{"id":470397,"date":"2022-07-04T12:09:29","date_gmt":"2022-07-04T09:09:29","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/peter-schiffs-bank-closure-strengthens-bitcoin-case-for-financial-freedom\/"},"modified":"2022-07-04T12:09:29","modified_gmt":"2022-07-04T09:09:29","slug":"peter-schiffs-bank-closure-strengthens-bitcoin-case-for-financial-freedom","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/peter-schiffs-bank-closure-strengthens-bitcoin-case-for-financial-freedom\/","title":{"rendered":"# Peter Schiff\u2019s bank closure strengthens Bitcoin case for financial freedom"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a1166de629\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a1166de629\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/peter-schiffs-bank-closure-strengthens-bitcoin-case-for-financial-freedom\/#%E2%80%9D_Peter_Schiffs_bank_closure_strengthens_Bitcoin_case_for_financial_freedom_%E2%80%9C\" >&#8221; Peter Schiff\u2019s bank closure strengthens Bitcoin case for financial freedom &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Peter_Schiffs_bank_closure_strengthens_Bitcoin_case_for_financial_freedom_%E2%80%9C\"><\/span>&#8221; Peter Schiff\u2019s bank closure strengthens Bitcoin case for financial freedom &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvNjA3YWU3OGUtZDQ5OS00MzM2LWExNmMtYzkzYWQ1Y2Y1YmE3LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>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 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> pointing out the \u201cirony\u201d as Schiff\u2019s prediction for Bitcoin (BTC) came true for his own traditional bank.<\/p>\n<p>Puerto Rico regulators closed down Schiff\u2019s 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.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">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.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1543729010278113281?ref_src=twsrc%5Etfw\">July 3, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nWhile acknowledging that \u201ccustomers may lose money,\u201d 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. He added:<\/p>\n<blockquote><p>\u201cIt costs a fortune to run a small bank. That\u2019s why I never really made any money. The compliance costs are outrageous.\u201d<\/p><\/blockquote>\n<p>As a witness to what many consider an epic plot twist, the crypto community took the opportunity to explain the importance of Bitcoin in reinventing the core of traditional finance. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The irony of this is so hilarious!<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PeterSchiff?ref_src=twsrc%5Etfw\">@PeterSchiff<\/a> you do realize that if you had been using Bitcoin this would not have been possible!<\/p>\n<p>You should be loving decentralization <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/cDCOWdMowL\">https:\/\/t.co\/cDCOWdMowL<\/a><\/p>\n<p>\u2014 Coach K (30% Crypto, 70% USDC) (@Coachkcrypto) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Coachkcrypto\/status\/1543830591753584641?ref_src=twsrc%5Etfw\">July 4, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Bitcoin podcaster Stephan Livera, too, chimed in on the development as he said, \u201cHe\u2019s [Schiff] been a #bitcoin skeptic since $17.50.\u201d The sudden closure of Schiff\u2019s bank in Puerto Rico reignited the discussions around Bitcoin\u2019s resistance to judicial supremacy.\u00a0<\/p>\n<p>\u201cThe irony here is priceless,\u201d added @HodlMagoo, while others rhetorically helped Schiff find a promising alternative to traditional finance, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/btc2037\/status\/1543731094230556672?s=20&amp;t=1TLrcusT19w5Tv7aUktDbw\">asking<\/a> \u201cDo you understand why you need bitcoin now?\u201d<\/p>\n<p>On the other end of the spectrum, Puerto Rico has been receptive to crypto acceptance in the region. On April 20, Puerto Rico authorities became the fourth jurisdiction in America to award a money transmitter license to Binance.US, a United States-based subsidiary of crypto exchange Binance.<\/p>\n<p>While the crypto community empathizes with Schiff and the bank\u2019s customers for their losses, the episode further cements Bitcoin\u2019s position as the ultimate replacement of traditional finance.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Deutsche Bank analysts see Bitcoin recovering to $28K by December<\/em><\/strong><\/p>\n<p>Analysts from Deutsche Bank forecasted BTC prices to rebound back to $28,000 by the end of the year despite an ongoing bear market.<\/p>\n<p>Analysts Marion Laboure and Galina Pozdnyakova envisioned the Standard and Poor (S&amp;P) to rebound back to its January levels, which in turn, could result in a 30% increase in Bitcoin\u2019s value from current levels midway through 2022 \u2014 bringing up its price to the $28,000 mark.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/peter-schiff-s-bank-closure-strengthens-bitcoin-case-for-financial-freedom\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Peter Schiff\u2019s bank closure strengthens Bitcoin case for financial freedom &#8220; 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 \u201cirony\u201d as Schiff\u2019s prediction for Bitcoin (BTC) came true for&#8230;<\/p>\n","protected":false},"author":1,"featured_media":470398,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvNjA3YWU3OGUtZDQ5OS00MzM2LWExNmMtYzkzYWQ1Y2Y1YmE3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74888,74862,75022,76252,74355,71939,117,71461],"class_list":["post-470397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-banking","tag-bitcoin","tag-central-bank","tag-peter-schiff","tag-adoption","tag-banks","tag-business","tag-puerto-rico"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/470397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=470397"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/470397\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/470398"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=470397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=470397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=470397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}