Bitcoin’s Biggest Critic Peter Schiff Ready to Accept BTC Payments after Bank Trouble

UTC by Bhushan Akolkar · 3 min read
Bitcoin’s Biggest Critic Peter Schiff Ready to Accept BTC Payments after Bank Trouble
Photo: Gage Skidmore / Flickr

Bitcoin critic Peter Schiff said that he would be accepting BTC if that were to save customers of his now embattled bank Euro Pacific.

The tables have turned quite unexpectedly for Peter Schiff. Gold bug and Bitcoin critic Peter Schiff said that he is now ready to accept payment in BTC if the regulators allowed him to sell his embattled bank Euro Pacific.

Peter Schiff and His Readiness to Accept BTC

The financial regulator from Puerto Rico has recently shut down the San Juan-based bank alleging a lack of compliance and internal controls. For a while, Peter Schiff has been sailing through troubled waters to get out of this situation.

Interestingly, Schiff has found a buyer who is willing to take his stake in Euro Pacific Bank for a total of $24.5 million. Thus, he wants regulators “to allow the planned sale so customers will be protected,” and not “needlessly lose money”.

Interestingly, one of Schiff’s followers inquired whether Schiff would accept Bitcoin for a stake sale. Responding to it Schiff said: “Actually yes, I would sell the bank for anything if regulators let me sell it. My main goal is protecting customers”.

The economist has been relentlessly defending his position surrounding the bank episode. Thus, he’s ready to dispose of Euro Pacific Bank at any cost, even if it means accepting BTC.

This is a major reversal in the mood of one of the strongest critics of Bitcoin. Schiff has been saying for the last many years that BTC doesn’t hold any value. He even believes that BTC will eventually go to zero. Interestingly, Schiff is a big believer in the yellow metal Gold.

Schiff Denies Charges of Tax Evasion and Money Laundering

Puerto Rico’s Office of the Commissioner of Financial Institutions has ordered to shut down the Euro Pacific Bank due to charges of insolvency. Commissioner Natalia Zequeira Díaz said:

“Euro Pacific has a long history of noncompliance”.

The cease-and-desist order noted that Peter Schiff’s bank had a net loss of about $751,000 in 2019. Furthermore, it had amassed over $4 million in total losses. It also added that by the end of 2022, the bank had a net capital of $1.3 million, which made it insolvent.

“My bank was not put into receivership for being insolvent. It was put there for being under-capitalized, not having no capital. My bank has about $2 million in capital, no debt, no loans, and enough cash to repay all depositors in full. The buyer was to add $7 million in capital. I contributed $7 million in capital over the past two years, most of which was lost due to the false allegations of money laundering and tax evasion by the Australian media. That’s why the only viable path forward was to sell the bank so it could be rebranded under new ownership,” Schiff explained his position.

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