Bitcoin Forum

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.

Full Details
https://coingape.com/peter-schiffs-bank-set-to-be-liquidated-will-he-finally-turn-to-bitcoin-btc/amp/

Golden permabears are not known for turning to BTC in times of crisis.

If he has to sell his own gold to cover the liquidation costs, then so be it. Quite frankly, that's not our problem.

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.

Not sure if I completely get it, but how is him turning to bitcoin going to help him in this case, or at least prevent what happened?

People like Schiff will never turn to bitcoin for "freedom", even if they some day buy bitcoin (if he hasn't done that years ago) is going to be because of the profit that the rise could give them. It is all about their mentality, Schiff is a stock broker and cares about market movements and the profit he can make from that not about how he can get out of the centralized banking system.

Nah, I don't think that because his bank is going to be liquidated he will suddenly turn into crypto or BTC. For him cash is still the king and as long as he has it on his other banks, he will be fine.

Unless he goes to the public and admit that crypto is a better alternative because of what happen to him, then he will still hate and continue to be a anti-bitcoin. And it's the government of Puerto Rico that he has beef with, not fiat system.

When Celsius issue happened, I saw a video of him:

Peter Schiff Exposed Mashinsky’s Celsius Scam Seven Months Before It Imploded (https://www.youtube.com/watch?v=58e1tdGb0ug)

In it he repeated that bitcoin has no fundamental value, and that it is something of a ponzi scheme, saying that the price at some point in the future will collapse, with the price going to 0.

With those arguments, no matter what happens to his business, I don't think he will ever buy bitcoin.

I have a different opinion. I think that he has bought some bitcoin long ago and hodling. Of course, not for the tech, not for the freedom, instead, purely as investment. I see no other reason he spends this much time keeping an eye on everything that happens with bitcoin (and some more).
Of course, he may not admit that. That's a different story.

Honestly I hope he will not turn to Bitcoin, since I don't really want to see him make money on bitcoin after he talked shit about it for years. Also I think he is just not technically able to understand bitcoin correctly, even if financially he has a lot of knowledge about traditional assets.

So out of nowhere, he'll think that bitcoin is the solution to his problem? I don't think so, he's really one of the known anti-bitcoin and will unlikely say that he's in.
I guess he knows what he's dealing with and he's got a solution for it. Let him take this whole thing as that's a typical problem that people like him has to deal with, he's big enough for it.

Did you read the whole news?


Which means Peter Schiff may remain being a permanent bitcoin critic.

That is true, I have watched the man's interview before, he does not believe in bitcoin because bitcoin is not like gold for him, as bitcoin is represented in numbers, unlike gold, but he forgot that nothing has value unless they got value from humans, and value comes from scarcity and demand. Bitcoin was designed in a way to have value, just like gold. I do not see OP to be related to Peter Schiff criticism too, but seem to be a question which he forgot to also include in the OP, but included in the OP title.

Maybe he does not want bitcoin to dominate in the future, maybe he just believe in gold. It is possible that he has bought bitcoin, but no one knows that. I think he is just fixated with the gold things and something that are physically valuable and panic with something digital. He will always critize bitcoin for no two reasons, for gold. But bitcoin adoption continues as other critics like him and him continue to criticize bitcoin.

@tokyohd, how many topics will you post about a man who has nothing to do with Bitcoin, except that he constantly emphasizes that gold is a better choice than Bitcoin? The question posed by the author of the article is therefore completely meaningless, because if someone thinks that we need people like Peter Schiff, Mr. Mars, Gates, or Buffett in order for Bitcoin to succeed, then he is living in a big delusion.

---

You have to be kidding, look at his post history and everything will be clear to you - more than 90% of the content is copy/paste.

for those interested in the peter schiff story
https://www.youtube.com/watch?v=S333his4q0o

it kinda hints at a few things
those wanting to tax evade. always shout out loudly that they pay the taxes and have anyone that evades tax.
and they want nothing to do with some off shore bank..(even if they use it)

so is peters hate of bitcoin actually a defence to hide where he actually hides his value

Why should anyone care about what Peter Schiff will or will not do? Or about what he says? Stop looking up to some authority figures, stop seeking approval from celebrities, use your own brain and deduction. It's especially true with Bitcoin, as it was created to give more freedom to the people, and becoming voluntarily dependent on opinions of one single person is against the ideals of Bitcoin.

I didnt know much about schiff before, but i didnt expect him to be that sketchy.

Possible, seems like hes trying really hard to not talk about his activity and more interested in useless talk, acting clueless or putting his bank into good light. Not a person whose words i would trust.

the way i see it
if i was hiding money in a off shore bank. id be saying i have no association with that bank nor have an account with them. because i wouldnt want the government associating me with that bank to then steal that value

so when schiff goes too deep into trying to say he does not use bitcoin.. its obvious he does. he just doesnt want the government to find his store of value.

Do you have any data to back that up or is it just a hunch?

Because from a guy who says this, I doubt he would buy bitcoin:

Economist REVEALS Why Bitcoin Is Going To ZERO... | Peter Schiff & Lewis Howes (https://www.youtube.com/watch?v=4AV0gaIhehQ)

Are you serious? How could I have a proof for this?
No, I don't have proof.


You should know that what people say is not necessarily what people think. Especially what personalities say in public is what suits them best, not the actual reality.

Do you have any other idea why would somebody who has no business with Bitcoin, somebody whose business is a competitor of Bitcoin, post so much about Bitcoin (no matter it's always negative, it still posts a lot)? Why such a person spends so much energy talking about .. the competition?

Not really impossible(knowing that bitcoin really fits his ideology, only except that he's a huge boomer that thinks digital stuff doesn't have value), but I wouldn't bet on it. We can easily assume that him trashing on Bitcoin left and right is just a huge marketing ploy for his gold business(SchiffGold). And his marketing stunt sure worked(and is still working).

Some people have to learn the hard way or double down on getting their teeth kicked in.  He may be insufferable when it comes to Bitcoin but it makes you wonder if this fiat experience will leave a bad taste in his mouth and perhaps open his mind a bit.  Bet he wishes he was Hodling now.

Sure


I didn't talk to you about evidence, I asked you for some data, for some indication, if you prefer.


I know that. But what they say is not necesarily false either.


Simply, because he really believes bitcoin is a ponzi and that it's going to go to zero in the future.

There is a principle known as Ockam's razor, which is simply that the simplest explanation is usually the correct one.

For someone to say that bitcoin is a ponzi and that it is going to go to zero, if we have no other data to back up that they are lying, to think that they are lying and that they actually own bitcoin is not supported by rational arguments.

If we take this reasoning for granted, we would also have to take for granted that those of us on this forum who talk about owning bitcoin do not actually own it and are on this forum talking about it to mislead the Treasury of our countries, or some such conspiracy.

Sounds like he got himself into hot water, but he will be first to say it would have hurt him more had he sat on Bitcoin instead of gold, and he wouldn't be wrong.

At least, not if he bought in around the time of 2017 ATH.

Still in profit, but he might have been forced to liquidate earlier.

Yawn.

We don't know what he really believes. As we agreed (I hope), what he tells can be true or can be false, we don't know.
Let's also agree that we cannot agree whether he has or not bitcoin :D

His own son doesn't trust him when it comes to financial advice, which just goes to show that people like Peter Schiff are slowly but surely becoming the minority. He calls his son and other young people "brainwashed" because they accept new technologies and alternatives like Bitcoin, which clearly shows us that such people will not change their opinion in the near future, and maybe never.

https://i.imgur.com/DZGmK0H.png
Source (https://twitter.com/peterschiff/status/1369695876726276106)

This guy is from the old school of money and only believes in the hard knock cash and gold.. That's it!

He even said in an article I was reading earlier today he told everybody who is holding bitcoin to sell amid this suckers rally.

If you or anyone else think he will ever change his mind about it are just dreaming.

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.

It is interesting to watch what will happen next.  Though many of us think that Peter Schiff will gladly sell his gold than turn to Bitcoin, there are what-ifs in every story.  I think it would be funny to see Schiffs promoting Bitcoin in his next life's endeavor if ever he did turn to Bitcoin and proved us wrong.  ;D

Apparently it didn't work since he is getting liquidated. I mean a gold company could only survive for so long, you can't make that much money on gold which moves tiny bit up and down, that difference is not something value of money at all.

Look at exchanges for example in the crypto world, they are making so much money and they are worth billions of dollars, why? Because people spend billions on them every single day and that money turns into tens of millions of dollars in trading fee for the exchanges. When we are comparing not even gold vs bitcoin directly, but just gold companies vs crypto companies, we could see crypto wins even in that situation.

I'm just wondering what's interesting and what should happen next? Who in their right mind thinks that Peter Schiff will turn a new page in his life and start investing in Bitcoin, while at the same time calling his own son a brainwashed investor because he invests in Bitcoin?

The time you spent waiting for people like this to change their minds is really time wasted.

for entertainment value

what i would love to see.. is all of peters crap talk about bitcoin, just being his subterfuge of hiding alot of wealth in bitcoin but pretending to be an ultimate hater so that he can hide his wealth in bitcoin without anyone thinking he hid it in bitcoin

you know.. off shore banking
authorities: we believe you have alot of wealth in a swiss bank account
suspect: but i have never been to switzerland, check my passport, i dont even like switzerland. i hate their climate and their accent
(suspect does have a swiss bank account)

back in the good old days of 2012-2014 when bitcoin was not as mainstream. alot of people including myself would use bitcoin but would not flat out admit it to those that might be too much interested in my wealth/where i keep it... i would just say i do "international currency trade" which is technically correct, to evade telling those types of people where my wealth is stored

The guy just don’t like btc. I don’t understand why people refuse to believe it. There are lots people who think crypto is a scam.

I know it is their loss but most of them won’t change their minds just because you can’t think of a person who don’t believe in crypto.

Well, here he is.

Freedom of speech. Right to believe or not.

His situation has nothing to do with crypto neither. Show me a bank saved by crypto before. It didn’t happen. Then why do people say “He should have bought bitcoin” ? It is not even related.

As others have stated above, this will probably not make him turn to BTC.
NOR SHOULD IT. As @mindrust commented, you can't change some peoples minds.

AND THAT IS A GOOD THING.

People need and want different things, we here tend to think BTC is the be all and end all.

But, for millions of reasons that matter only to them, BTC will never ever be what they want or need.

And that is what we have to keep in mind. Worrying about Peter Schiff and what he likes / dislikes / wants is never going to change who / what he is.
He is set in his ways and seems happy that way.

-Dave

isn't this like very old new? It has been more than a month since this happened and he's still anti-bitcoin.

Just yesterday he declared current bull run as "sucker rally" and predicts a downfall to 10K USD very soon. He believes bitcoin is entering into another bubble and it won't hold for long. So the answer to your question is a hard NO.

He isn't going to turn that easily. He finds Gold reaching 10k more believable than BTC ever having a chance again to cross 50k.

Does Bitcoin need Schiff for something? No! Bitcoin was there before and will be after Schiff is dead or bankrupt.
Does Schiff need Bitcoin? No! He's rich even after losing that bank.
Will he turn to bitcoin? No, but he doesn't need to.

It's good that he has something to say about bitcoin even if he doesn't like it. He recognizes it and gives it much needed publicity. When BTC goes to 100k USD and peter goes bankrupt people will know who to follow.

Those people should wake up and know the real truth about cryptos because it's now 2022 already. Many people are now using crypto, not on scammy activities but only on the legal one's. If there are people that didn't use a crypto then they have a different reason.

It can be because they don't know how to deal with the latest technologies and they don't know how to operate it but the people here in our subject (peter) is well educated so I think he knows how to use it. A dying bank can be saved by a crypto if they will integrate crypto with their service. As we know that some bank users are also using a crypto or vice versa.

I can't imagine Peter Schiff finally adopting Bitcoin. It is of course very possible. His son is an avid Bitcoin supporter. And he also strongly dislikes the government's financial policies. He is of course always a gold bug even though we have seen how slow gold's price has grown through the years. So we can see how he is actually stubborn with his views. So even if he has already seen Bitcoin's potential, it is possible he still won't change tune as it might only embarrass him.