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 his own traditional bank.<\/p>\n
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
While 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
\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
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
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
\u201cThe irony here is priceless,\u201d added @HodlMagoo, while others rhetorically helped Schiff find a promising alternative to traditional finance, asking \u201cDo you understand why you need bitcoin now?\u201d<\/p>\n
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
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
Related: <\/em><\/strong>Deutsche Bank analysts see Bitcoin recovering to $28K by December<\/em><\/strong><\/p>\nAnalysts 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
Analysts Marion Laboure and Galina Pozdnyakova envisioned the Standard and Poor (S&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
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Prominent economist Peter Schiff, who is well-known<\/p>\n","protected":false},"author":3,"featured_media":159704,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
Peter Schiff\u2019s bank closure strengthens Bitcoin case for financial freedom - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/peter-schiffs-bank-closure-strengthens-bitcoin-case-for-financial-freedom\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Peter Schiff\u2019s bank closure strengthens Bitcoin case for financial freedom - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Prominent economist Peter Schiff, who is well-known\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/peter-schiffs-bank-closure-strengthens-bitcoin-case-for-financial-freedom\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-04T11:03:20+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2022\/07\/Peter-Schiffs-bank-closure-strengthens-Bitcoin-case-for-financial-freedom.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/peter-schiffs-bank-closure-strengthens-bitcoin-case-for-financial-freedom\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/peter-schiffs-bank-closure-strengthens-bitcoin-case-for-financial-freedom\/\",\"name\":\"Peter Schiff\u2019s bank closure strengthens Bitcoin case for financial freedom - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2022-07-04T11:03:20+00:00\",\"dateModified\":\"2022-07-04T11:03:20+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/crypto\/peter-schiffs-bank-closure-strengthens-bitcoin-case-for-financial-freedom\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/crypto\/peter-schiffs-bank-closure-strengthens-bitcoin-case-for-financial-freedom\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/peter-schiffs-bank-closure-strengthens-bitcoin-case-for-financial-freedom\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crypto\",\"item\":\"https:\/\/precoinnews.com\/category\/crypto\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Peter Schiff\u2019s bank closure strengthens Bitcoin case for financial freedom\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/precoinnews.com\/#website\",\"url\":\"https:\/\/precoinnews.com\/\",\"name\":\"Pre Coin News\",\"description\":\"precoinnews.com\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/precoinnews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Peter Schiff\u2019s bank closure strengthens Bitcoin case for financial freedom - Pre Coin News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/precoinnews.com\/crypto\/peter-schiffs-bank-closure-strengthens-bitcoin-case-for-financial-freedom\/","og_locale":"en_US","og_type":"article","og_title":"Peter Schiff\u2019s bank closure strengthens Bitcoin case for financial freedom - Pre Coin News","og_description":"Prominent economist Peter Schiff, who is well-known","og_url":"https:\/\/precoinnews.com\/crypto\/peter-schiffs-bank-closure-strengthens-bitcoin-case-for-financial-freedom\/","og_site_name":"Pre Coin News","article_published_time":"2022-07-04T11:03:20+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/precoinnews.com\/wp-content\/uploads\/2022\/07\/Peter-Schiffs-bank-closure-strengthens-Bitcoin-case-for-financial-freedom.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/precoinnews.com\/crypto\/peter-schiffs-bank-closure-strengthens-bitcoin-case-for-financial-freedom\/","url":"https:\/\/precoinnews.com\/crypto\/peter-schiffs-bank-closure-strengthens-bitcoin-case-for-financial-freedom\/","name":"Peter Schiff\u2019s bank closure strengthens Bitcoin case for financial freedom - Pre Coin News","isPartOf":{"@id":"https:\/\/precoinnews.com\/#website"},"datePublished":"2022-07-04T11:03:20+00:00","dateModified":"2022-07-04T11:03:20+00:00","author":{"@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/precoinnews.com\/crypto\/peter-schiffs-bank-closure-strengthens-bitcoin-case-for-financial-freedom\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/precoinnews.com\/crypto\/peter-schiffs-bank-closure-strengthens-bitcoin-case-for-financial-freedom\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/precoinnews.com\/crypto\/peter-schiffs-bank-closure-strengthens-bitcoin-case-for-financial-freedom\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/precoinnews.com\/"},{"@type":"ListItem","position":2,"name":"Crypto","item":"https:\/\/precoinnews.com\/category\/crypto\/"},{"@type":"ListItem","position":3,"name":"Peter Schiff\u2019s bank closure strengthens Bitcoin case for financial freedom"}]},{"@type":"WebSite","@id":"https:\/\/precoinnews.com\/#website","url":"https:\/\/precoinnews.com\/","name":"Pre Coin News","description":"precoinnews.com","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/precoinnews.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/159705"}],"collection":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/comments?post=159705"}],"version-history":[{"count":0,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/159705\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media\/159704"}],"wp:attachment":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media?parent=159705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/categories?post=159705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/tags?post=159705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}