Famous cryptocurrency critic Peter Schiff blamed the embattled Euro Pacific Bank bitcoin When asked whether he would sell it in return, he answered in the affirmative.
Although Schiff does not like cryptocurrencies, he said that if such a deal is approved by the regulator, he will accept it. The famous economist explained that the most important thing for him is to protect the assets of his bank’s customers.
Actually yes, I would sell the bank for anything if regulators let me sell it. My main goal is protecting customers.
— Peter Schiff (@PeterSchiff) July 8, 2022
Bitcoin Enemy Peter Schiff’s Bank in Puerto Rico Is Having Hard Times
Let us reiterate that the work of Schiff’s Euro Pacific Bank was halted because it did not comply with the net minimum capital requirements of Puerto Rican law. This incident led to the freezing of the bank’s customer accounts.
Schiff said regulators wanted to liquidate the bank for tax evasion and money laundering, but the bank had no evidence to that effect. However, he also acknowledged a breach of requirements by announcing that the bank was new to Puerto Rico and was holding less money than it should have. According to Bitcoin-hater Schiff, running a small bank costs a lot of money and earns nothing from the bank’s operations.
With the latest developments, crypto investors reminded Schiff’s words that cryptocurrencies are scams and traditional finance is perfect. Crypto investors are trying to educate Schiff on BTC on Twitter, urging him to change their minds about the world’s largest cryptocurrency.
Peter Schiff has long been known for his heavy criticism of BTC. The famous economist makes negative statements about cryptocurrencies at every opportunity he finds.
*Not investment advice.