The ECB president, who has been at the helm of the ECB since November 2019, thanked her colleagues and those who have supported her over the past seven years.
It has been confirmed that the selection of her successor will be carried out by the European Council.
Long history of criticizing crypto
Lagarde has long been an outspoken critic of cryptocurrencies, especially Bitcoin.
Back in January 2021, she characterized Bitcoin as a very speculative asset. She also accused the cryptocurrency of enabling illicit financial operations.
During the Reuters Next conference, Lagarde said Bitcoin has been used for “funny business” and money laundering. Lagarde called for global coordination of regulations on cryptocurrencies.
The criticism further escalated when Lagarde said in May 2022 that cryptocurrencies are worth virtually nothing.
“My very humble assessment is that it is worth nothing,” Lagarde said during an interview on Dutch television.
Lagarde stated that cryptocurrencies do not have underlying assets that would give investors a solid anchor of safety.
She also warned about inexperienced retail investors risking their savings in speculative crypto investments.
The ECB president also shared that one of her sons had made investments in cryptocurrencies despite her warnings.
In November 2023, she admitted that one of her sons had lost nearly all the money he invested in cryptocurrencies after he didn’t heed her advice.
In January 2025, Lagarde emphatically ruled out the option of including Bitcoin in the reserves of European central banks.
Lagarde dismissed the proposal by Czech National Bank Governor Aleš Michl to study the possibility of investing in Bitcoin. According to Lagarde, the reserves need to be liquid, safe, and secure.
