The position of President of the European Central Bank (ECB) could become vacant before 2027, and an economist opposed to cryptocurrencies might enter the race for this post.
According to Bloomberg reports, amid growing speculation about a hypothetical early resignation of President Christine Lagarde, discussions are underway to support a German economist for the ECB presidency in the event of unforeseen circumstances.
The candidate would be the current President of the Bundesbank, Joachim Nagel, who assumed office under German President Frank-Walter Steinmeier in 2022. Finance Minister Lars Klingbeil will support Nagel's candidacy, while conservative Chancellor Friedrich Merz has not publicly endorsed him, leaving Nagel's candidacy under discussion for now.
Nagel's chances are slim, and he would be something of a 'dark horse,' as most economists believe Pablo Hernandez de Cos, the former Governor of the Bank of Spain and current General Manager of the Bank for International Settlements (BIS), will be elected, ahead of another strong candidate, Klaas Knot. De Cos holds a critical stance on private money, emphasizing that widespread adoption of stablecoins could pose macroeconomic risks.
Nevertheless, support from the German government, which manages Europe's largest economy, could give Nagel the momentum needed to win the race.
In the past, Nagel has openly criticized cryptocurrencies; if victorious, he is expected to maintain a skeptical stance similar to Lagard's towards private money, namely stablecoins, and other cryptocurrencies.
In a 2025 interview, he compared the rise of crypto assets unlinked to the banking system, such as Bitcoin, to the 17th-century tulip mania. "The hype always dies down at some point. Crypto assets like Bitcoin are digital tulips," he emphasized.
Furthermore, he opposes the use of Bitcoin as a reserve asset, explaining that reserve assets "must be safe, liquid, and transparent." "Bitcoin does not meet any of these criteria," he concluded, expressing a viewpoint similar to Lagarde's.
