Peter Schiff, a well-known Bitcoin skeptic, and gold bug, is willing to sell his Euro Pacific bank for Bitcoin. The bank has been in regulatory trouble for quite a while and has been put under receivership. Peter says that it has been that way for being inadequately capitalized and not for being insolvent. This is why he is trying to sell his bank if the regulators allow him to do so.
The Euro Pacific bank saga
Peter’s bank has been in regulatory trouble due to its non-compliance with the minimum capital requirements for operations. So, he has been trying to sell it and also has a buyer lined up. However, the regulations are not letting him sell it. This is a major problem as users will be affected if a solution isn’t formulated. So, a Twitter user asked Peter if he is willing to sell the bank for BTC. Surprisingly enough, Peter, who has constantly ridiculed Bitcoin, said that yes, he would if the regulators let him. His primary goal is to protect the customers.
Actually yes, I would sell the bank for anything if regulators let me sell it. My main goal is protecting customers.
— Peter Schiff (@PeterSchiff) July 8, 2022
Peter also said that he is working with the banking commissioner of Puerto Rico to resolve the capital problems with the bank. This step will work in favor of the bank’s customers. It’s because once the sale is approved, customers will be able to withdraw their funds at once. Schiff has said time and again that there is no criminal evidence at his bank. Still, the regulators are hell-bound on not letting the sale happen.
He also explained that his bank has zero loans, zero debt, and $2 million in funds with enough cash to pay everyone. However, the buyer of the Euro pacific bank will also add another $7M in the capital.
What does it mean?
Peter has been of the vocal opinion that Bitcoin has no intrinsic value and will go to zero. So, it doesn’t make sense that he says he will sell his bank for Bitcoin. Now, it is difficult to say will such a step will actually protect his customers.
What are your thoughts on Peter Schiff as he is willing to sell his Euro Pacific bank for Bitcoin to protect customers? And do you think a critic like Peter should do this? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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