Peter Schiff said that he would sell Euro Pacific Bank for Bitcoin if Puerto Rican regulators allowed him to. “My bank was not put into receivership for being insolvent. It was put there for being under-capitalized,” the bitcoin skeptic said.
Peter Schiff Says He’s Willing to Sell His Bank for Bitcoin
Peter Schiff, a Bitcoin-skeptic as well as a gold bug is trying to sell Euro Pacific Bank. However, the Commissioner of Financial Institutions of Puerto Rico, also known as Oficina del Comisionado de Instituciones Financieras (OCIF), has suspended the operations of his bank due to its “crass noncompliance with the minimum capital requirements.”
Schiff claimed that he has already found a buyer for his bank, but the regulator won’t let him buy it.
He was asked by Twitter on Friday whether he would sell his bank to bitcoin. Schiff, who has been a vocal bitcoin skeptic, replied: “Actually yes, I would sell the bank for anything if regulators let me sell it.”
“I am committed to working with the Puerto Rico banking Commissioner to resolve the capital issues with my bank for the best interest of all the bank’s customers,” he stressed.
Schiff has been tweeting about his bank’s situation constantly since it was suspended by the Puerto Rican regulator.
He stated that no evidence has been found of any crime at the bank. Customers could also withdraw all their funds now, if only the Commissioner had approved it.
Schiff clarified in a tweet Friday: “My bank was not put into receivership for being insolvent. The bank was placed there because it is undercapitalized and does not have sufficient capital. My bank has approximately $2,000,000 in capital with no debt and no loans. I also have enough cash to repay all my depositors. The buyer was to add $7 million in capital.”
Schiffgold (another company owned by him) has been accepting Bitcoin since 2014. Its website says that the company accepts Bitcoin through Bitpay.
Although Schiff said he would accept bitcoin to his bank account, Schiff continued to discredit the cryptocurrency. He tweeted this Friday as well:
With bitcoin you don’t have to worry about your bank being closed, you just have to worry about your bitcoin crashing in market value.
What do you think about the situation Peter Schiff’s bank, Euro Pacific, is in? Comment below.
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