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Schiff urged to sell bitcoins amid Silvergate problems

Peter Schiff

Peter Schiff, president of the Euro Pacific Capital bank, called for selling the first cryptocurrency and buying gold.

“If crypto is really the future, then why is Silvergate, the main crypto bank, already gone?” Schiff asked.

In his opinion, a wave of bankruptcies will “fall” on digital assets and turn the crypto winter “into a freezer.”

Asked by users about his bank’s problems, Schiff replied that regulators and the media were to blame.

In July 2022, Puerto Rican regulators shut down Euro Pacific amid allegations of insolvency and non-compliance. Then Schiff said that government agencies were taking revenge on him for criticizing excessive taxation and control by the authorities.

He later announced that he was ready to sell his bank for bitcoin and any other digital asset.

In February 2023, it became known that US authorities were investigating Silvergate Bank’s connection to the collapsed FTX and Alameda Research. Moody’s downgraded the rating of the institution due to the reduction of the basic credit rating.

On March 3, 2023, Silvergate announced the discontinuation of the payment network SEN. And less than a week later, the parent company of the bank announced its liquidation.

Amid bankruptcy rumors, many crypto companies have distanced themselves from Silvergate. In particular, sold its stake in the organization, and the LedgerX platform abandoned the bank’s services in favor of Signature Bank.

Recall that in December 2022, Peter Schiff predicted the fall of Bitcoin to $5,000.

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