Peter Schiff says he will sell his bank, Euro Pacific, for bitcoin if Puerto Rico regulators allow the sale. ‘My bank was not placed into receivership due to insolvency. ‘My bank was not put into receivership because of insolvency, it was put into receivership because of lack of capital,’ the bitcoin skeptic said.”
Peter Schiff says he is willing to sell his bank for bitcoin
Bitcoin skeptic and gold bug Peter Schiff is still trying to sell his bank, Euro Pacific. However, Puerto Rico’s Financial Institutions Commission, aka Oficina del Comisionado de Instituciones Financieras (OCIF), has suspended his bank’s operations for “material non-compliance with minimum capital requirements.”
Schiff claims he already has a buyer for the bank, but regulators will not allow the sale.
On Friday, he was asked on Twitter if he was willing to sell the bank for bitcoin. Schiff, who is skeptical of bitcoin, replied, ” Actually, yes, I would sell my bank for anything if the regulators would let me sell.”
“I am committed to working with the Puerto Rico Bank Commissioner to resolve my bank’s capital issues for the benefit of all the bank’s customers,” he stressed. He added.
Schiff has tweeted constantly about the situation at his bank since it was shut down by Puerto Rico regulators.
He insisted that there was no evidence of criminal activity at the bank, noting that customers could withdraw all their funds now if the commissioner approves the sale.
Schiff clarified in a tweet Friday. ‘My bank was not placed in receivership because of insolvency. My bank was not placed in receivership because it was insolvent, it was placed in receivership because it was undercapitalized. My bank has about $2 million in capital, no debt, no loans, and enough cash to pay off all of its depositors. The buyer was supposed to add $7 million in capital.”
Another company he owns, Schiff Gold, has been accepting bitcoin since 2014. According to its website, the company also accepts many other cryptocurrencies through Bitpay.
While he accepts Bitcoin for his bank, Schiff continued to criticize cryptocurrencies. He also tweeted on Friday.
With Bitcoin, you don’t have to worry about your bank closing, you just have to worry about the market value of Bitcoin crashing.
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