Crypto hater would sell his bank for Bitcoin if it helps to protect customers.
Famous cryptocurrency critic Peter Schiff answered in the affirmative when asked if he would sell his troubled Euro Pacific Bank for Bitcoin. Despite his dislike of cryptocurrencies, if such a deal were approved by the regulator, he would agree to it, Schiff said. The economist argued his position with the fact that it is important for him, first and foremost, to protect the bank’s clients.
Schiff also agreed with another user that when dealing with cryptocurrencies, one does not have to worry about his bank being shut down but has to worry about Bitcoin collapsing in market value, the investor sarcastically noted.
Crypto v. TradFi by the example of Peter Schiff
Recall that the work of Schiff’s Euro Pacific Bank was stopped for not complying with the net minimum capital requirements of Puerto Rican law. This event in turn led to the freezing of the bank’s customer accounts.
Schiff said regulators wanted to liquidate the bank for tax evasion and money laundering, even though the bank had no evidence of either. However, he also admitted that violations of the necessary requirements did occur, explaining that the bank was new to Puerto Rico and held less money than it should have. According to the crypto hater, running a small bank costs a lot of money, and the bank earned nothing from its operations.
That is when crypto enthusiasts, recalling the economist’s statements that cryptocurrencies are a scam and traditional finance is the pinnacle of excellence, began to admonish him on Twitter about how important Bitcoin is and urged him to rethink his approach and views.