Peter Schiff, president of Euro Pacific Capital, has called for selling cryptocurrency and buying gold in light of the collapse of Silvergate Bank, a major cryptocurrency bank.
Schiff has argued that a wave of bankruptcies in the crypto industry would make the “crypto winter” “freezing cold”.
In July 2022, Euro Pacific was shut down by Puerto Rican regulators, who Schiff believed were retaliating against him for his criticism of government taxation and control.
He then offered to sell Euro Pacific for any digital asset, and in February 2023, Silvergate Bank was investigated by US authorities.
This was followed by Moody’s downgrade of Silvergate’s rating and the termination of their SEN payment network.