The demise of Peter Schiff's bank supports Bitcoin's case for financial independence

Depricated as of Oct 2022

Some CRYPKYP functionalities are depricated as of October 2022 and will no longer be populated until further development and future version.
Although all here is visible and interactable you can not Contribute to those articles.
Try looking at other information on the Platform and Contributing there!

Have a great day,

The demise of Peter Schiff’s bank supports Bitcoin’s case for financial independence

The demise of Peter Schiff's bank supports Bitcoin's case for financial independence
Source: CoinTelegraph
1657015045 05 Jul / 09:57

Regulators in Puerto Rico shut down the bank of renowned economist Peter Schiff, who is well-known for his anti-crypto opinions. The news, however, prompted Crypto Twitter users to note the "irony" of Schiff's Bitcoin (BTC) prophesy coming true for his traditional bank.

For failing to meet the net minimum capital requirements, Puerto Rico regulators shut down Schiff's bank, resulting in clients losing access to their funds due to a subsequent freeze.

While recognizing that "clients may lose money," Schiff maintained that he was ignorant of the regulatory minimums and had no legal notification before the abrupt closure.

He added: “It costs a fortune to run a small bank. That’s why I never really made any money. The compliance costs are outrageous.”

As a witness to what many consider an epic narrative twist, the crypto community seized the chance to highlight the significance of Bitcoin in redefining the foundation of traditional banking.

Stephan Livera, a Bitcoin podcaster, commented on the incident, stating, “Schiff has been a #bitcoin skeptic since $17.50.” The abrupt shutdown of Schiff’s bank in Puerto Rico rekindled the debate about Bitcoin’s resilience to judicial supremacy.

Others helped Schiff identify a viable alternative to conventional finance by rhetorically asking, “The irony here is priceless. Do you understand why you need bitcoin now?”

On the other hand, Puerto Rico has been receptive to crypto adoption in the area. On April 20, Puerto Rico became the fourth American jurisdiction to grant Binance a money transmitter license. The Binance.US is a US-based subsidiary of the cryptocurrency exchange Binance.

While the crypto community sympathizes with Schiff and the bank’s clients for their losses, this incident further establishes Bitcoin as the final substitute for traditional finance.

Despite the continuing bear market, analysts at Deutsche Bank predicted that BTC prices would bounce to $28,000 by the end of the year.

Analysts Marion Laboure and Galina Pozdnyakova anticipated that the Standard and Poor’s (S&P) would return to its January levels, which may lead to a 30 percent increase in Bitcoin’s value from its present levels by the middle of 2022, bringing its price to $28,000.

Last News and Media
CRYPKYP contain links to third-party websites, resources, and advertisers. CRYPKYP does not control, sponsor, recommend or otherwise accept responsibility for any third-party content because we are not responsible for the availability of these outside resources or their contents or privacy practices. It will help if you direct any concerns regarding any third-party content to such a third party. We don't accept responsibility for the content of external websites linked to through the Site or the Services. Third-party content is accessed at the user's own risk. CRYPKYP distributes content from third-party publishers as indicated on the site from time to time mainly in Airdrops, News / Media, Whale Alerts, and Rumors. In these circumstances, CRYPKYP only provides limited stylistic input to the content. CRYPKYP does not verify and takes no responsibility for the accuracy of the content provided by any such third-party publishers.