Peter Schiff Gets an Unexpected Lesson in the Benefits of Bitcoin as Banking Woes Bite

cryptonews.com:

The arch-Bitcoin (BTC) skeptic Peter Schiff has experienced problems with the traditional international banking system – giving BTC advocates the opportunity to tell him that his struggles could have been avoided had he made use of bitcoin.

Schiff has become infamous in the world of crypto Twitter, where he regularly takes the opportunity to troll BTC advocates – even crossing swords with the likes of Elon Musk.

He took to Twitter to complain that “despite no evidence of crimes,” Puerto Rican “regulators” had “closed” his “bank account” for “net capital issues,” instead of allowing him to “make a sale.”

He added that he was a “highly qualified buyer” who had been “promising to inject capital far in excess” of Puerto Rican “regulatory minimums.”

Schiff is an outspoken stock broker and the CEO of Euro Pacific Capital. He evangelizes gold-buying as an investment strategy, but claims that BTC is a scam. He has also positioned himself as a broadcaster in recent years, launching a self-titled podcast.

Per the Associated Press, Schiff’s Puerto Rican banking outfit, Euro Pacific International Bank, was granted an operating permit in 2017, but has since run into trouble after deposits dropped to the USD 150 million mark.

Two years ago, the Joint Chiefs of Global Tax Enforcement, a government-run anti-tax crime and money laundering unit, stepped in “to put a stop to the suspected facilitation of offshore tax evasion and money laundering,” the same media outlet reported.

Schiff claimed that his bank had never been probed and claimed that the only brush he had had with the body was when “agents with the Internal Revenue Service visited the bank in 2020 and told him they were investigating customers.”

Schiff claimed last week that he would