ECB President Lagarde: Bitcoin Is Not A Currency, But Facebook’s Diem Is

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Last Updated on 23 March 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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It was of course to be expected that when Elon Musk singlehandedly kills off some 500 million in shorts simply by investing in Bitcoin with a part of Tesla’s cash basis, that classic finance would react.

Their media friends (the Financial Times, the Wall Street Journal, CNBC) are already at it. And their political cronies (those currently in place are Christine Lagarde in Europe and Janet Yellen in the US) will soon try and convince the public that crypto is nothing but a speculative investment, which is highly risky.

It started yesterday with CNBC asking, immediately after the $43k Bitcoin that appeared right when the Musk news became public, could be a top. Bitcoin overnight crossed $47k off the list and after that $48,000.

Yesterday the Financial Times headlined that “Tesla’s Bitcoin bet is unlikely to have many corporate copycats”, but of course forgets that both Square and PayPal have preceded it.

Advertentie.

GameStop and Yellen

Although you may think that Christine Lagarde and Janet Yellen are hardworking women who have broke the glass ceiling, the truth is that classic finance uses both of them as mouthpieces whenever they want. Treasury Secretary Janet Yellen received a whopping $700k from hedge fund Citadel last year to give some speeches.

This year she will have to advise the SEC as to which side they should choose in the WallStreetBets versus the same Wall Street hedge funds that are paying her for those “speaking engagements”.

In fact, legal publications have been rumbling that because of those speaking fees which she was paid by a key player in the whole GameStop saga, hedge fund Citadel LLC (which bailed out short-selling hedge fund Melvin Capital), she may need permission to deal with matters involving the firm.

Guess which way she’ll turn in the end.

Lagarde and French banks

Current European Central Bank President Christine Lagarde is less obvious, but the connection is there. During her term as head of the IMF, she was convicted to a 1-year sentence for negligence for a mistake made as France’s Finance Minister.

The money scandal involved French businessman Bernard Tapie and the major French bank Crédit Lyonnais. You may recall that bank as we’ve mentioned it before, it is the bank that is dead set against crypto being introduced in France.

YouTube video

During an interview on French TV this weekend, Lagarde stated that:

Bitcoin is not a currency. Cryptoassets are not a currency. It is a class of highly speculative assets.

That was immediately clear and the tone was set. She continued highlighting the link between crypto and the dark web and suddenly became very positive about Facebook’s crypto attempt, saying:

There, where we can speak of a currency a bit more, it is Diem, which we used to call Libra, which was the attempt by Facebook to set up an element of exchange which would be exchanged for a dollar.

Zuckerberg has clearly managed to get on her good side. Let’s see if he dares to finally give some news as to his own crypto soon.

MassimoParisi / Depositphotos.com