Christine Lagarde, President of the European Central Bank (ECB), reiterated her long-held view that Bitcoin lacks intrinsic value, coinciding with a 32% price drop in recent market highs. Her statement underscores ongoing skepticism within the financial industry towards unbacked cryptocurrencies, particularly in light of this substantial price decline and potential implications for Bitcoin’s role as a reserve asset. Lagarde’s comments were delivered during a hearing at the European Parliament, where she highlighted the lack of inherent value in such assets, emphasizing their speculative nature and volatility. This sentiment aligns with the ECB’s focus on developing a digital euro instead of Bitcoin or similar alternatives.