Since the closure of his bank in Puerto Rico, Peter Schiff has been on the receiving end of bitcoin (BTC) supporters, reminding them that this would not have happened if he were using BTC.
The latest to taunt a gold proponent is none other than El Salvador President Nayib Bukele, who has held considerable talks with Schiff since El Salvador adopted BTC as legal tender last year.
Bukele responded to a tweet by Schiff in January of this year that criticized BTC and predicted that Microstrategy CEO Michael Sayer and Bukele would eventually sell their BTC holdings as the price plummeted. The President responded to the tweet by asking about his bank.
The exchange between the two critics is when global financial markets are doomed. On the one hand, the crypto market has lost over 60% of its market cap from the top, and on the other, the equity market is at an all-time low.
How is your bank doing?— nayibbukele (@nayibbukele) 6 July 2022
Schiff has been quite vocal about the closure of his bank, blaming the corrupt local government for it. He has said that the government is trying to illegally extort extortion from him for criticizing him.
The IRS and J5 targeted my bank because of my outspoken criticism of additional government taxation and regulation. Their illegal attempts to penalize free speech, deprive me of property without due process, and unnecessarily put thousands of customers at risk, really justify my criticism.— Peter Schiff (@PeterSchiff) 6 July 2022
While Schiff claims that the bank was closed due to criticism from the government, it highlights how centralized financial institutions such as banks often curtail financial freedom. The price of BTC can fluctuate over time, but the owner has full control of their funds if they do not hold them on a centralized exchange.
related: Deutsche Bank analysts believe bitcoin will recover to $28K by December
Critics often highlight the volatility in the crypto market. Still, traditional financial markets are no better, with inflation touching decade highs and many top stocks posting more significant losses in 2022 than BTC.
BTC has been instrumental in providing financial freedom to about 70% of the unaffiliated population of El Salvador. Although the price of BTC is down more than 60% from its peak, and critics often like to point out the decline in the number of BTC purchases by the Central American nation, the country has unbanked 4 million using its national bitcoin wallet. .
El Salvador’s remittance network has been enhanced by BTC adoption, which accounts for millions of cross-border transactions with minimal fees. The country has proved that bitcoin can provide financial freedom to the unbanked.