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Peter Schiff’s bank strengthens the case for the adoption of bitcoin for financial freedom

Peter Schiff's bank strengthens the case for the adoption of bitcoin for financial freedom

Puerto Rican regulators have shut down leading economist Peter Schiff, who is well known in the public for his anti-crypto views. However, this revelation prompted the Twitter crypto community to express the “irony” of how Schiff’s prediction of bitcoin (BTC) came true for his own traditional bank.

Schiff’s bank was closed by Puerto Rican regulators for failing to maintain minimum net capital requirements, further upsetting customers as they lost access to their accounts following a subsequent freeze.

Despite the lack of crime evidence, regulators in Puerto Rico still closed my bank on net capital issues, rather than allowing a sale to a highly qualified buyer who promised to inject capital well above regulatory minimums. As a result, accounts are frozen and customers run the risk of losing money.
– Peter Schiff (@PeterSchiff) July 3, 2022

While acknowledging that “customers can lose money,” Schiff said he was unaware of regulatory minimums and had not been given any legal notice before the sudden shutdown. He added:

“It simply came to our notice then. That’s why I didn’t really make any money. Compliance costs are very reasonable ”.

Looking at what many see as an epic twist, the crypto community has seized the opportunity to explain the importance of bitcoin in recreating the heart of traditional finance.

The whole irony is so funny! @PeterSchiff you understand that if you used bitcoin it would not have been possible!
You should want to decentralize https://t.co/cDCOWdMowL
– Coach K (30% Crypto, 70% USDC) (@Coachkcrypto) July 4, 2022

Stephan Livera, a bitcoin podcaster, also responded to this development by saying: “Yes [Schiff] he’s a #bitcoin skeptic from $ 17.50. ” The sudden closure of the Schiff bank in Puerto Rico has sparked discussions over bitcoin ‘s resistance to judicial supremacy.

“The irony here is invaluable,” @HodlMagoo told him, while others rhetorically helped Schiff find a promising alternative to traditional finance. asking “Do you now understand why you need bitcoin? “.

At the other end of the spectrum, Puerto Rico has embraced the adoption of cryptocurrencies in the region. On April 20, Puerto Rico authorities entered the fourth jurisdiction in America to grant a money transmitter license to Binance.US, a US subsidiary of the cryptocurrency exchange Binance.

As the crypto community empathizes with Schiff and the bank’s customers for their loss, the episode further reinforces bitcoin’s position as the ultimate representative of traditional finance.

Read also: See Deutsche Bank Analysts Bitcoin Rises to $ 28,000 by December

Deutsche Bank analysts predict that the price of bitcoin will rebound as high as $ 28,000 by the end of the year, despite a continued bear market.

Analysts Marion Laboure and Galina Pozdnyakova predicted a rebound in Standard and Poor’s (S&P) index to their January levels, which could lead to a 30% increase in the value of bitcoin from current levels by mid-2022, which would bring its price to $ 28,000.

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