President of the European Central Bank Christine Lagarde has been a critic of for some time Bitcoin (CRYPTO: BTC)and recently confirmed her skepticism despite the asset’s growth over the years.
Lagarde reiterates that Bitcoin ‘isn’t worth anything’
Appearing on the College Leaders in Finance podcast on October 5, Lagarde was reminded of comments she made about Bitcoin three years ago.
“I wouldn’t put my finger in it. I’ve said all along that crypto assets are highly speculative and very risky assets,” Lagarde said in May 2022. “My very modest assessment is that it’s worth nothing.”
Lagarde recalled her words and said she would “repeat exactly the same thing.”
Bitcoin investments come with uncertainty
When Lagarde made these comments, Bitcoin was worth about $35,000. At the time of the interview it had grown to $125,000, a 257% increase. But the parabolic growth wasn’t enough to change her mind.
“It may very well go well. It may very well last forever, but it may also collapse. It is a risk,” said the former director of the International Monetary Fund.
Lagarde said she does not provide investment advice and that ultimately people are free to invest wherever they want.
See also: Michael Saylor says the strategy will continue to create shareholder value as long as Bitcoin grows that much annually
Was Lagarde right?
It’s worth noting that while Bitcoin was booming when Lagarde made these comments, its fortunes have changed dramatically over the past six weeks.
Bitcoin has fallen below $85,000, down 32% since the day Lagarde made these comments. The top cryptocurrency has wiped out all its 2025 gains amid the ongoing slump.
ECB emphatically says no to Bitcoin
Lagarde made it clear earlier this year that Bitcoin would not be eligible for central bank reserves, citing incompatibility with the ECB’s standards for “safety, liquidity and regulatory compliance.”
Despite increasing global discussions about Bitcoin’s role in national government bonds, the ECB remains steadfast in its position.
Instead, the organization has shifted its focus to the launch of the digital euro – an online payment wallet directly supported by the European Central Bank. ECB board member Piero Cipollone said in September that the bank aims to roll it out by mid-2029.
Price promotion: At the time of writing, BTC exchanged hands at $85,486.98, down 6.78% in the past 24 hours, according to data from Benzinga Pro.
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Photo courtesy: Alexandros Michailidis on Shutterstock.com
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