Why Crypto Critic Peter Schiff Now Says He Would Accept Bitcoin For His Bank

Long-time Bitcoin BTC/USD critic Peter Schiff has recently opened up about his inclination toward cryptocurrency. 

In a Twitter interaction on Friday, he said he would be comfortable selling his troubled Euro Pacific Bank for Bitcoin. 

Even if he is not very fond of cryptocurrencies, he said he would accept the offer if regulators approved such a deal. 

To safeguard his Bank's customers, he spoke about the Bitcoin market and said while dealing with cryptocurrencies, one does not have to worry about his Bank being shut down. However, one has to worry about Bitcoin collapsing in market value.

Schiff's Bank is going through a rough patch, as Puerto Rican officials have frozen the Bank's customer accounts.

Also Read: This Trader Says Unexpected Bitcoin Rally To Take Place In 2022, Predicts A Six-Figure BTC By 2023 

His Bank has been out of operation because it has not complied with the net minimum capital requirements. 

Schiff said regulators wanted to liquidate the Bank for tax evasion and money laundering, even though there's no evidence of such crimes. 

Last year, Schiff mentioned that he regrets not buying the world's first cryptocurrency.

He previously said that he would not buy 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."

Photo: Courtesy of Gage Skidmore on Flickr