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Hacker Selling 1 Billion Chinese Citizens’ Data for 10 BTC, Zuckerberg’s Meta Ends Novi Project, and More — Bitcoin.com News Week in Review

Hacker Selling 1 Billion Chinese Citizens’ Data for 10 BTC, Zuckerberg’s Meta Ends Novi Project, and More — Bitcoin.com News Week in ReviewIn this week’s bite-sized digest of the hottest stories from Bitcoin.com News, a hacker claims to have stolen a massive amount of Chinese citizens’ personal data from Shanghai police, and now wants to sell it for ten bitcoins. Also, Mark Zuckerberg’s Meta has ditched the Novi project, after unveiling a new metaverse wallet. These stories […]

Crypto Analyst Kevin Svenson Says Bitcoin at a Decisive ‘Close Call’ Moment, Unveils Potential Path Forward

Bitcoin vs bank: Nayib Bukele reminds Peter Schiff why banks can’t trump BTC

Peter Schiff’s bank closure highlights why Bitcoin is crucial for financial freedom, as the nascent asset class has already helped nearly 4 million unbanked in El Salvador to gain banking facilities.

Since the closure of his bank in Puerto Rico, Peter Schiff has been at the receiving end of Bitcoin (BTC) proponents, reminding him this wouldn’t have happened if he was using BTC.

The latest to taunt the gold proponent is none other than El Salvador President Nayib Bukele, who has had a fair share of interactions with Schiff ever since El Salvador adopted BTC as a legal tender last year.

Bukele responded to one of the tweets made by Schiff in January this year criticizing BTC and predicting that the likes of MicroStrategy CEO Michael Saylor and Bukele himself would eventually have to sell their BTC holdings as price drops. 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 cap from the top, and on the other, the equity market is at an all-time low.

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 extort him for criticizing them.

While Schiff claims the bank was closed due to his criticism of the government, it highlights how centralized financial institutions such as banks often curtail financial freedom. The price of BTC might fluctuate over time, but the owner is in full control of their funds if they haven’t put them on a centralized exchange.

Related: Deutsche Bank analysts see Bitcoin recovering to $28K by December

Critics often highlight the volatility in the crypto market. Still, the traditional financial market is in no better state either, with inflation touching decade highs and several top stocks registering more significant losses than BTC in 2022.

BTC has been crucial in offering financial freedom to nearly 70% of the unbanked population of El Salvador. Although the price of BTC has dipped more than 60% from its top and critics often like to point out the decline in the number of BTC purchases by the Central American nation, the country has onboarded 4 million unbanked using their national Bitcoin wallet.

El Salvador’s remittance network has been enhanced by the BTC adoption, accounting for millions in cross-border transactions with minimal fees. The country has proven that Bitcoin can offer financial freedom to the unbanked.

Crypto Analyst Kevin Svenson Says Bitcoin at a Decisive ‘Close Call’ Moment, Unveils Potential Path Forward

Peter Schiff’s Euro Pacific Bank Suspended by Puerto Rico’s Regulator — Schiff Insists No Evidence of Crime

Peter Schiff’s Euro Pacific Bank Suspended by Puerto Rico’s Regulator — Schiff Insists No Evidence of CrimePeter Schiff-owned Euro Pacific Bank has been suspended by Puerto Rico’s financial regulator. Schiff claims that there’s “no evidence of crimes,” warning that “accounts are frozen and customers may lose money.” Puerto Rico’s Regulator Suspends Peter Schiff’s Bank Euro Pacific Bank, owned by notorious bitcoin skeptic and gold bug Peter Schiff, has been suspended by […]

Crypto Analyst Kevin Svenson Says Bitcoin at a Decisive ‘Close Call’ Moment, Unveils Potential Path Forward

Peter Schiff’s bank closure strengthens Bitcoin case for financial freedom

Puerto Rico regulators closed down Schiff’s bank for not maintaining the net minimum capital requirements. As a result, customers lost access to their accounts following a subsequent freeze.

Prominent economist Peter Schiff, who is well-known in the community for his anti-crypto sentiments, had his bank shut down by Puerto Rico regulators. The revelation, however, led to Crypto Twitter pointing out the “irony” as Schiff’s prediction for Bitcoin (BTC) came true for his own traditional bank.

Puerto Rico regulators closed down Schiff’s bank for not maintaining the net minimum capital requirements, which further impacted the customers as they lost access to their accounts following a subsequent freeze.

While acknowledging that “customers may lose money,” Schiff stated that he was unaware of the regulatory minimums and was not presented with any form of legal notice prior to the abrupt closure. He added:

“It costs a fortune to run a small bank. That's why I never really made any money. The compliance costs are outrageous.”

As a witness to what many consider an epic plot twist, the crypto community took the opportunity to explain the importance of Bitcoin in reinventing the core of traditional finance.

Bitcoin podcaster Stephan Livera, too, chimed in on the development as he said, “He's (Schiff) been a #bitcoin skeptic since $17.50 (it's currently $19,100).” The sudden closure of Schiff’s bank in Puerto Rico reignited the discussions around Bitcoin’s resistance to judicial supremacy. 

“The irony here is priceless,” added @HodlMagoo while others rhetorically helped Schiff find a promising alternative to traditional finance, asking “Do you understand why you need bitcoin now?"

On the other end of the spectrum, Puerto Rico has been receptive to crypto acceptance in the region. On April 20, Puerto Rico authorities became the fourth jurisdiction in America to award a money transmitter license to Binance.US, a United States-based subsidiary of crypto exchange Binance.

While the crypto community empathizes with Schiff and the bank’s customers for their losses, the episode further cements Bitcoin’s position as the ultimate replacement of traditional finance.

Related: Deutsche Bank analysts see Bitcoin recovering to $28K by December

Analysts from Deutsche Bank forecasted BTC prices to rebound back to $28,000 by the end of the year despite an ongoing bear market.

Analysts Marion Laboure and Galina Pozdnyakova envisioned the Standard and Poor (S&P) to rebound back to its January levels, which in turn, could result in a 30% increase in Bitcoin’s value from current levels midway through 2022 — bringing up its price to the $28,000 mark.

Crypto Analyst Kevin Svenson Says Bitcoin at a Decisive ‘Close Call’ Moment, Unveils Potential Path Forward

‘Bitcoin Is Dead’ Google Searches Skyrocket, Bitcoin Obituaries Records 15 Deaths This Year

‘Bitcoin Is Dead’ Google Searches Skyrocket, Bitcoin Obituaries Records 15 Deaths This YearAccording to the Bitcoin Obituaries list, bitcoin has died 15 times in 2022, and the last obituary written about bitcoin’s death was on June 18, in a recent statement that said: “Bitcoin Will Not Recover.” Interestingly, Google Trends data shows that the search phrase “bitcoin is dead,” is estimated to hit an all-time high this […]

Crypto Analyst Kevin Svenson Says Bitcoin at a Decisive ‘Close Call’ Moment, Unveils Potential Path Forward

$100K BTC Predictions, Peter Schiff on Recession and Bitcoin, Bill Gates Slams NFTs — Bitcoin.com News Week in Review

0K BTC Predictions, Peter Schiff on Recession and Bitcoin, Bill Gates Slams NFTs — Bitcoin.com News Week in ReviewIt’s been a week of polarizing opinion in crypto news. Whether it’s cryptocurrency fund managers predicting $100K bitcoin by the end of the year, Peter Schiff saying things “will only get worse as the recession deepens,” or Bill Gates slamming crypto and NFTs, citing the Greater Fool Theory, there’s been no shortage of spicy debate […]

Crypto Analyst Kevin Svenson Says Bitcoin at a Decisive ‘Close Call’ Moment, Unveils Potential Path Forward

Economist Peter Schiff Explains Why He Expects Bitcoin to Crash as Recession Deepens — Warns ‘Don’t Buy This Dip’

Economist Peter Schiff Explains Why He Expects Bitcoin to Crash as Recession Deepens — Warns ‘Don’t Buy This Dip’Economist and gold bug Peter Schiff has made some dire predictions about cryptocurrency, particularly bitcoin and ether. He explained that “The need to sell bitcoin to pay the bills will only get worse as the recession deepens,” adding that bitcoin is poised to crash to $20K while ether will sink to $1K. Peter Schiff Shares […]

Crypto Analyst Kevin Svenson Says Bitcoin at a Decisive ‘Close Call’ Moment, Unveils Potential Path Forward

US Inflation Spiked 8.6%, Highest in 40-Years — Economist Says We’re Not ‘Seeing Any Signs That We’re in the Clear’

US Inflation Spiked 8.6%, Highest in 40-Years — Economist Says We’re Not ‘Seeing Any Signs That We’re in the Clear’After April’s consumer price index (CPI) report was published, a number of American economists and bureaucrats said that inflation had peaked and it was possible that inflation would subside. However, statistics from the U.S. Labor Department indicate the CPI increased 8.6% from a year earlier, as the month of May’s inflation data reached another lifetime […]

Crypto Analyst Kevin Svenson Says Bitcoin at a Decisive ‘Close Call’ Moment, Unveils Potential Path Forward

Kim Dotcom Says ‘US Is Beyond Bankrupt,’ Digital Entrepreneur Predicts a ‘Controlled Demolition of Global Markets’

Kim Dotcom Says ‘US Is Beyond Bankrupt,’ Digital Entrepreneur Predicts a ‘Controlled Demolition of Global Markets’On June 5, 2022, the entrepreneur and activist known as Kim Dotcom published a post on Twitter and said it “may be the most important thread” he ever makes concerning a major global collapse. In the thread, Dotcom specifically highlights the American economy and he claims the “U.S. is beyond bankrupt.” Dotcom also talked about […]

Crypto Analyst Kevin Svenson Says Bitcoin at a Decisive ‘Close Call’ Moment, Unveils Potential Path Forward

The Fed’s Christopher Waller Wants 50 bps Rate Hikes Until Inflation Subsides, US Savings Data Plummets

The Fed’s Christopher Waller Wants 50 bps Rate Hikes Until Inflation Subsides, US Savings Data PlummetsFederal Reserve governor Christopher Waller has detailed he is ready to get behind 50 bps rate hikes until the extreme inflationary pressures plaguing the U.S. economy subsides. Waller stressed that until inflation is reduced he doesn’t “see the point of stopping” 50 bps rate hikes. Furthermore, statistics from the U.S. Bureau of Economic Analysis show […]

Crypto Analyst Kevin Svenson Says Bitcoin at a Decisive ‘Close Call’ Moment, Unveils Potential Path Forward