On a Dutch television programme aired Sunday, European Central Bank President Christine Lagarde said cryptocurrencies are “worthless,” calling for more regulation of what she called “extremely speculative assets.” Lagarde said, “My very humble assessment is that [cryptocurrency] is worth nothing. It is based on nothing; there are no underlying assets to act as an anchor of safety,” Lagarde’s remarks come when the crypto market is highly volatile; Bitcoin’s price has dropped around 20% in the previous month, while the whole crypto market cap has fallen nearly 30%. Crypto Panic: Cryptocurrency is worthless: ECB Christine Lagarde https://t.co/CR31LDGTf3 🙋 Bet with $BTC via ⟶ https://t.co/4h0cyuWSHk √ pic.twitter.com/mHyHNaBGZF — Crypto Trader Pro 🇺🇸 (@CryptoTraderPro) May 23, 2022 The French economist distinguished between cryptocurrencies and the proposed digital Euro project, which might be deployed within four years, claiming that the European Central Bank guarantees the latter’s worth. Lagarde also addressed interest rates, stating that the ECB is considering a 25-basis-point increase in July, downplaying other European central banks’ more extreme 50-basis-point increases. Europe is Ready to Launch its Own Virtual Currency, the Digital Euro The European Commission has now stated that it intends to introduce legislation by early next year that will establish the legal underpinning for the digital euro. The move comes as cen...
