{"id":31469,"date":"2022-07-04T05:50:01","date_gmt":"2022-07-04T09:50:01","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=31469"},"modified":"2022-07-04T05:50:06","modified_gmt":"2022-07-04T09:50:06","slug":"demise-of-peter-schiffs-bank-supports-bitcoin-case-for-financial-liberty","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/demise-of-peter-schiffs-bank-supports-bitcoin-case-for-financial-liberty\/","title":{"rendered":"Demise of Peter Schiff’s bank supports Bitcoin case for financial liberty"},"content":{"rendered":"\n
Peter Schiff's Bank was shut down by Puerto Rico officials for failing to meet the net minimum capital requirements. Customers were consequently denied access to their accounts after a subsequent freeze.<\/h5>\n\n\n\n
\"Demise
Demise of Peter Schiff's bank supports Bitcoin case for financial liberty<\/figcaption><\/figure>\n\n\n\n

Puerto Rico officials closed down the bank of prominent economist Peter Schiff, who is well-known in the community for his anti-crypto views. Peter Schiff's prognosis \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>for Bitcoin (BTC) came true for his own traditional bank, which prompted Crypto Twitter to call out the “irony” in response to the news.<\/p>\n\n\n\n

Customers suffered further consequences when Peter Schiff's bank was shut down by Puerto Rico regulators <\/a>for failing to fulfill the net minimum capital standards because they lost access to their accounts after a subsequent account freeze.<\/p>\n\n\n\n

\n

Despite no evidence of crimes, Puerto Rico regulators closed my bank anyway for net capital issues, rather than allow a sale to a highly qualified buyer promising to inject capital far in excess of regulatory minimums. As a result accounts are frozen and customers may lose money.<\/p>— Peter Schiff (@PeterSchiff) July 3, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

Schiff<\/a> acknowledged that “clients may lose money,” but insisted that he was not aware of the legal notice requirements and that he had not been given any prior to the abrupt closure. Added him:<\/p>\n\n\n\n

\u201cIt costs a fortune to run a small bank. That's why I never really made any money. The compliance costs are outrageous.\u201d<\/p><\/blockquote>\n\n\n\n

The crypto community took advantage of the chance to discuss the significance of Bitcoin in redesigning the foundation of conventional banking as witnesses to what many consider an epic plot twist.<\/p>\n\n\n\n

\n

The irony of this is so hilarious!@PeterSchiff<\/use><\/svg><\/span><\/a> you do realize that if you had been using Bitcoin this would not have been possible!

You should be loving decentralization https:\/\/t.co\/cDCOWdMowL<\/use><\/svg><\/span><\/a><\/p>— Coach K (@Coachkcrypto) July 4, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

Stephan Livera, a Bitcoin podcaster, also commented on the development, saying,### The abrupt closing of Schiff's bank in Puerto Rico sparked new debates about Bitcoin's defiance of judicial authority.<\/p>\n\n\n\n

\u201cThe irony here is priceless,\u201d added @HodlMagoo while others rhetorically helped Schiff find a promising alternative to traditional finance,\u00a0asking\u00a0\u201cDo you understand why you need bitcoin now?”<\/p>\n\n\n\n

On the other hand, Puerto Rico has been open to the use of cryptocurrencies there. Authorities in Puerto Rico granted Binance<\/a> a money transmitter license on April 20, making it the fourth American jurisdiction to do so. US, a division of the cryptocurrency exchange Binance with a US presence.<\/p>\n\n\n\n

The Bitcoin community sympathizes with Schiff and the bank's clients for their losses, but the incident further strengthens Bitcoin's position as the preferred alternative to conventional finance.<\/p>\n\n\n\n

Despite an ongoing bear market, analysts at Deutsche Bank predicted that BTC prices will rise back to $28,000 by the end of the year.<\/p>\n\n\n\n

The Standard and Poor (S&P) is expected to recover to its January levels, according to analysts Marion Laboure and Galina Pozdnyakova. If this happens, Bitcoin's value might rise by 30% from its present levels by the middle of 2022, reaching the $28,000 mark.<\/p>\n","protected":false},"excerpt":{"rendered":"

Peter Schiff’s Bank was shut down by Puerto Rico officials for failing to meet the net minimum capital requirements. Customers were consequently denied access to their accounts after a subsequent freeze. Puerto Rico officials closed down the bank of prominent economist Peter Schiff, who is well-known in the community for his anti-crypto views. Peter Schiff’s […]<\/p>\n","protected":false},"author":38,"featured_media":31477,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1875,9284],"class_list":["post-31469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-peter-schiff","tag-puerto-rico"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/07\/peter-schiff.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/31469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=31469"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/31469\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/31477"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=31469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=31469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=31469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}