Bitcoin critic Peter Schiff faces bank liquidation, what next?


It was a tumultuous time for Bitcoin org , with the constant chaos in the cryptocurrency sector. While several analysts, investors, and traders remain loyal to the asset, it has also garnered a good deal of hate and criticism. One such well-known Bitcoin critic is Peter Schiff.

This time around, however, Schiff isn’t making headlines because of his BTC comments; according to reports, its international bank Euro Pacific is being liquidated.

Peter Schiff, an American stockbroker and financial commentator, recently revealed that he approached Puerto Rican officials to liquidate his bank.

After a first-hand investigation, Puerto Rican officials said that although the bank appears to be bankrupt, documents still claim it has money left. Additionally, Schiff accepted payment of $66.7 million in government deposits under the bankruptcy agreements, as well as a $300,000 fine under the liquidation agreement.

Moreover, he intends to use gold as an alternative means of payment for any shortage of liquidity.

An official statement from the Puerto Rico Banking Commission is awaited.

Schiff versus Bitcoin

Problems with Peter Shiff’s bank began to emerge when Puerto Rican financial regulators temporarily halted the bank’s operations in June. Authorities said the bank was under investigation as a possible gateway to avoid tax and financial evasion. The termination came after a nearly two-year investigation into the bank.

After the stay order was passed, Schiff said despite his aversion to compliance regulations, he was a strong supporter of them.

These developments have led the crypto community to point out the irony to the Bitcoin critic and stress the need for decentralization. finance.

However, Schiff doesn’t seem swayed by the comments and continues to stick to his stance of being against Bitcoin and other cryptocurrencies.

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