Bitcoin's argument for financial freedom is strengthened by Peter Schiff's bank shutdown.

05-Jul-2022 By: Simran Mishra

Bitcoin's argument for financial freedom is strengthened by Peter Schiff's bank shutdown.

Schiff's Bank was shut down by Puerto Rico officials for failing to meet the net minimum capital requirements. Customers were consequently denied access to their accounts after a subsequent freeze.

Peter Schiff, a well-known economist who is well-known in the community for his anti-crypto views, had his bank shut down by Puerto Rico authorities. For his own traditional bank, Schiff's prediction for Bitcoin (BTC) came true, which led Crypto Twitter to point out the "irony" in response to the news.

Customers suffered further consequences when Schiff's bank was shut down by Puerto Rico regulators for failing to fulfil the net minimum capital standards because they lost access to their accounts after a subsequent account freeze.

Despite admitting that "customers may lose money," Schiff argued that he was unaware of the legal notification requirements and had not received any prior to the abrupt closure. He went on to say that it is very expensive to run a tiny bank. Because of this, I never actually made any money. The cost of compliance is exorbitant.

As spectators to what many consider an epic narrative twist, the cryptocurrency community took advantage of the opportunity to talk about the relevance of Bitcoin in revamping the basis of traditional banking.

Stephan Livera, a bitcoin podcaster, also commented on the situation, saying, "He's [Schiff] been a #bitcoin sceptic since $17.50." The abrupt closing of Schiff's bank in Puerto Rico sparked new debates about Bitcoin's defiance of judicial authority.

Others rhetorically assisted Schiff in identifying a promising substitute to conventional finance by posing the question, "Do you see why you need bitcoin now?"

However, the use of cryptocurrencies in Puerto Rico has been welcomed. On April 20, Puerto Rico's government granted Binance a licence as a money transmitter, becoming it the fourth American territory to do so. The cryptocurrency exchange Binance has a US presence and has a section called US.

The Bitcoin community sympathises with Schiff and the bank's clients for their losses, but the incident further strengthens Bitcoin's position as the preferred alternative to conventional finance.

Despite an ongoing bear market, experts at Deutsche Bank anticipated that by the end of the year, BTC prices would return to $28,000.

The Standard and Poor is expected to recover to its January levels, according to analysts Marion Laboure and Galina Pozdnyakova. If this happens, Bitcoin's value might rise by 30% from its present levels by the middle of 2022, reaching the $28,000 mark.

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