Note that Peter Schiff is indeed well known in financial circles, with his fame owing much to his image as a Bitcoin hater and gold fan. Peter publishes criticism of cryptocurrencies on a regular basis. In mid-June, for example, he posted the following Bitcoin chart on his Twitter, which shows the yellow line that the cryptocurrency rate is supposed to affect.

Bitcoin rate chart from Peter Schiff’s publication

Schiff accompanied the publication with an inscription that he personally expects Bitcoin to collapse to $10,000. Why is unknown, but Peter called what is happening “the last chance for hodlers to get out of the position above 10 thousand”.

However, Bitcoin continues to hold in the $20,000 zone, but Peter’s bank can no longer help.

What banks are being shut down for

Regulators in Puerto Rico have shut down a bank for failing to meet net minimum capital requirements. Clients of the organization were in a difficult situation – due to sanctions against the bank their funds are now frozen. Schiff himself commented on what happened as follows.

Despite the lack of evidence of a potential crime, the Puerto Rican regulators still closed my bank due to capital problems instead of allowing its sale to a highly qualified buyer. He promised to invest capital well in excess of regulatory minimums. As a result, the bank’s accounts have been frozen and customers may lose their money.

In the end, the situation seems amusing because of Peter Schiff's previous activity. After all, he is a regular critic of Bitcoin and other cryptocurrencies that run on transparent blockchains. Accordingly, the rules in decentralised platforms based on them are also clear to everyone and work without bias towards certain users. That said, Schiff, he says, has encountered exactly this kind of thing.

According to the economist, he was not notified of the regulatory requirements for financial institutions in Puerto Rico. He was also allegedly unaware of regulatory breaches until the “unexpected” sanctions against Euro Pacific International.

Economist and Bitcoin critic Peter Schiff

On Twitter, Peter Schiff’s concerns have caused a strong reaction from many, given the economist’s past comments about Bitcoin’s problems. Here’s one of the quotes from a crypto investor under the pseudonym Coachkcrypto.

The irony in this is so hilarious! You realise that if you used Bitcoin, closing the bank would be impossible! You have to love decentralisation.

According to Cointelegraph sources, Puerto Rico’s government is favourable to the adoption of cryptocurrencies in the region. On 20 April, the region became the fourth jurisdiction in the Americas to license the US subsidiary of cryptocurrency exchange Binance called Binance.US. Given this, Schiff would be unlikely to open a full-fledged cryptocurrency bank, even if he loved digital assets. However, thanks to decentralisation, no financial regulator would have at least not created a problem for his funds.

Read also: A cryptocurrency enthusiast has recovered a bitcoin wallet from 2016. But the result disappointed him.

Unfortunately, there are still plenty of reasons to criticise the crypto industry of all sorts because of the huge number of scammers and hackers. The latter went for a very audacious act the day before – miscreants hacked into the official Twitter account of the UK Armed Forces to promote their NFT collection. A little later, control of the account was restored and UK Armed Forces officials confirmed the hack. During the attack, the hackers changed the account’s official signature to “BAPESCLAN”, as well as their avatar and biography.

This is what the UK Armed Forces Twitter page looked like immediately after the hack

Most interestingly, not only did the attackers manage to get hold of the Twitter account, but also the UK Armed Forces YouTube account. Its name has been changed to Ark Invest, and the channel features videos of Ilon Musk allegedly talking about crypto. Ark Invest is a real investment company, but it is definitely not connected to the hack.

Notification of the attack was also posted on the official Twitter account of the UK Ministry of Defence. Here’s the quote cited by CryptoSlate.

The hacking of the Army’s Twitter and YouTube accounts earlier today has been resolved and an investigation is underway. The armed forces take information security very seriously and it would be inappropriate to comment further until the investigation is complete.

Given the purpose of the hacker attack, it is possible that the UK Ministry of Defence will spend resources searching for the perpetrators, so as not to damage its reputation. Unfortunately, there are too many hackers, and not every such hacking incident ends with the perpetrators being caught.


We believe that this situation illustrates the shortcomings of centralized systems. It is possible in theory to comply with all the rules, but still stop working. However, one should hardly hope for a change in Peter Schiff's attitude to the crypto world after such a situation. Most likely, he will continue to maintain his reputation as a Bitcoin hater, because in this way Schiff will be relevant in the traditional finance community, where there is a demand for criticism of decentralized assets.