Winklevoss Critiques Lagarde's Anti-Crypto Stance After Resignation Announcement

Tyler Winklevoss Criticizes Christine Lagarde

Tyler Winklevoss, co-founder of the cryptocurrency exchange Gemini, recently expressed his disdain for Christine Lagarde, the President of the European Central Bank (ECB), following her surprise announcement regarding her upcoming resignation. Winklevoss remarked on X,

"Your legacy will be to fight crypto and fail. Good luck in your next endeavor!"

This was in response to Lagarde’s decision to step down from her role on February 7, 2027, nearly nine months before the conclusion of her eight-year term, which began in November 2019.

Lagarde's Resignation Announcement

In her resignation announcement, Lagarde expressed gratitude toward her colleagues and supporters throughout her tenure. The European Council is set to oversee the process of selecting her successor. Throughout her leadership, Lagarde has been a vocal critic of cryptocurrencies, particularly Bitcoin. She has often labeled Bitcoin as a highly speculative investment, qualifying it as an enabler of illegal financial activities.

Criticism of Cryptocurrencies

During her remarks at the Reuters Next conference, Lagarde claimed cryptocurrencies have been used for

"funny business"

and engaged in money laundering operations. Her skepticism toward digital currencies intensified in May 2022 when she asserted that cryptocurrencies hold virtually no value. During an interview on Dutch television, she stated,

"My very humble assessment is that it is worth nothing."

Lagarde expressed concerns over retail investors who might gamble their savings on such speculative assets, cautioning them against the risks.

Personal Impact of Cryptocurrency Investment

Interestingly, despite her warnings, one of her sons chose to invest in cryptocurrencies and subsequently faced significant financial losses. In November 2023, Lagarde revealed that he had nearly lost all of his investment in the crypto market due to ignoring her advice.

Future of Bitcoin in Central Banks

Additionally, in January 2025, Lagarde firmly dismissed any prospect of Bitcoin becoming part of European central banks' reserves, responding to a proposal from the Czech National Bank Governor, Aleš Michl, and reiterating that reserves need to remain liquid, safe, and secure.