Peter Schiff’s Bank Set To Be Liquidated; Will He Finally Turn To Bitcoin (BTC)?

[tokyohd]

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/

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[NotATether]

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.

[hyudien]

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/

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.

[mk4]

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?

[pooya87]

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.

[btc_angela]

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.

[Don Pedro Dinero]

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

Peter Schiff Exposed Mashinsky’s Celsius Scam Seven Months Before It Imploded

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.

[NeuroticFish]

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.

[hZti]

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.

[blockman]

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.

[Charles-Tim]

Peter Schiff’s Bank Set To Be Liquidated; Will He Finally Turn To Bitcoin (BTC)?

Did you read the whole news?

Peter Schiff’s predicament caught the attention of the crypto space. This is due to the fact that he remains a dedicated critic of crypto. Most crypto proponents used the event as an avenue to remind Schiff of the need for decentralisation in finance.

Despite this, Schiff has not relented in his criticism of Bitcoin and cryptocurrencies in general. He has especially recently taken to Twitter to slam MicroStrategy’s Michael Saylor on his bullish Bitcoin comments. He remains a staunch advocate of gold which he advises investors to go for instead of BTC.

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

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?

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.

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).

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.

[Lucius]

@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.

Did you read the whole news?

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.

[franky1]

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

[hatshepsut93]

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.

[tadamichi]

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)

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

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

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.

[franky1]

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)

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

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

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.

[Don Pedro Dinero]

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.

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

[NeuroticFish]

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

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

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

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?

[mk4]

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.

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).

[2stout]

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.