Peter Schiff gets an unexpected lesson in the benefits of Bitcoin when the banking system bites
Arch-Bitcoin (BTC) skeptic Peter Schiff has experienced problems with the traditional international banking system – giving BTC spokesmen the opportunity to tell him that his struggles could have been avoided if he had used bitcoin.
Schiff has become notorious in the world of crypto-Twitter, where he regularly uses the opportunity to troll BTC fighters – even crossing swords with the likes of Elon Musk.
He took to Twitter to complaint that “despite no evidence of crime”, Puerto Rican “regulators” had “closed” his “bank account” for “net capital issues”, instead of letting him “make a sale”.
He added that he was a “highly qualified buyer” who had “promised to raise capital far beyond” Puerto Rico’s “minimum regulatory requirements.”
Schiff is an outspoken stockbroker and CEO of Euro Pacific capital. He evangelizes gold buying as an investment strategy, but claims that BTC is a scam. He has also positioned himself as a broadcaster in recent years, and launched a self-titled podcast.
According to the Associated Press, Schiffs’ Puerto Rican banking equipment, Euro Pacific International Bankreceived an operating license in 2017, but has since gotten into trouble after deposits fell to $ 150 million.
Two years ago was Joint Chiefs of Global Tax Enforcementa state-run unit for combating tax crime and money laundering, stepped in “to stop the suspected facilitation of offshore tax evasion and money laundering,” the same media reported.
Schiff claimed that his bank had never been examined and claimed that the only brush he had had with his body was when “agents with The tax authorities visited the bank in 2020 and told him that they were investigating customers. “
Schiff claimed last week that he would fight to save his ailing business. The bank account closure appears to be linked to these firefighting work.
He complained, also on Twitter:
“It costs a fortune to run a small bank. That’s why I never really made any money. Compliance costs are outrageous. “
Some bitcoiners responded simply by expressing their joy, while others joked:
“Bitcoin fixes this.”
One explained:
“Regulators cannot shut down, turn off, or freeze your bitcoin.”
In addition to a large amount of LOL emojis and memes, there were also some clearer answers.
CEO of Swan Bitcoin International Stephan Livera wrote:
“In fairness, bitcoin companies and bitcoiners can also easily get their fiat bank accounts closed. But for him to completely deny the value of bitcoin at times like this, it’s just sticking his head in the sand.”
In a recent BTC-themed Twitter tiradeSchiff argued that because bitcoin “whales” had “succeeded in pumping” the coin “close to $ 70,000, it was now” much easier for them to unload more worthless bitcoin at $ 20,000, as those who buy think they are making a deal.”
He added:
These “coup hunters” who go down on average will eventually become known as bag holders.
Sour words like these have alienated many bitcoiners, although many in space simply view Schiff as a harmless and sometimes funny eccentric.
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Learn more:
– G7 inadvertently sues Bitcoin with New Gold Move
– The words we use in Bitcoin: words, language, terminology and linguistic attacks
– After MicroStrategy, El Salvadors Bukele buys another Bitcoin dip as well, skeptics chim in
– How Bitcoin critic Peter Schiff launched another “Proof of Keys” day
– Buffett’s gold investment triggers Schiff’s attack on Bitcoin
– Peter Shiffs ‘Lost’ Bitcoin ‘Mystery is Solved’!
