Peter Schiff, a bitcoin skeptic, and the gold bug have decided to liquidate his Euro Pacific Bank. He has settled with the Oficina del Comisionado de Instituciones Financieras (OCIF), Office of the Commissioner of Financial Institutions of Puerto Rico. On Wednesday in a tweet, Peter informed us he agrees to a settlement with Puerto Rican banking regulators. And, therefore he had to lead an orderly liquidation of the Euro Pacific Bank. He also revealed that insufficient regulatory capital is the liquidation of Euro Pacific Bank
The bank didn’t fulfill the minimum capital requirements of Puerto Rico. Schiff had said earlier that his team didn’t have a proper understanding of the rules. They kept more capital than they needed as they were new to Puerto Rico.
Schiff then revealed the details of the agreement. He disclosed that in order to prioritize a 100% return to customers, he was asked to submit a plan for the orderly liquidation of the bank. Either that or the transfer of those deposits to a financial institution located out of Puerto Rico.
Schiff said that Euro Pacific Bank held “an excess cash position” for covering all deposits, as per the trustee’s calculations as of June 30, 2022. June 30 is the same day when his bank was assigned to receivership. In addition, Schiff clarified that he doesn’t admit to committing any evil deed, nor himself or on his bank’s behalf.
In other news, recently in an interview, Peter Schiff warned the crypto enthusiast that the Bitcoin price could reach below $10,000 because of forced selling. Schiff is confident that Bitcoin is not going to create a new high, $69,000 was its highest. Bitcoin skeptics also pointed out that the supply of cryptocurrencies keeps increasing. He also believes that Schiff claims that the supply of cryptocurrencies continues to grow. He believes that there’s little difference between the top coin and other 20,000 tokens. At the time of writing, Bitcoin was trading at $24,523.39, up by 0.08% in the last 24 hours.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.