If only Peter Schiff used Bitcoin! The prominent economist, well-known in the community for his anti-crypto sentiments, had his bank shut down by Puerto Rico regulators. Crypto Twitter was quick to point out that BTC is the solution.
Prominent economist Peter Schiff, who is well-known in the community for his anti-crypto sentiments, had his bank shut down by Puerto Rico regulators. The revelation, however, led to Crypto Twitter pointing out the “irony” as Schiff’s prediction for Bitcoin came true for his own traditional bank.
Puerto Rico regulators closed down Schiff’s bank for not maintaining the net minimum capital requirements, which further impacted the customers as they lost access to their accounts following a subsequent freeze. 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.While acknowledging that “customers may lose money,” Schiff stated that he was unaware of the regulatory minimums and was not presented with any form of legal notice prior to the abrupt closure.
“It costs a fortune to run a small bank. That’s why I never really made any money. The compliance costs are outrageous.” As a witness to what many consider an epic plot twist, the crypto community took the opportunity to explain the importance ofyou do realize that if you had been using Bitcoin this would not have been possible!
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