The biggest bitcoin pessimist, Peter Schiff, has been screaming from the mountaintop that bitcoin has no intrinsic value and is going to zero. In a turn of events, the bitcoin antagonist has possibly indirectly given reason for the real value of bitcoin. The office of the Commissioner of Financial Institutions of Puerto Rico announced on June 30th that it had issued a complaint in a cease and desist order and a temporary order designating trustee against Euro Pacific International Bank, incorporated. The OFIC stated that the order mandates the suspension of Euro Pacific’s operations… due to its crass non-compliance with the minimum capital requirements.
Furthermore, the order imposes on Euro-Pacific administrative fines totaling $75,000 for various violations of the laws and regulations administered by OCIF. The regulator elaborated that Euro Pacific’s serious insolvency situation constitutes sufficient legal justification for OCI to undertake the administrative action announced today.
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Peter Schiff took to Twitter to confirm the mandate and to plead his innocence. As a result, accounts are frozen and customers may lose money.
Euro Pacific Bank has posted a notice on its website stating: ‘We are complying by pausing transactions until at least July 7th, 2022 in order to review the request’. Of course, this opened the door for bitcoin enthusiasts to remind Peter of the importance of decentralization. Coach K tweeted,
@herhighness.eth said,
@Intocryptouniverse said:
Euro Pacific bank was under investigation by tax authorities in five countries in 2020. Schiff admitted that he was accused of tax evasion but stressed that the allegations were false and no charges have been filed. Since then Shift has tried unsuccessfully to sell itself as a Euro Pacific bank. In a series of tweets, he took to Twitter once again to explain why he had a tough time finding a buyer.
This unfortunate plot twist has the crypto trading community reminding Schiff of what could have been if he embraced bitcoin.
What do you think of Peter Schiff’s situation?
[This article is a transcription of a video made by Only The SAVVY]
Original video: https://youtu.be/7rLNedi60D8]
