losses, she claims her son has now “reluctantly accepted” that she was right.

The Lagarde Family’s Crypto Investments

Lagarde discussed her son’s poor crypto journey at a town hall with students in Frankfurt on Friday.

“He ignored me royally, which is his privilege,” she said, according to Reuters. “And he lost almost all the money that he had invested.”

The president has long railed against cryptocurrencies, insisting that Bitcoin is not money, but rather a “highly speculative asset” that is popular among criminals for money laundering.

While open to letting investors buy what they like, she advocates for strong regulations encouraging consumer protection in crypto while mitigating its use in terrorist financing. When it comes to central banks possibly owning Bitcoin, she’s called it “out of the question.”

Yet in May 2022, Lagarde revealed that one of her two sons was diversified into crypto, while still maintaining that crypto assets were “worth nothing” and “based on nothing.” Bitcoin traded for $29,100 at the time, shortly following the collapse of algorithmic stablecoin protocol Terra which tanked crypto markets across the board.

The president has two sons, both of whom are in their mid-30s, though she didn’t reveal which one was the crypto investor.

“It wasn’t a lot but he lost it all, he lost about 60% of it,” she said. “So when I then had another talk with him about it, he reluctantly accepted that I was right.”

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