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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.