Bitcoin and other cryptocurrencies are “worth nothing,” European Central Bank President Christine Lagarde said.
Lagarde said she thinks crypto should be regulated to protect inexperienced investors.
Her comments come at a time of heightened regulatory scrutiny of the crypto market.
“My very humble assessment is that it is worth nothing,” Lagarde said of crypto in an interview with Dutch talk show “College Tour” that aired Sunday.
“It is based on nothing,” she added. “There is no underlying asset to act as an anchor of safety.”
Lagarde called on global policymakers to put rules in place to protect inexperienced investors making big bets on digital assets. Cryptocurrencies have plunged across the board this year, with bitcoin — the world’s largest — erasing more than half of its value since its November all-time highs.
“I’m concerned about those people who think it’s going to be a reward, who have no understanding of the risks, who will lose it all, and who will be terribly disappointed, which is why I believe that should be regulated,” Lagarde said.
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