Bitcoin Critic Peter Schiff Faces Bank Liquidation, What Next?
It has been a tumultuous time for Bitcoin, what with the constant chaos in the cryptocurrency sector. While several analysts, investors, and traders remain loyal to the asset, it has also garnered a fair share of hate and criticism. One such well-known Bitcoin critic is Peter Schiff.
This time around, however, Schiff isn’t in the news because of his comments on BTC; as per reports, his Euro Pacific International Bank is being liquidated.
Peter Schiff, American stockbroker and financial commentator, recently disclosed that he has approached Puerto Rican officials to liquidate his bank.
After a first-hand inquiry, Puerto Rican officials stated that while the bank seems to be bankrupt, documents still claim that it has some cash left. Additionally, Schiff has agreed to the payment of $66.7 million in deposits to the government as part of the bankruptcy arrangements, along with a fine of $300,000 according to the liquidation agreement.
Furthermore, he intends to use gold as a substitute payment method for any cash shortage.
An official statement from Puerto Rico’s banking commission is awaited.
Schiff vs. Bitcoin
The issues related to Peter Shiff’s bank started to show up when Puerto Rican financial regulators halted the bank’s operations on a temporary basis in June. Authorities stated that the bank was being investigated as a possible gateway to avoid tax and financial fraud. The termination occurred after a nearly two-year inquiry into the bank.
After the suspension order was passed, Schiff said that despite his dislike for compliance regulations, he firmly supports them.
These developments have led the crypto community to point out the irony to the Bitcoin critic and highlight the need for decentralized finance.
However, Schiff does not seem swayed by the comments and continues to stick by his stance of being against Bitcoin and other cryptocurrencies.Source