The son of the President of the European Central Bank, Christine Lagarde, lost almost all of his investments in cryptocurrencies as he ignored his mother’s warnings. In a speech to students in Frankfurt, Lagarde stated that her son did not heed her advice, and she did not intervene, allowing him the right to his own opinions and mistakes. The result turned out to be sad. Lagarde openly expressed her uncompromising stance on cryptocurrencies, repeatedly referring to digital assets as useless.

The head of the ECB has two sons – Pierre-Henri Lagarde, 27, and Toma Lagarde, 25. It is unclear which cryptocurrencies the funds were invested in, but according to the official, “he lost about 60% of the invested amount.” When Lagarde reminded her son of the warnings, he reluctantly admitted that his mother was right.

“As you can see, I have a very negative opinion about cryptocurrencies,” she told the students. “People can freely put their money wherever they want, they can speculate as much as they want, but they should not have the opportunity to engage in criminal trade and business.”