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Peter Schiff’s bank goes into liquidation, the cryptosphere begins its revenge

Peter Schiff, the famous detractor of Bitcoin, returns to the front of the stage with news that has the cryptosphere laughing.

End of business for Peter Schiff

Peter Schiff has made a name for himself in the crypto industry thanks to his many accusations regarding Bitcoin. It’s no secret to any enthusiast: the American entrepreneur hates a small piece of orange as much as his colleagues. His speech stands out from other businessmen like Robert Kyosaki who does not hesitate to shower Bitcoin with compliments. His view, however, seems to be skewed by the wealth the sign has brought him.

Peter Schiff’s words are so dangerous that the cryptosphere is on the lookout for the slightest adversity. Verbal sparring is often fine, especially between the American and the founder of Cardano. In the past month, things have changed. Peter Schiff’s bank was indeed seized by the Puerto Rican judiciary. The establishment was accused of tax evasion and money laundering. However, following the repercussions of the case, the trial was unusually discreet… until yesterday. In a post on Twitter, the financial analyst himself announced that his Euro Pacific bank will close.

Source: Peter Schiff’s Twitter account

Significant losses: a must?

According to the New York Times, the outcome of this case is due to an agreement between Peter Schiff and the Puerto Rican judiciary. The businessman does not suffer any personal consequences, strictly speaking, but his bank has been ordered to go into liquidation. Schiff must also repay $66.7 million to his clients and pay a $300,000 fine.

The settlement agreement specifically states that I admit no wrongdoing, either by the bank or by me. […] Finally, given that I am prohibited from selling the bank to any of the many interested and qualified buyers, and that continuing to own and operate the bank is no longer a financially viable option, given my unfairly tarnished reputation in the banking industry, I have agreed to conduct an orderly liquidation of the bank as the only possible option.

Excerpt from Peter Schiff’s statement on the liquidation of Euro Pacific

For crypto, Peter Schiff reaps what he sows

An American analyst has wished for the end of Bitcoin so many times that this calamity has thrilled the cryptosphere. Peter Schiff’s announcement was met with great joy by cryptocurrency enthusiasts who see this outcome as a well-deserved loss.

Source: Peter Schiff’s Twitter account

However, the crypto sector is not always so bitter. However, he remains mocked, with many netizens offering Schiff to invest in cryptocurrencies to recoup the money lost during the liquidation. An option that turned out to be quite possible, especially since his son had already taken the step. Crypto could therefore become a family affair for the Schiffs… if the businessman wants to bury the hatchet.


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