European Central Bank President Christine Lagarde is making no bones about her feelings toward the value of crypto assets — namely, there isn’t any.
>I have said all along the crypto assets are highly speculative, very risky assets,”
Lagarde told Dutch television show College Tour in an interview to be aired on Sunday.
>My very humble assessment is that it is worth nothing. It is based on nothing, there is no underlying assets to act as an anchor of safety.”
The comments come as the crypto market, more broadly, is taking a beating. Earlier this month, Bitcoin lost 20 percent of its value in a single week.
A digital euro, however, would be an entirely different ball game, Lagarde explained.
>The day when we have the central bank digital currency, any digital euro, I will guarantee it,”
she said.
>So the central bank will be behind it. I think that is vastly different from any of those things.”
Lagarde also addressed monetary policy, signaling again that the ECB is ready to hike interest rates in July to fight raging inflation in the eurozone. However, she appeared to downplay the chance of a 50 basis-point move — a more radical option that Dutch central bank chief Klaas Knot had recently floated. Current market expectations see a 25 basis-point increase.
They could have made that statement 5 years ago, followed up with some regulations and saved thousands of regular people who made numerous scammers rich. A bit late for that.
I am sure they are worth nothing but one way or another she, or someone related to her, has made a lot in crypto…so, yada yada,
If it has a business model behind it has value, big or small, all cryptos have it, probably not, but she is trampling it just because she says ECB will be a Meca in a future no one knows or cares.
Did she just pitched the CryptoEuro to investors?!
Tafuq?!
Saying “Crypto assets worth nothing” is like saying Internet “worth nothing” in 1990s.
Blockchains like Ethereum have decentralized applications running on their Blockchains.
That’s Actually the main point of “crypto world”.
Blockchain Technology is the the new version of Internet.
There are scams among us? Totally yes. Any new technology has risks. And there are scammers who try to earn money from fools that they don’t understand what they are doing. (like stock market in Athens 1999, ponzi schemes in Albania etc).
But we cannot judge an entire new type of Internet Networks as “scam” because some people think they are in casino. Blockchain is not about creating tokens with dogs to earn money. Blockchain is about to built decentralized and immutable systems to run decentralized applications.
Crypto are worth nothing, just like the Euros you made because of our ridiculous fiscal policy that destroyed interest rates and caused massive inflation.
It only has the value that people give it, kind of like all the money in existence.
This statement is generally true, but the same can’t be said about (mostly upcoming and being developed) on-chain services. Most of these protocols have governance and profit-sharing included and the weight of those is decided by _sadly_ tokens or crypto-assets.
Cryptobros gonna be furious
Saying “crypto” in general has no value is obviously false, there is value in blockchain technology obviously since they are building a Euro backed crypto.
I could give a list of the benefits that a public blockchain like Ethereum can bring but does that mean 1 ETH is worth $3k? No, ETH could be worth $100 and the blockchain will have some use.
What I’m saying is, blockchain technology and crypto obviously has a use-case, the fact you can trade any ERC-20 token on a global market without banks, brokerages and middlemen is an innovation. I’m not talking about speculators price of private digital assets and currencies, I’m talking about the use of a decentralised network where you can store your own goods like a wallet rather than signing up with a commercial bank and storing via middlemen. I can see many advantages of the digital Euro for the ECB, but it will take away a lot of privacy
your opinion means nothing
No need to worry about tax then.
So is fiat currency if it keeps inflating at the current rate…
13 comments
European Central Bank President Christine Lagarde is making no bones about her feelings toward the value of crypto assets — namely, there isn’t any.
>I have said all along the crypto assets are highly speculative, very risky assets,”
Lagarde told Dutch television show College Tour in an interview to be aired on Sunday.
>My very humble assessment is that it is worth nothing. It is based on nothing, there is no underlying assets to act as an anchor of safety.”
The comments come as the crypto market, more broadly, is taking a beating. Earlier this month, Bitcoin lost 20 percent of its value in a single week.
A digital euro, however, would be an entirely different ball game, Lagarde explained.
>The day when we have the central bank digital currency, any digital euro, I will guarantee it,”
she said.
>So the central bank will be behind it. I think that is vastly different from any of those things.”
Lagarde also addressed monetary policy, signaling again that the ECB is ready to hike interest rates in July to fight raging inflation in the eurozone. However, she appeared to downplay the chance of a 50 basis-point move — a more radical option that Dutch central bank chief Klaas Knot had recently floated. Current market expectations see a 25 basis-point increase.
They could have made that statement 5 years ago, followed up with some regulations and saved thousands of regular people who made numerous scammers rich. A bit late for that.
I am sure they are worth nothing but one way or another she, or someone related to her, has made a lot in crypto…so, yada yada,
If it has a business model behind it has value, big or small, all cryptos have it, probably not, but she is trampling it just because she says ECB will be a Meca in a future no one knows or cares.
Did she just pitched the CryptoEuro to investors?!
Tafuq?!
Saying “Crypto assets worth nothing” is like saying Internet “worth nothing” in 1990s.
Blockchains like Ethereum have decentralized applications running on their Blockchains.
That’s Actually the main point of “crypto world”.
Blockchain Technology is the the new version of Internet.
There are scams among us? Totally yes. Any new technology has risks. And there are scammers who try to earn money from fools that they don’t understand what they are doing. (like stock market in Athens 1999, ponzi schemes in Albania etc).
But we cannot judge an entire new type of Internet Networks as “scam” because some people think they are in casino. Blockchain is not about creating tokens with dogs to earn money. Blockchain is about to built decentralized and immutable systems to run decentralized applications.
Crypto are worth nothing, just like the Euros you made because of our ridiculous fiscal policy that destroyed interest rates and caused massive inflation.
It only has the value that people give it, kind of like all the money in existence.
This statement is generally true, but the same can’t be said about (mostly upcoming and being developed) on-chain services. Most of these protocols have governance and profit-sharing included and the weight of those is decided by _sadly_ tokens or crypto-assets.
Cryptobros gonna be furious
Saying “crypto” in general has no value is obviously false, there is value in blockchain technology obviously since they are building a Euro backed crypto.
I could give a list of the benefits that a public blockchain like Ethereum can bring but does that mean 1 ETH is worth $3k? No, ETH could be worth $100 and the blockchain will have some use.
What I’m saying is, blockchain technology and crypto obviously has a use-case, the fact you can trade any ERC-20 token on a global market without banks, brokerages and middlemen is an innovation. I’m not talking about speculators price of private digital assets and currencies, I’m talking about the use of a decentralised network where you can store your own goods like a wallet rather than signing up with a commercial bank and storing via middlemen. I can see many advantages of the digital Euro for the ECB, but it will take away a lot of privacy
your opinion means nothing
No need to worry about tax then.
So is fiat currency if it keeps inflating at the current rate…