People suggest Bitcoin hater Peter Schiff to adopt Bitcoin to avoid “Bank shut down”

On Apr 25, 2024

Many Bitcoin supporters suggested Peter Schiff adopt Bitcoin as the best option against centralized banking systems.

Peter Schiff is a popular Bitcoin hater. He is a US global economist & he only supports investment in Gold & Gold ETFs. Along with the support for Gold, he keeps criticizing the Bitcoin critics every moment.

In the past, Peter Schiff’s Bank account was shut down by the Bank official over tax evasion allegations. According to Peter, the whole action against his bank account was part of a collaboration among his haters, who spread misleading information about him.

He said that no evidence has been found against him in this matter.

I now have all the evidence I need to prove that my bank was shut down because the J5 and the media at one time erroneously suspected it of facilitating global tax evasion. The fact that a massive two-year investigation found no evidence my bank actually did that was irrelevant.
— Peter Schiff (@PeterSchiff) April 23, 2024

Following this bank shutdown matter discussion, many Bitcoin supporters jumped into Peter’s tweet comment section and suggested he adopt Bitcoin to fight against such a centralized financial system.

Problem is that banks are at the mercy of corrupt governments.

Your depositors would've been better off storing their wealth in #Bitcoin. They would still have access to their funds and would likely be in profit.
— DivXMaN (@crypto_div) April 23, 2024

It is worth it to note that in 2022, a similar kind of incident was faced by Peter. At the time he informed his followers that his bank account was shut down because he failed to maintain a minimum capital amount in the account.

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Despite no evidence of crimes, Puerto Rico regulators closed my bank anyway for net capital issues, rather than allow a sale to a highly qualified buyer promising to inject capital far in excess of regulatory minimums. As a result accounts are frozen and customers may lose money.
— Peter Schiff (@PeterSchiff) July 3, 2022

At that time, many Bitcoin supporters suggested Peter adopt a decentralized financial system, which is Bitcoin, & that doesn’t require any minimum capital.

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 https://t.co/cDCOWdMowL
— Coach K Crypto (@Coachkcrypto) July 4, 2022

Peter Schiff on Bitcoin Price

Despite the struggle with Bank accounts in the practical world, Peter is still strong with his Bitcoin hater opinion against Bitcoin investors.

Today he said that Bitcoin holders are worried as Bitcoin needs to stay above $60K. If not, it could drop significantly. According to Peter, experienced Bitcoiners are used to big drops, but newbies with ETFs might be in for a shock.

Overall he predicted the big downfall in the trade price of Bitcoin is possible soon.

It's not looking good #HODLers. You guys need to hope #Bitcoin can hold $60K. Otherwise it's a long way down. All the hard core Bitcoiners are use to big drops. But the newbies who own the ETFs are in for a rude awakening. pic.twitter.com/Dw6mJXXi3r
— Peter Schiff (@PeterSchiff) April 24, 2024