Home » Lagarde thunders: ‘Crypto is worth zero’. But bitcoin & co. make their way to Davos with free pizzas in the elite of the business world

Lagarde thunders: ‘Crypto is worth zero’. But bitcoin & co. make their way to Davos with free pizzas in the elite of the business world

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Lagarde thunders: ‘Crypto is worth zero’.  But bitcoin & co.  make their way to Davos with free pizzas in the elite of the business world

Bitcoin and other crypto assets have no value. ECB president Christine Lagarde doesn’t mince words when labeling cryptocurrencies as a worthless asset. “My humble assessment is that they are worth nothing,” Lagarde said yesterday in an interview with Dutch talk show “College Tour”. “It’s not based on anything,” she added. “There is no underlying asset that acts as a security anchor“. Bitcoin, the largest crypto asset in the world, has canceled more than half of its value compared to the all-time high in the area of ​​$ 69,000 reached in November. “I’m worried about those people who think it will be a reward, who don’t understand the risks, who will lose everything and be terribly disappointed, which is why I believe it should be regulated,” Lagarde said.

TerraUSD collapse fuels push towards regulation

Lagarde urges global policymakers to put rules in place to protect inexperienced investors who make big bets on digital assets. Words that come after the collapse of the controversial TerraUSD stablecoin has put the need for regulation on the sector back at the center of the debate.

Lagarde is no stranger to frontal attacks on crypto. In the past, he has also targeted theenvironmental impact of digital currencies, as well as their potential use in money laundering and sanction evasion.

The ECB, like other central banks, is working on a digital currency. The digital euro, Lagarde explains, will be “very different” from private cryptocurrencies.

In Davos between Bitcoin Pizza Day and crypto panels

In the meantime, the 2022 annual meeting of the World Economic Forum (WEF) in Davos started yesterday. Among the nearly 2,500 leaders of politics, economics, civil society and the media who will participate in these days at the meeting scheduled in the Swiss town, the presence of blockchain and crypto companies stands out. The recent crash of the crypto market has therefore not kept away the cryptocurrency industry executives who are encouraging faster adoption of their technology, which is largely unregulated.

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To catch the eye yesterday on the opening day in Davos was Tetherone of the largest stablecoins in the world, which offered passersby free slices of pizza to celebrate the Bitcoin Pizza Day. In 2010 Lazlo Hanyecz paid for two pizzas with 10,000 bitcoins, worth about $ 41 at the time.

This year’s WEF will also host panels oncarbon footprint and the future of cryptocurrencies and one on decentralized finance.

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