Christine Lagarde is Wrong: Cryptocurrency is Here to Stay

The impending influx of central bank-issued digital currencies (CBDCs) is becoming imminent. So, it should be no surprise that central banks sell their currencies in favor of more secure assets. In the past, Christine Lagarde, president of the European Central Bank, went so far as to declare that cryptocurrency has no value and is “worthless.” According to Lagarde, cryptocurrencies are not underlying assets like the upcoming digital euro. The concealed basis of worth causes the alarming scandal. ‘Worthless’ Innovation Christine Lagarde recently stated that crypto is “worthless” and must be regulated. However, regardless of the absurdity of her attempt to control something of no value and her inability to comprehend the concept of subjective value, Christine said that no primary asset could serve as a security anchor for cryptocurrencies. According to media reports, Lagarde made the remarks during an interview with Dutch television. The president of the ECB expressed concern for those who are unaware of the risks of volatile digital currencies and will lose everything. Lagarde’s remarks are not a surprise. She has repeatedly expressed her disapproval of cryptocurrencies, whose popularity has risen amid a prolonged period of low-interest rates worldwide. This has prompted investors to seek yield. The most recent cryptocurrency-related criticisms from the ECB are consistent with different concerns U.S. leaders express. This has a...