Peter Schiff's bank closure strengthens Bitcoin's case for financial freedom

Investing Finances

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Puerto Rico regulators closed Schiff's bank for failing to meet minimum net capital requirements.

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As a result, customers lost access to their accounts after a subsequent block.

Renowned economist Peter Schiff, known in the community for his anti-crypto sentiments, had his bank shut down by Puerto Rico regulators.

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However, the revelation prompted Crypto Twitter to point out the "irony" when Schiff's prediction for Bitcoin (BTC) came true for its traditional bank.

Puerto Rico regulators shut down Schiff's bank for failing to meet minimum net capital requirements, further affecting customers as they lost access to their accounts after a subsequent freeze.

Peter Schiff Tweeted Despite no evidence of crimes, Puerto Rico regulators closed my bank anyway for net capital issues.

It costs a fortune to run a small bank. That’s why I never really made any money. The compliance costs are outrageous.

Witnessing what many consider to be an epic twist, the cryptocurrency community took the opportunity to explain the importance of Bitcoin in reinventing the core of traditional finance.

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On the other end of the spectrum, Puerto Rico has been receptive to the acceptance of cryptocurrencies in the region.

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On April 20, Puerto Rico authorities became the fourth U.S. jurisdiction to grant a money transmitter license to Binance.US, a U.S.-based subsidiary of the cryptocurrency exchange Binance.

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Deutsche Bank analysts expect BTC prices to pick up to $ 28,000 by the end of the year despite an ongoing bear market.

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