Nayib Bukele reminds Peter Schiff why banks can not trump BTC
Since the closure of his bank in Puerto Rico, Peter Schiff has been on the receiving end of Bitcoin (BTC) advocates, reminding him that this would not have happened if he had used BTC.
The last to mock the gold champion is none other than El Salvador’s president Nayib Bukele, who has had a good deal of interaction with Schiff ever since El Salvador used BTC as a legal tender last year.
Bukele responded to one of the tweets made by Schiff in January this year, in which he criticized BTC and predicted that such as MicroStrategy CEO Michael Saylor and Bukele themselves would eventually have to sell their BTC holdings when prices fall. The president responded to the tweet by asking about his bank.
The exchange between the two critics comes when the global financial markets are in ruins. On the one hand, the crypto market has lost more than 60% of its market value from the top, and on the other hand, the stock market is at a record low level.
How is your bank?
– Nayib Bukele (@nayibbukele) July 6, 2022
Schiff has been quite vocal about his bank closure and has blamed the corrupt local government for it. He has said that the government is illegally trying to pressure him for criticizing them.
The tax authorities and J5 targeted my bank because of my outspoken criticism of excess state tax and regulation. Their illegal attempts to punish freedom of expression, deprive me of property without a fair trial and unnecessarily endanger thousands of clients, actually justify my criticism.
– Peter Schiff (@PeterSchiff) July 6, 2022
While Schiff claims that the bank was closed due to his criticism of the government, it highlights how centralized financial institutions such as banks often restrict financial freedom. The price of BTC can fluctuate over time, but the owner has full control over their money if they have not placed it on a centralized exchange.
Related: Deutsche Bank analysts see Bitcoin recovering to $ 28K by December
Critics often highlight the volatility of the crypto market. Nevertheless, the traditional financial market is not in a better position either, with inflation at ten-year highs and several top stocks registering larger losses than BTC in 2022.
The BTC has been instrumental in providing financial freedom to nearly 70% of the uninhabited population of El Salvador. Although the price of BTC has fallen more than 60% from the top and critics often like to point out the decline in the number of BTC purchases from the Central American nation, the country has taken in 4 million without a bank using their national Bitcoin wallet.
El Salvador’s transmission network has been enhanced by BTC adoption, accounting for millions in cross-border transactions with minimal fees. The country has proven that Bitcoin can offer financial freedom to those without a bank.
