{"id":63891,"date":"2022-07-04T14:25:03","date_gmt":"2022-07-04T11:25:03","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=63891"},"modified":"2025-09-06T11:25:36","modified_gmt":"2025-09-06T08:25:36","slug":"puerto-rico-shutters-euro-pacific-bank-peter-schiffs-bitcoin-critic-bank","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/puerto-rico-shutters-euro-pacific-bank-peter-schiffs-bitcoin-critic-bank\/","title":{"rendered":"Puerto Rico shutters Euro Pacific Bank, Peter Schiff&#8217;s Bitcoin-critic bank"},"content":{"rendered":"<p>A gold advocate and Bitcoin critic Peter Schiff said regulators in Puerto Rico closed his Euro Pacific Bank, &#8220;despite the absence of evidence of crimes&#8221;.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Despite no evidence of crimes, Puerto Rico regulators closed my bank anyway for net capital issues, rather than allow a sale to a highly qualified buyer promising to inject capital far in excess of regulatory minimums. As a result accounts are frozen and customers may lose money.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1543729010278113281?ref_src=twsrc%5Etfw\">July 3, 2022<\/a><\/p>\n<\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to him, the problems stem from the bank&#8217;s net capital. Schiff added that accounts are frozen and customers may lose funds.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>After the sale I would own 4% of the company buying the bank. They [regulators] said that because of bad news about me they did not want me to own 4% of the bank, even though they know firsthand that the allegations in the media are false,&#8221; explained the Bitcoin critic.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">The reason regulators gave for tuning down the sale is that post sale I would own 4% of the company buying the bank. They said that due to the bad press about me, they did not want me owning 4% of a bank, even though the know first hand the allegations in the media are false.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1543749699009740802?ref_src=twsrc%5Etfw\">July 4, 2022<\/a><\/p>\n<\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Schiff said regulators never voiced objections to him; otherwise he would have restructured the deal.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cI just wanted to get out. Over the past two years I have invested $7 million to cover operating losses from the bad press. Running a small bank is a fortune. That\u2019s why I never really made any money. The costs of compliance are outrageous,\u201d he wrote.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Also it costs a fortune to run a small bank. That\u2019s why I never really made any money. The compliance costs are outrageous.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1543770287153504256?ref_src=twsrc%5Etfw\">July 4, 2022<\/a><\/p>\n<\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Cryptocurrency community members on Twitter called the situation ironic and urged &#8220;to love decentralization&#8221;.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cDo you understand why you need bitcoin now \ud83e\udd23?\u201d<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">Do you understand why you need bitcoin now \ud83e\udd23?<\/p>\n<p>\u2014 2037 (@btc2037) <a href=\"https:\/\/twitter.com\/btc2037\/status\/1543731094230556672?ref_src=twsrc%5Etfw\">July 3, 2022<\/a><\/p>\n<\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In May, Schiff <a href=\"https:\/\/u1f987.com\/en\/news\/peter-schiff-predicted-bitcoin-test-of-the-8000-level\">predicted<\/a> a test of Bitcoin at the $8,000 level. In June he <a href=\"https:\/\/u1f987.com\/en\/news\/peter-schiff-better-to-sell-bitcoin-now-and-buy-it-back-cheaper\">suggested<\/a> that the minimum could be around $5,000.<\/p>\n<p>According to Galaxy Digital CEO Mike Novogratz, the crypto market downturn <a href=\"https:\/\/u1f987.com\/en\/news\/mike-novogratz-sets-timeline-for-end-of-the-crypto-market-recession\">will last<\/a> for about 18 months, and the first signs of a recovery for the industry will come after the loosening of monetary policy by the <span data-descr=\"Federal Reserve System\" class=\"old_tooltip\">\u0424\u0420\u0421<\/span>.<\/p>\n<p>Follow ForkLog&#8217;s bitcoin news on our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A gold advocate and Bitcoin critic Peter Schiff said regulators in Puerto Rico closed his Euro Pacific Bank, &#8220;despite the absence of evidence of crimes&#8221;.<\/p>\n","protected":false},"author":1,"featured_media":63892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1298,26],"class_list":["post-63891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-peter-schiff","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=63891"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63891\/revisions"}],"predecessor-version":[{"id":63893,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63891\/revisions\/63893"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/63892"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=63891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=63891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=63891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}