Puerto Rico regulators have forced the bank of well-known economist Peter Schiff, known in the community for his anti-crypto stance, to close. The crypto community on Twitter reacted to this news, pointing out the “irony” that Schiff’s prediction for Bitcoin (BTC) was now coming true at his own traditional bank.
Puerto Rico regulators closed Schiff’s bank for failing to meet minimum capital requirements. This closure also affected customers who no longer had access after the accounts were frozen.
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
Schiff explained that “customers could lose money” and that he was not aware of the legal minimum amounts. He also did not receive any legal notices 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 cost of compliance is outrageously high.”
The crypto community considers this turn to be very amusing and ironic. In some comments to Schiff, it was said that this could not have happened to him with Bitcoin.
The irony of this is so hilarious!@PeterSchiff you do realize that if you had been using Bitcoin this would not have been possible!
You should be loving decentralization https://t.co/cDCOWdMowL
– Coach K (30% Crypto, 70% USDC) (@Coachkcrypto) July 4, 2022
Bitcoin podcaster Stephan Livera also spoke about this news: “He has been a #bitcoin skeptic since $ 17.50.” The sudden closure of Schiff’s Bank in Puerto Rico has rekindled the discussion that Bitcoin is not subject to the traditional requirements. .
“The irony here is priceless,” as @HodlMagoo added. Others gave Schiff advice and recommendations for a promising alternative to traditional finance. He was asked, “Do you understand why you need Bitcoin?”
Puerto Rico is considered an open-minded region in terms of crypto acceptance. On April 20, the authorities of Puerto Rico became the fourth region in the US Binance.US issued a license as a money transmitter. Binance.US is a US subsidiary of the crypto exchange Binance.
The crypto community was empathetic to Schiff and the bank’s customers because of their losses. But this is now also confirmed by the fact that Bitcoin is the ultimate replacement for traditional finance.
In this context: Deutsche Bank sees Bitcoin price back to $28,000 by the end of 2022
Analysts at Deutsche Bank predict that the BTC price will rise again to $ 28,000 by the end of the year, despite the ongoing bear market.
Analysts Marion Laboure and Galina Pozdnyakova believe that the Standard and Poor (S&P) will return to its January level. This, in turn, would increase the value of Bitcoin by 30 percent to $ 28,000 by mid-2022.