London Daily

Focus on the big picture.
Tuesday, Sep 09, 2025

Why ECB President Christine Lagarde’s Latest Stance On Bitcoin Is A Good Thing

Why ECB President Christine Lagarde’s Latest Stance On Bitcoin Is A Good Thing

ECB President Christine Lagarde’s recent remarks that bitcoin is not a currency show that central banks fear losing power.

European Central Bank (ECB) President Christine Lagarde was interviewed on Bloomberg TV on September 13, which aired yesterday, September 15. Among the topics discussed, which included monetary policy, debt, and gross domestic product (GDP) of countries in the European Union (EU), Lagarde also shared her view on Bitcoin and "cryptocurrencies."

"Cryptos are not currencies. Full stop," Lagarde emphatically said in the video. "Cryptos are highly speculative assets that claim their fame as currency, possibly, but they're not. They are not."

More than just bashing out at "cryptos," Lagarde shows a deep need to suffocate something that threatens her job and its agenda. Putting "cryptos" aside, which are indeed not currencies, there is Bitcoin that is not only a currency but has the potential to turn the ECB and other organizations that have the monopoly on money creation worldwide wholly obsolete. But before discussing Lagarde's agenda as the head of the ECB, the meaning of "currency" needs to be determined.

What Is A Currency?
Merriam Webster's definition of currency categorizes it as "something that is in circulation as a medium of exchange." On the other hand, the noun phrase medium of exchange is defined as "something commonly accepted in exchange for goods and services."

Currency is then something used for someone in exchange for some other product or service. But this medium of exchange role of money is only one of the many characteristics of a good monetary medium. Money also serves as a store of value and a unit of account.

Does this mean Lagarde doesn't understand what a currency is? Unlikely. As the head of one of the leading central banks globally, it is fair to expect her to know what a currency precisely is. The catch, however, is that it is in her best interest to promote her institution's and her fellow central banks' currencies at the expense of others. If Bitcoin were irrelevant and posed no threat to central banks, the ECB President would simply not be talking about it.

Mainstream media will undoubtedly share Lagarde's remarks, and the general public might even see them as the truth. Well, let it be that way. In the end, it is free press for Bitcoin. People historically selected which monetary goods to use based on the benefits they brought to those utilizing them, but in the past couple hundred years, central banks have dictated what ought to be adopted by determining the mediums with which citizens can pay their taxes — until Bitcoin came along.

Bitcoin Is A Currency
Bitcoin, born just twelve years ago, is long past being magic internet money. The peer-to-peer digital monetary network idealized and invented by Satoshi Nakamoto has grown over the "collectible" status to start being recognized as a store of value. Indeed, high-profile investors in developed economies are stating how superior it is to gold — the best store of value for centuries.

The meaning lies in the historical path monetary goods usually take from inception to becoming accepted and used worldwide. New money historically starts as a collectible item, something a tiny percentage of the population sees value in and purchases for different reasons. As its value increases over time and the money perdures, more people notice, increasing adoption and enabling it to be seen as a store of value. Then, the money is mainly hoarded as more and more people acknowledge its demonstrated ability to increase purchasing power compared to other well-established money in that society. This stage is likely where Bitcoin is currently at.

Investors, companies, and people around the world are waking up to Bitcoin's value proposition. As adoption increases, the peer-to-peer digital cash will keep progressing in its monetary path to become a widely accepted medium of exchange. Lastly, with sufficient adoption, bitcoin can get recognized as a unit of account.

National currencies are the only kind of currency being used as units of account, each in its own country, due to political mandates and lack of legal options. However, in the medium of exchange side, different goods can often be used as the transacting parties see fit based on their own needs.

This is already playing out in many countries in the world. Kenya, Nigeria, and other African countries are becoming hotbeds for Bitcoin usage as a store of value and a medium of exchange as citizens face currency debasement, monetary colonialism, and scarce access to the banking system. Similarly, in Central America, El Salvador recently adopted bitcoin as a legal tender after the Bitcoin law was enacted last week. Where the majority of the population doesn't have a bank account, real change is happening with Bitcoin.

Central Banks Fear Bitcoin
Lagarde's comments on Bitcoin and "cryptos" bring to light the fear of those who currently hold the monopoly of money creation. Their actions of moving towards central bank digital currencies (CBDC) further showcase an attempt to tell the public, "hey, we can be digital too!" But the people won't be fooled.

Satoshi Nakamoto created parallel money that doesn't require permission from a central authority to be used. Bitcoin allows people of any background, nationality, religion, and race to access sound money.

Beyond empowering those marginalized by the permissioned monetary system pushed forward by the ECB, the Federal Reserve, and the International Monetary Fund, Bitcoin also provides everyone with an opportunity to be their own masters — something a digital euro or digital dollar will never be able to accomplish.

Bitcoin was created as a direct response to the bailouts given to the banks that caused the subprime crisis in 2008. Big corporations can afford to be reckless because there's always a friendly central bank to rescue them and pardon their debt while the average citizen pays the price.

But apparently, only now have those central banks noticed the reason why Satoshi Nakamoto and the cypherpunks before him brought Bitcoin to the world, and they can't help but fear the end of a centuries-long monopoly. They aren't at ease with the idea of seeing the end of a colossal power that empowers banks, corporations, and influential individuals at the expense of regular citizens who work hard to pay the very taxes that sustain such a system. But the people say no more; because now, they have Bitcoin.

Comments

Oh ya 4 year ago
Bitcoin is only worth something if you find a bigger sucker than yourself to unload it on. It is not a stock as it pays no dividends, it's not a bond because it pays no interest. It's not a commodity as it produces nothing and you can not hold it in your hand. It's a high stakes gambling tool and some make good on it just like some win in Vagas

Newsletter

Related Articles

0:00
0:00
Close
Court Staff Cover Up Banksy Image of Judge Beating a Protester
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
Elon Musk Poised to Become First Trillionaire Under Ambitious Tesla Pay Plan
France, at an Impasse, Heads Toward Another Government Collapse
Burning the Minister’s House Helped Protesters to Win Justice: Prabowo Fires Finance Minister in Wake of Indonesia Protests
Brazil Braces for Fallout from Bolsonaro Trial by corrupted judge
The Country That Got Too Rich? Public Spending Dominates Norway Election
Nearly 40 Years Later: Nike Changes the Legendary Slogan Just Do It
Generations Born After 1939 Unlikely to Reach Age One Hundred, New Study Finds
End to a four-year manhunt in New Zealand: the father who abducted his children to the forests was killed, the three siblings were found
Germany Suspends Debt Rules, Funnels €500 Billion Toward Military and Proxy War Strategy
EU Prepares for War
BMW Eyes Growth in China with New All‑Electric Neue Klasse Lineup
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
US Justice Department Launches Criminal Mortgage-Fraud Probe into Federal Reserve Governor Lisa Cook
Escalating Drug Trafficking and Violence in Latin America: A Growing Crisis
US and Taiwanese Defence Officials Held Secret Talks in Alaska
Report: Secret SEAL Team 6 Mission in North Korea Ordered by Trump in 2019 Ended in Failure
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Florida Murder Case: The Adelson Family, the Killing of Dan Markel, and the Trial of Donna Adelson
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Brand-New $1 Million Yacht Sinks Just Fifteen Minutes After Maiden Launch in Turkey
Here’s What the FBI Seized in John Bolton Raid — and the Legal Risks He Faces
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Queen Camilla’s Teenage Courage: Fended Off Attempted Assault on London Train, New Biography Reveals
Scottish Brothers Set Record in Historic Pacific Row
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Court of Appeal Allows Asylum Seekers to Remain at Essex Hotel Amid Local Tax Boycott Threats
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
×