The son of the head of the ECB went broke on cryptocurrency – Kommersant FM
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The son of the head of the ECB went broke on cryptocurrency. Christine Lagarde spoke about this at a meeting with students in Frankfurt, writes Reuters. According to her, it was a small amount, but the losses were still significant – about 60% of all savings. Lagarde is a consistent critic of cryptocurrencies. She said that her son ignored her advice, but after the failure he still admitted that his mother was right. She did not specify which son she was talking about. One of them, Pierre-Henri, is 37 years old and a programmer by training. The younger Thomas is 35 and an architect.
What could go wrong? “Kommersant FM” discussed the situation with professional financial advisors. Investment banker Evgeny Kogan is sure that investing all the money in cryptocurrencies was reckless:
“The 25-40 year old generation is seriously interested in cryptocurrencies. And if for older people it is reasonable, for example, to purchase gold as a protective asset or something related to precious metals, then for these guys it is more interesting and correct, in their opinion, to purchase the same bitcoin. Does this mean they are all into crypto? Of course not. There are “crypto-enthusiasts”, and there are “crypto-nuts”.
Some people perceive cryptocurrencies as an investment instrument, who believe that almost all their money should be kept in them. Reasonable people believe that cryptocurrency may have a right to exist as a small percentage of a portfolio, but nothing more.
The case of one of Christine Lagarde’s sons is illustrative. He proves again: diversification and diversification again. Today, I believe we need to know these. Let me give you a simple example: if my son’s money was stolen on the beach, he asks for help. What will I do? I’ll just send him a stablecoin, my son will go to the exchanger, immediately receive the money, and that’s all over. That is, I simply ask him to quickly download a “cold” crypto wallet and receive this or that token. Cryptocurrencies allow you to do such things. This is their uniqueness.”
A week ago, EU countries tightened control over cryptocurrencies. Finance ministers issued the so-called Eighth Directive on Administrative Cooperation (DAC8). Now, according to the law, tax authorities can exchange information about citizens’ digital assets. This is expected to help combat fraud. Investments in cryptocurrency always involve serious risks, says Andrey Kochetkov, leading analyst at Otkritie Investments:
“The younger generation loves to invest in something new and interesting, and IT technologies and cryptocurrency are exactly the area that attracts the greatest attention of young people. At the same time, the level of preparedness of young players does not always meet the criteria of a qualified investor. If something is popular, let’s invest money in it, because it will grow, it will be popular.
Cryptocurrency has always been a very risky investment, unpredictable, and therefore it is not surprising that Christine Lagarde’s son lost money on it. Apparently, he thought it was fashionable and interesting, but at the same time he didn’t quite understand his risks. Suffice it to recall, for example, the collapse of the FTX exchange, which in the USA was associated, among other things, with the “Democratic Party”, that is, a financial pyramid was practically built there, which at some point collapsed when people began to take their money.” .
According to Otkritie Investments, the average age of a male investor in Russia in 2022 was 36 years. However, the richest market participants were between 40 and 50 years old. They approach their investments more rationally and do not seek to make money on speculation, notes the head of Ivolga Capital, Andrei Khokhrin:
“We have several hundred clients with accounts starting from 2 million rubles. and ending with significantly larger amounts. These are mainly people over 40 years of age who have developed a need to save. Why do we like this audience? Because they don’t come to play, and we don’t allow them to do so if possible.
There are few young people on the market because they wash out very quickly. But the need for conservation is not formulated. Young investors need shares, they need IPOs, now they will definitely be fashionable. They certainly need cryptocurrencies, but now everything is difficult with this. The Russian foreign exchange market is extremely limited. Our entire audience is forced to go to the stock market.
And, perhaps, due to this very process, IPOs in Russia occur with such crazy coefficients. “Astra” was located, but is it really worth 50 profits? That is, these are some crazy values. I’m almost sure that the audience there is young. But in the vast majority of these IPOs, it will lose greatly. Because he buys very expensively something that is not worth that much money.”
The only IPO in 2022 on the Russian market was carried out by the electric scooter rental service Whoosh. The company collected half the planned amount, and the placement was at the lower limit of 185 rubles. for paper. Now the company’s share costs 237 rubles, and its owners are promised dividends with a yield of 4.5%.
Everything is clear with us – Telegram channel “Kommersant FM”.
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