Cryptocurrencies are worth nothing, ECB chief Lagarde says

The president of the European Central Bank (ECB) has joined the league of staunch crypto critics.

ECB chief Christine Lagarde stated flatly her belief that recent events have proven crypto assets to be worthless.

Appearing on the Dutch program “College Tour” last night, Largarde said that “crypto is worth nothing. It’s based on nothing. There is no underlying asset to act as an anchor of safety.”

“I’ve said all along that crypto assets are highly speculative, highly risky assets.”

Lagarde argued before an audience of college students that too many young people invest in cryptocurrencies expecting consistent returns, only to fall victim to the market’s volatility.

Still, the ECB chief isn’t interested in an outright ban on crypto trading in the European Union. The answer to the problem, in her mind, is regulation.

Lagarde has previously stated that the process of actually creating an EU central bank digital currency (CBDC), backed and issued by the European Central Bank, could take up to four years.