Marketdash
Back to News

Christine Lagarde Stands by 'Worth Nothing' Bitcoin Call as BTC Tumbles 32%

MarketDash Editorial Team
15 days ago
When European Central Bank President Christine Lagarde doubled down on calling Bitcoin worthless in October, the cryptocurrency was riding high at $125,000. Six weeks later, it's down 32%, and her skepticism is looking prescient.

The Bitcoin Skeptic Doubles Down

European Central Bank President Christine Lagarde has never been one to sugarcoat her feelings about Bitcoin (BTC). The veteran central banker has spent years criticizing the cryptocurrency, and a recent podcast appearance made clear she's not changing her tune anytime soon.

During an October 5 appearance on the College Leaders in Finance podcast, Lagarde was asked to revisit comments she made three years earlier. Back in May 2022, she'd been pretty blunt about her assessment.

"I would not put my finger in there. I've said all along that crypto assets are highly speculative, very risky assets," Lagarde said at the time. "My very humble assessment is that it is worth nothing."

When reminded of those words, Lagarde didn't backpedal. She said she would "repeat exactly the same thing."

The Awkward Timing of Conviction

Here's where things get interesting. When Lagarde originally made those "worth nothing" comments, Bitcoin was trading around $35,000. By the time of her October podcast interview, it had rocketed to $125,000, representing a 257% gain. That's the kind of appreciation that would make most critics at least reconsider their position.

But not Lagarde. The former Managing Director of the International Monetary Fund remained unmoved by the parabolic growth.

"It may well be that it prospers. It may well be that it lasts forever, but it may well be that it collapses as well. It's a risk," she explained, careful to note that she wasn't giving investment advice and that people are free to invest wherever they choose.

Then the Market Moved

While Bitcoin was thriving when Lagarde made these October comments, the cryptocurrency's fortunes have shifted dramatically over the past six weeks. Bitcoin has tumbled below $85,000, down 32% since the day Lagarde reaffirmed her skepticism. The apex cryptocurrency has wiped out all of its 2025 gains in the ongoing slump.

Suddenly, that "worth nothing" assessment doesn't look quite so out of touch.

No Bitcoin for Europe's Central Bank

Lagarde clarified earlier this year that Bitcoin won't be considered 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 treasuries, the ECB remains steadfast in its position.

Instead, the organization has shifted its focus to launching the digital euro, an online payment wallet directly backed 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 Action: At the time of writing, BTC was exchanging hands at $85,486.98, down 6.78% in the last 24 hours.

Back to News

Christine Lagarde Stands by 'Worth Nothing' Bitcoin Call as BTC Tumbles 32%

MarketDash Editorial Team
15 days ago
When European Central Bank President Christine Lagarde doubled down on calling Bitcoin worthless in October, the cryptocurrency was riding high at $125,000. Six weeks later, it's down 32%, and her skepticism is looking prescient.

The Bitcoin Skeptic Doubles Down

European Central Bank President Christine Lagarde has never been one to sugarcoat her feelings about Bitcoin (BTC). The veteran central banker has spent years criticizing the cryptocurrency, and a recent podcast appearance made clear she's not changing her tune anytime soon.

During an October 5 appearance on the College Leaders in Finance podcast, Lagarde was asked to revisit comments she made three years earlier. Back in May 2022, she'd been pretty blunt about her assessment.

"I would not put my finger in there. I've said all along that crypto assets are highly speculative, very risky assets," Lagarde said at the time. "My very humble assessment is that it is worth nothing."

When reminded of those words, Lagarde didn't backpedal. She said she would "repeat exactly the same thing."

The Awkward Timing of Conviction

Here's where things get interesting. When Lagarde originally made those "worth nothing" comments, Bitcoin was trading around $35,000. By the time of her October podcast interview, it had rocketed to $125,000, representing a 257% gain. That's the kind of appreciation that would make most critics at least reconsider their position.

But not Lagarde. The former Managing Director of the International Monetary Fund remained unmoved by the parabolic growth.

"It may well be that it prospers. It may well be that it lasts forever, but it may well be that it collapses as well. It's a risk," she explained, careful to note that she wasn't giving investment advice and that people are free to invest wherever they choose.

Then the Market Moved

While Bitcoin was thriving when Lagarde made these October comments, the cryptocurrency's fortunes have shifted dramatically over the past six weeks. Bitcoin has tumbled below $85,000, down 32% since the day Lagarde reaffirmed her skepticism. The apex cryptocurrency has wiped out all of its 2025 gains in the ongoing slump.

Suddenly, that "worth nothing" assessment doesn't look quite so out of touch.

No Bitcoin for Europe's Central Bank

Lagarde clarified earlier this year that Bitcoin won't be considered 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 treasuries, the ECB remains steadfast in its position.

Instead, the organization has shifted its focus to launching the digital euro, an online payment wallet directly backed 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 Action: At the time of writing, BTC was exchanging hands at $85,486.98, down 6.78% in the last 24 hours.