Peter Schiff is a famous bitcoin skeptic. He recently had his Puerto Rican bank shut down. What am I talking about well peter Schiff came out and he tweeted that despite no evidence of crimes, Puerto Rico regulators closed my bank anyway for net capital issues? Here is what he tweeted.
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
But what I do know is that peter Schiff the skeptic of bitcoin is getting a first-hand lesson on how bitcoin fixes this. Now bitcoin fixes this as a meme that’s become more and more popular over time.
But in this case, it quite literally fixes this. The whole idea of bitcoin is that it returns sovereignty to the individual holders. Bitcoin allows you to have economic value protected and make sure that you’re always in control. Now if you go and you put deposits in a traditional bank, of course, it’s not your money anymore.
Second, you make a deposit it’s now the bank’s money. They can lend it out and do whatever they want with it, and yes they do owe it back to you. But just because, they owe it to you doesn’t mean you’ll naturally get it. Peter Schiff in this situation in Puerto Rico is proving precisely that.
Now I don’t necessarily think that people are gonna take a hundred percent of their net worth and go put it in bitcoin. Actually, think that’s kind of crazy right now instead. What I think most people are starting to realize is that bitcoin. Its self-sovereignty allows for a certain portion of their net worth or their portfolio to give them aspects of control that they don’t have in the legacy financial system.
Peter Schiff is the bitcoin skeptic getting this crash course. You never want to wish bad things on anyone, but I think that we’re getting a lesson. Right here bitcoin and its self-sovereignty are very very powerful. Now I wish peter Schiff the best I think that he’ll figure something out. But it’s always important to realize whether we are talking about the western developed world or we are talking about people in areas of conflict like Ukraine or in countries and societies that are failing like Venezuela or zimbabwe.
There are many people around the world by some estimations millions if not billions that are understanding the power of bitcoin. The importance of self-sovereignty used to be that you had physical cash. When you had the physical money you were in control of it. Now bitcoin is ushering in a new era of that sovereignty in a digital form and it takes a while for people around the world to understand how the technology works.
To realize why it’s so valuable. But, as we’re seeing here even if you’re using a bank in the western developed nations there, can still be plenty of issues. So ultimately bitcoin’s self-sovereignty and the importance of self-custody sit center stage in this saga. I wish peter Schiff the best and bitcoin fixes this.