Hello, Crypto Griffin here to explain this meme…
Even bitcoin opposers like Peter Schiff needed to add bitcoin support in his bank in order to stay in business.
Peter Schiff, a longtime critic of Bitcoin, suddenly revealed his preference for cryptocurrencies.
He stated that he would feel at ease trading his struggling Euro Pacific Bank for Bitcoin during a Friday Twitter conversation.
Even though he is not a fan of cryptocurrency, he indicated he would accept the offer provided regulators allowed the transaction.
To protect his bank’s customers, he discussed the Bitcoin market and stated that when dealing with cryptocurrencies, one does not have to worry about his bank being closed down. However, one must be concerned about Bitcoin’s market value dropping.
Schiff’s Bank is experiencing difficulties as a result of Puerto Rican authorities freezing the Bank’s client accounts.
Due to its failure to meet the net minimum capital requirements, His Bank has been closed.
According to Schiff, regulators sought to dissolve the bank for tax fraud and money laundering despite the lack of evidence of such activities.
Schiff stated last year that he regrets not purchasing the world’s first cryptocurrency.
He had earlier stated that he would not purchase Bitcoin, feeling like it was a “ground floor for an opportunity,” and “this is when the people who got in at the ground floor are getting out.”