Bitcoin Skeptic Peter Schiff Will Sell Troubled Euro-Pacific Bank For BTC If Regulators Let Him Cryptocurrency

Peter Schiff says he will sell his bank, Euro Pacific, for bitcoin if Puerto Rican regulators let him sell. “My bank was not put into receivership for insolvency. It was put there to be undercapitalized,” the bitcoin skeptic said.

Peter Schiff Says He’s Ready to Sell His Bank for Bitcoin

Bitcoin skeptic and gold bug Peter Schiff is still trying to sell his bank, Euro Pacific. However, Puerto Rico’s Commissioner of Financial Institutions, also known as Oficina del Comisionado de Instituciones Financieras (OCIF), has suspended its bank’s operations due to its “flagrant non-compliance with minimum capital requirements”. .

Schiff says he already has a buyer for the bank, but the regulator won’t let him sell it.

On Friday, he was asked on Twitter if he was ready to sell his bank for bitcoin. Schiff, who has been a vocal bitcoin skeptic, replied, “Actually, yes, I would sell the bank for anything if the regulators let me sell it.”

“I am committed to working with Puerto Rico’s Banking Commissioner to resolve capital issues with my bank in the best interest of all bank customers,” he stressed.

Schiff has constantly tweeted about his bank’s situation since it was suspended by the Puerto Rican regulator.

He argued there was no evidence of crime at the bank, noting that if the commissioner simply approved the sale, customers could withdraw all their money now.

Schiff clarified in a tweet on Friday: “My bank has not gone into receivership for insolvency. It was put there to be undercapitalized, to have no capital. My bank has approximately $2 million in capital, no debt, no loans, and enough cash to repay all depositors in full. The buyer was to add $7 million in capital.

Schiffgold, another company he owns, has been accepting bitcoin since 2014. According to its website, the company also accepts a number of other cryptocurrencies through Bitpay.

While he will accept bitcoin for his bank, Schiff has continued to criticize the cryptocurrency. He also tweeted on Friday:

With bitcoin, you don’t have to worry about your bank closing, you just have to worry about your bitcoin’s market value collapsing.

What do you think of the situation in which Peter Schiff’s bank, Euro Pacific, finds itself? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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