Euro Pacific Capital chairman Peter Schiff has urged to sell BTC and buy gold.
He has asked:
"If crypto really is the future, why is Silvergate, the premier crypto bank already a thing of the past?".
According to him, a wave of bankruptcies "will crash down" on digital assets and turn the cryptocurrency winter "into a deep freeze."
When asked by users about his bank's problems, Schiff has responded that regulators and the media are to blame.
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In July last year, Puerto Rican regulators shut down Euro Pacific amid allegations of insolvency and non-compliance. Schiff later said government agencies were retaliating against him for criticizing excessive taxation and regulatory oversight.
In February of this year, it emerged that the US authorities were investigating Silvergate Bank's connection to the collapse of FTX and Alameda Research. Moody's downgraded the institution's rating due to the downgrade of the core credit rating.
On March 3, Silvergate announced the termination of its SEN payment network. Less than a week later, the bank's parent company announced its liquidation.
Many cryptocurrency companies have distanced themselves from Silvergate amid rumors of bankruptcy.