Christine Lagarde claims that cryptocurrencies are worthless
The President of the European Central Bank (ECB), Christine Lagardehas just given, once again, a clear-cut opinion on cryptocurrencies.
During an interview on Dutch television, she did indeed worry about people investing without understanding the risks and reaffirmed the need for regulation. Even more, it calls into question the very fundamentals of digital assets:
“My very humble assessment is that it’s worth nothing, it’s not backed by anything, there’s no underlying asset to act as a security anchor. »
A comment that lacks impartiality. Indeed, if the target of this remark was the stablecoins, those functioning by a collateralization system like the USDC actually have their value guaranteed. As for assets like Bitcoin (BTC), their intrinsic value does not need an underlying, as long as it resides in their own system design.
Christine Lagarde claims not to hold cryptocurrencies, because she wants to practice what she preaches, to use her words. However, she says she follows our ecosystem carefully. because his son invested in it, against his advice.
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A promotion of the digital euro
If we take into account the different roles occupied by Christine Lagarde, it is permissible to to doubt one’s good faith when it comes to the blockchain universe. Let us not forget that his position at the head of the ECB does not does not allow to extol the merits of Bitcoinfrom the moment it is necessary to promote its own central bank digital currency (MNBC).
It is a digital euro, which is still in the investigation phase and will not see the light of day for several years. Fabio Panetta, member of the Executive Board of the ECB, advances the year 2026, which leaves the field open to cryptocurrencies for many innovations and greater adoption from here:
“Finally, at the end of 2023, we could decide to launch a realization phase to develop and test the appropriate technical solutions and business arrangements needed to deliver a digital euro. This phase could take three years. »
Like any technological revolution, the blockchain must necessarily pass this period of skepticism. The fact is that with the MNBC projects and the adoption of Bitcoin as legal tender by El Salvador and the Central African Republic, the political dimension is now palpable, more than ever.
👉 Also in the News – SEC Chairman Threatens Action Against Unregistered Crypto Platforms
Sources: Bloomberg, CoinMarketCap, Image: Brinacor via Wikimedia (CC-BY-SA-4.0)
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About the Author : Vincent Mayor
I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
All articles by Vincent Maire.