{"id":75351,"date":"2023-03-10T16:13:38","date_gmt":"2023-03-10T14:13:38","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=75351"},"modified":"2025-09-10T11:06:31","modified_gmt":"2025-09-10T08:06:31","slug":"peter-schiff-urged-selling-bitcoin-amid-silvergate-bank-troubles","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/peter-schiff-urged-selling-bitcoin-amid-silvergate-bank-troubles\/","title":{"rendered":"Peter Schiff urged selling bitcoin amid Silvergate Bank troubles"},"content":{"rendered":"<p>The president of Euro Pacific Capital, Peter Schiff, urged selling the leading cryptocurrency and buying gold.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">If <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&#038;ref_src=twsrc%5Etfw\">#crypto<\/a> really is the future, why is <a href=\"https:\/\/twitter.com\/hashtag\/Silvergate?src=hash&#038;ref_src=twsrc%5Etfw\">#Silvergate<\/a>, the premier crypto bank already a thing of the past? A wave of <a href=\"https:\/\/twitter.com\/hashtag\/blockchain?src=hash&#038;ref_src=twsrc%5Etfw\">#blockchain<\/a> related bankruptcies will soon crash down on <a href=\"https:\/\/twitter.com\/hashtag\/CryptoCurrencies?src=hash&#038;ref_src=twsrc%5Etfw\">#CryptoCurrencies<\/a>, turning the crypto winter into a deep freeze. Hurry, sell your <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> and buy <a href=\"https:\/\/twitter.com\/hashtag\/gold?src=hash&#038;ref_src=twsrc%5Etfw\">#gold<\/a>.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1634033193316745216?ref_src=twsrc%5Etfw\">March 10, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIf cryptocurrency really is the future, why is Silvergate, the premier crypto bank, already a thing of the past?\u201d, Schiff asked.<\/p>\n<\/blockquote>\n<p>In his view, a wave of bankruptcies will crash onto digital assets and turn the crypto winter into a deep freeze.<\/p>\n<p>In response to users\u2019 questions about his bank\u2019s problems, Schiff said that regulators and the media are to blame.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">My bank didn\\&#8217;t fail. Blame the government and the media for your inability to access your funds.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1634040048181026816?ref_src=twsrc%5Etfw\">March 10, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In July 2022, regulators in Puerto Rico <a href=\"https:\/\/u1f987.com\/en\/news\/puerto-rico-shutters-euro-pacific-bank-peter-schiffs-bitcoin-critic-bank\">closed Euro Pacific<\/a> due to allegations of insolvency and non-compliance with requirements. Schiff said at the time that authorities were exacting retribution for his criticism of heavy taxation and government control.<\/p>\n<p>Later he said that <a href=\"https:\/\/u1f987.com\/en\/news\/peter-schiff-says-hes-willing-to-sell-euro-pacific-bank-for-bitcoin\">he was prepared to sell his bank<\/a> for Bitcoin and any other digital asset.<\/p>\n<p>In February 2023 it became known that US authorities <a href=\"https:\/\/u1f987.com\/en\/news\/us-authorities-to-probe-silvergates-ties-to-ftx-and-alameda-research\">are investigating the link<\/a> between Silvergate Bank and victims of the collapse of FTX and Alameda Research<a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">. Moody\u2019s <a href=\"https:\/\/u1f987.com\/en\/news\/moodys-downgrades-silvergate-bank-rating\">downgraded the institution\u2019s rating<\/a> due to a deterioration in its baseline credit assessment.<\/p>\n<p>On March 3, 2023, Silvergate <a href=\"https:\/\/u1f987.com\/en\/news\/silvergate-bank-closes-the-sen-payment-network\">announced<\/a> the cessation of operation of the payment network <span data-descr=\"Silvergate Exchange Network\" class=\"old_tooltip\">SEN<\/span>. And less than a week later the bank\u2019s parent company announced its <a href=\"https:\/\/u1f987.com\/en\/news\/silvergate-to-liquidate-silvergate-bank\">liquidation<\/a>.<\/p>\n<p>Against the backdrop of bankruptcy rumours, many crypto companies <a href=\"https:\/\/u1f987.com\/en\/news\/crypto-firms-distance-themselves-from-silvergate-amid-bankruptcy-rumors\">distanced themselves<\/a> from Silvergate. In particular, Block.one <a href=\"https:\/\/u1f987.com\/en\/news\/block-one-sells-stake-in-silvergate-bank\">sold<\/a> its stake in the organization, and the LedgerX platform <a href=\"https:\/\/u1f987.com\/en\/news\/ledgerx-drops-silvergate-in-favour-of-signature-bank\">refused<\/a> to use the bank\u2019s services in favor of Signature Bank.<\/p>\n<p>In December 2022, Peter Schiff predicted <a href=\"https:\/\/u1f987.com\/en\/news\/peter-schiff-predicted-bitcoin-would-fall-below-5000\">the fall of Bitcoin to $5,000<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The president of Euro Pacific Capital, Peter Schiff, urged selling the leading cryptocurrency and buying gold.<\/p>\n","protected":false},"author":1,"featured_media":75352,"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":[18,1138,1298],"class_list":["post-75351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-opinions","tag-peter-schiff"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/75351","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=75351"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/75351\/revisions"}],"predecessor-version":[{"id":75353,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/75351\/revisions\/75353"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/75352"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=75351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=75351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=75351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}