The impending influx of central bank-issued digital currencies (CBDCs) is becoming imminent. So, it should be no surprise that central banks sell their currencies in favor of more secure assets. In the past, <b>Christine Lagarde</b>, president of the European Central Bank, went so far as to <a href="https://www.bnnbloomberg.ca/lagarde-says-crypto-is-worth-nothing-and-should-be-regulated-1.1768805.amp.html" target="_blank" rel="noopener">declare</a> that cryptocurrency has no value and is "<a href="https://www.cryptoknowmics.com/news/the-ecb-christine-lagarde-says-cryptocurrency-is-worthless">worthless</a>." According to Lagarde, cryptocurrencies are not underlying assets like the upcoming digital euro. The concealed basis of worth causes the alarming scandal.
<h2><span style="font-weight: normal">'Worthless' Innovation</span></h2>
<b>Christine Lagarde</b> recently stated that crypto is "worthless" and must be regulated. However, regardless of the absurdity of her attempt to control something of no value and her inability to comprehend the concept of subjective value, Christine said that no primary asset could serve as a security anchor for cryptocurrencies. According to media reports, Lagarde made the remarks during an interview with Dutch television. The president of the ECB expressed concern for those who are unaware of the risks of volatile digital currencies and will lose everything.

Lagarde's remarks are not a surprise. She has repeatedly expressed her disapproval of cryptocurrencies, whose popularity has risen amid a prolonged period of low-interest rates worldwide. This has prompted investors to seek yield. The most recent cryptocurrency-related criticisms from the ECB are consistent with different concerns U.S. leaders express. This has also served as a difficult period for cryptocurrency investors.
<h2><span style="font-weight: normal">Advocacy For New Crypto Regulations</span></h2>
Treasury Secretary John Yellen and former Federal Reserve Chair Janet Yellen have advocated for new <b>federal regulations on cryptocurrencies</b>. In addition, she made it known that we need a proper regulatory framework (stablecoins) to protect crypto from potential threats. These stablecoins correspond to a currency, such as a dollar. She stated this at a House committee hearing after the exchange rate of the Terra stablecoin, one of the largest of these coins, fell below $1, causing market chaos. Since its peak in November, Bitcoin has declined by approximately 55 percent. It fell by more than 20 percent during the second quarter alone. Ether also has subsequently decreased by sixty percent since its all-time high.

At least for the time being, according to Lindsey Bell, chief market strategist at Ally Financial, the cryptocurrency market has passed its first real test. This was the first real risk of an event that could have caused contagion. However, the cryptocurrency market has been able to stabilize in recent days. Recent price fluctuations of Bitcoin and Ethereum do not imply that conditions will soon improve or become less volatile for crypto investors. According to the crypto research firm Arcane Research data, the correlation between Bitcoin and the Nasdaq has recently reached an all-time high of 80 percent. Conversely, the correlation between Bitcoin and its counterpart, the S&amp;P 500, is only marginally lower. As a result, cryptocurrencies must also face persistent calls for regulation. Increasing regulation is a "key characteristic in the crypto world" in which today's winners may not be tomorrow's winners.
<h2><span style="font-weight: normal">Cryptocurrency is Here to Stay</span></h2>
Peer-to-peer transactions are increasingly facing criticism in the mainstream media. In addition, in the so-called public discourse, private crypto transactions may be viewed as illegal. If you believe this to be unrealistic or naive, consider that state-affiliated and central bank-affiliated financial institutions had for some time contemplated making non-custodial and unhosted cryptocurrency wallets illegal and establishing a global control of Bitcoin. Everyone desires to escape the insane printing of money and depreciation of its value. Cryptocurrency is the only way out. Moreover, most people would like to avoid being extorted for money to fund wars and paying for the extravagant lifestyles of people like Lagarde, who do not face repercussions.

Individual market participation is the only way to prevent this from occurring. The crypto market is open for trading in large quantities regardless of what hypocritical individuals in positions of illegitimate "authority" may claim. Even in a decentralized, unregulated, and stateless economy, there are numerous methods for preventing and defending against fraud, violence, and other harmful actions. Crypto is here to stay. So, anything an individual in the place of authority has to say against this doesn't count.

Christine Lagarde is Wrong: Cryptocurrency is Here to Stay

In the past, Christine Lagarde went so far as to declare that cryptocurrency has no value and is worthless. But she's wrong: Cryptocurrency is Here to Stay

Oluwademilade Afolabi is a freelance writer and editor passionate about blockchain technology and the health industry. He is a 6th year medical student, and has worked with various companies and blogs since the blockchain revolution began.

Christine Lagarde is Wrong: Cryptocurrency is Here to Stay

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