Peter Schiff, one of the world’s most dedicated critics of crypto and Bitcoin is experiencing prolonged challenges with his bank. In a recent highlight of events, the American economist’s bank is set to be liquidated. This comes 6 weeks after Puerto Rican regulators suspended the institution.
Schiff will remit $66.7M in deposits & $300k fines as part of the agreement
Peter Schiff revealed on Tuesday that he has reached a deal with Puerto Rican authorities to liquidate his bank, Euro Pacific International Bank. This is according to a report by the New York Times.
Amidst the probe launched, Puerto Rican authorities noted that the bank was insolvent. However, documents reveal that it did have cash. In the liquidation terms, Schiff assented to the remittance of $66.7M in deposits to the authorities.
Additionally, Schiff is to use gold as a surrogate payment means for any cash deficit. As part of the liquidation agreement, he also consented to pay about $300,000 in fines. Puerto Rico’s banking commission will be releasing an official statement on the matter soon.
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https://coingape.com/peter-schiffs-bank-set-to-be-liquidated-will-he-finally-turn-to-bitcoin-btc/amp/In my opinion, this is a big blow for him who has misjudged crypto especially Bitcoin in a negative light. Due to the fact that Bitcoin will save him from liquidation. Lol Sounds like someone who has no choice but to a few past cases where crypto critics were soft on Bitcoin.
Peter Schiff may still think gold is an alternative for now, but don't forget that holding large amounts of gold will only keep him trapped in taxation rules that are not far from bank rules. So we wait for a new chapter in how he tries to avoid crypto like his critics.