European Central Bank governor says cryptocurrency has no value


ECB President Christine Lagarde said cryptocurrencies have no value and should be regulated to keep people away from cryptocurrencies. Instead, she touts the digital euro as a safer store of value.

According to Bloomberg article Announced today, Lagarde said on Dutch television that he worries about the average person who can guess the life savings on a class of crypto assets. She said she was concerned about people who:

I think regulation is necessary because there is no understanding of the risks and no understanding of who will lose everything and who will be greatly disappointed.”

Lagarde is known for his skepticism about cryptocurrencies and has made many derogatory remarks about the space in recent years and has not changed his position at all. Unlike US Treasury Secretary Janet Yellen leaked remarks Biden Executive Order on Crypto says it will “support responsible innovation”.

Lagarde made the following statement on Dutch television:

“My very humble assessment is that it has no value, is not based on anything, and has no underlying assets to act as anchors of safety.”

She added:

“The day the central bank digital currency comes out, it will guarantee any digital euro. So the central bank will be behind it, and I think it’s very different from a lot of things.”

Opinion

Lagarde constantly reiterates that cryptocurrencies and bitcoins have no value. She says there is nothing underpinning them that can serve as support when their worth is questioned.

At least, Bitcoin is no different from the fiat currency she represents. No backup is required as it is a non-hackable code that only issues 21 million bitcoins and ensures that the release of new bitcoins only happens as specified in the code.

The euro, which she is the ultimate protector of in her role as European Central Bank governor, is manipulated by the banks in that more Euros are printed each time they are needed.

As more euros are printed, the currency depreciates, and the average person holding it sees a corresponding decrease in purchasing power.

Lagarde is the loudest voice in promoting the emergence of the new Euro Central Bank Digital Currency (CBDC) over the next four years, proudly saying the central bank will be behind it.

all CBDC is a game-changing technology. It will completely remove the last traces of freedom for the individual. China is already implementing a CBDC to give its citizens full control.

It does this by eliminating personal information, given that the central bank has individual control over all wallets and has fine-grained control over each individual.

It also removes government checks and restrictions and allows you to spend as much as you want, giving you complete and complete control over the economy and the lives of all those affected.

Bitcoin is the only private digital asset that cannot be manipulated by governments or other entities. It gives holders the ability to hold wealth that their own banks and central banks or governments cannot touch.

Disclaimer: This article is provided for informational purposes only. It is not given or used as legal, tax, investment, financial or other advice.

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