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/Peter Schiff has not really done anything positive for Bitcoin other than announce how it will fail in time. People no longer believe his BS because they saw the gains that they missed out on, thanks to his "advice".
Even if he were to invest in Bitcoin now, at this point he would still lose face (Which maybe is not as bad as losing money, but its still not something he would want.) so its maybe his own ego holding himself back from acknowledging the awesome investment in the future that Bitcoin is.
He must have understood how much potential Bitcoin has by now.