Will Peter Schiff embrace Bitcoin after his recent woes?

Sahana Kiran
Source – Unsplash

Bitcoin [BTC] entered the financial world more than a decade ago. Over the years, the world’s first cryptocurrency has garnered an immense following. The world hadn’t witnessed anything like BTC and some of them were clearly not ready for it. Along with all the love that the asset managed to amass, the hate followed suit.

For years together, it even outweighed the regard people had for BTC. While a lot of them managed to change their view about the king coin, Peter Schiff, the founder of Euro Pacific Capital emerged as a true Bitcoin skeptic. However, his latest trouble with his bank is speculated to change is his views on BTC.

In a series of tweets, Schiff noted how the regulators of Puerto Rico decided to take down his bank. He pointed out how there hadn’t been any evidence of crimes, but the regulators shut it down anyway. Noting how his customers may lose money, Schiff tweeted,

Speaking about the same, Natalia Zequeira Díaz, the commissioner of the Office of the Commissioner of Financial Institutions of Puerto Rico said,

“Euro Pacific has a long history of noncompliance. [The bank regulator would] not allow or tolerate any financial entity with a license issued by the government of Puerto Rico to operate outside the law or ignore the clear mandates of applicable laws and regulations.”

Schiff, however, stuck to the fact that it was mostly bad press.

While this took the front stage, the Bitcoin community had a field day. Here’s why.

Is Bitcoin the answer?

“I am never buying Bitcoin.” “I don’t see Bitcoin as an alternative to gold.” “Bitcoin is not a currency.” “Once nobody wants your Bitcoin, it’s completely worthless.” These are some of the things that Schiff has said about BTC over the years. However now, as he deals with the issues of centralized systems, the community pointed out how BTC would have saved Schiff from encountering this.

One Twitter user wrote,

“The irony of this is so hilarious! @PeterSchiff you do realize that if you had been using Bitcoin this would not have been possible! You should be loving decentralization”

Additionally, certain individuals even asked Schiff to rethink his stance on other cryptocurrencies even if prolonged his hate for Bitcoin.

While Bitcoin was initially rolled out to bring financial freedom to people, the focus might be shifting in the current world. The onset of the bear market has got many obsessing about the price of BTC. However, times like this remind us how Bitcoin can be much more than its price.