Peter Schiff: “Regulators Closed My Bank, Customers May Lose Money”

Peter Schiff, an outspoken opponent of bitcoin (BTC), has encountered issues with the established global financial system, which has given proponents of BTC an opportunity to claim that he could have avoided such problems by using bitcoin. Schiff has gained notoriety in the crypto sphere. He frequently uses Twitter as a platform to harass BTC proponents, even sparring with people like Elon Musk. He complained on Twitter that despite the lack of evidence of crimes, Puerto Rican regulators “had closed his bank account for net capital issues” instead of allowing him to “make a sale.” 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. — Peter Schiff (@PeterSchiff) July 3, 2022 Peter Schiff Claims Bitcoin is a Scam Schiff is the CEO of Euro Pacific Capital and an outspoken stock broker. He promotes buying gold as an investment plan while decrying Bitcoin as a fraud. Recently, he established himself as a broadcaster by starting a podcast with the same name. After receiving a license to conduct business in 2017, Schiff’s Puerto Rican banking company, Euro Pacific International Bank, has since experienced difficulties due to deposits falling below US$150 million. The government-run Joint Chiefs of Global Tax ...