Peter Schiff Said: “Regulators Closed My Bank, Customers May Lose Money”

The fact that Peter Schiff, a vocal opponent of bitcoin (BTC), has experienced problems with the established international banking system has provided supporters of BTC with the chance to argue that he might have avoided those troubles by utilizing bitcoin.

Schiff has gained notoriety in the crypto sphere. He frequently uses Twitter as a platform to harass BTC proponents, even sparring with people like Elon Musk. He complained on Twitter that despite the lack of evidence of crimes, Puerto Rican regulators “had closed his bank account for net capital issues” instead of allowing him to “make a sale.”

“Bitcoin is a scam” says Peter Schiff

Schiff is a vocal stock broker and the CEO of Euro Pacific Capital. He advocates purchasing gold as a means of investment while denouncing Bitcoin as a scam. He recently launched a podcast with the same name to further his broadcasting career.

Euro Pacific International Bank, Peter Schiff’s Puerto Rican bank, has struggled since obtaining a license to operate in 2017 as a result of deposits falling below US$150 million. According to the same media outlet, the government-run Joint Chiefs of Global Tax Enforcement intervened two years ago “to curb the suspected facilitation of offshore tax evasion and money laundering.”

The only time Schiff had spoken with law enforcement, according to Schiff, was when “IRS agents visited the bank in 2020 and informed him they were investigating clients.” Schiff also claimed that his bank had never been the subject of an investigation. Schiff stated last week that he would fight to keep his faltering business alive. These firefighting efforts appear to be related to the closure of the bank account.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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