A prominent EU figure shared a cringeworthy story about her son ‘losing’ money in crypto and here’s why this should not bother you except for the fact the story is so cringey.
First of all, when it comes to crypto, politicians have no real power. If politicians and big banks truly had the power to kill crypto, they’d have done it. But they can’t. Even China couldn’t kill crypto. And boy oh boy have they tried.
So I’m not sure why so many people put so much emphasis on what this or that figurehead says or does when it comes to crypto.
This is true for people like Gary Gensler, and it is especially true for people like (European Central Bank) ECB President Christine Lagarde who, friendly reminder, has even less power than Gensler. A lot less power.
No one EU figure has real power when it comes to crypto. For a number of reasons. For the most part, they aren’t elected, which means that individual country leaders, who are indeed elected, tend to ignore them.
I’m not gonna name names but there are a few EU countries in particular that never do what the EU tells them to do. It’s hilarious.
Second, whatever they do, can easily be undone by their successor.
But the real reason why they have little power is crypto plays by its own rules. There’s only one way to kill crypto and that is to shut down the internet, for everybody, and permanently. That’s it. And that obviously isn’t happening.
Because as long as I’ve got an internet connection, I can transact crypto. Sure, they can make it difficult, but they can’t make it impossible.
Also, I still take issue with people using the term ‘losing crypto’ incorrectly. You only lose when you sell.
Which brings me on to the other reason her story is nothing but cringeworthy.
Lagarde says her son lost “almost all” of his crypto investment, “despite [her] warning”. Alas.
But what does that mean exactly? Either he lost money on a sh*tcoin, in which case tough luck, or he invested in a valuable asset, such as Bitcoin, at the peak. If that’s the case, all he has to do is wait, and he’ll make his money back. And some.
And I bet Lagarde won’t mention it at all.
This article was crossposted on Publish0x.
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