Bank

2024

Bitcoin

Joe Biden

<ul class="wp-block-list">
 <li>Peter Schiff claims the IRS shut down his bank unfairly, harming customers and boosting the Joint Chiefs of Global Tax Enforcement.</li>  
 <li>Schiff urges the U.S. to sell its Bitcoin holdings, arguing it could help reduce the growing 2024 budget deficit.</li>  
 <li>While countries explore Bitcoin reserves, Schiff insists gold is a safer option and criticizes federal Bitcoin strategies.</li> 
</ul>  
<p>Peter Schiff, a renowned economist and Bitcoin skeptic, has reignited the controversy by revealing IRS misconduct and urging the <a href="https://cryptonewsland.com/u-s-government-transfers-over-10000-bitcoin-amidst/" target="_blank" rel="noopener noreferrer nofollow">U.S. government to liquidate its Bitcoin holdings</a>. Schiff claims newly disclosed documents prove the IRS unjustly orchestrated the closure of his bank, causing severe financial repercussions for its clients. Moreover, he has criticized federal Bitcoin reserves, calling for their immediate sale to alleviate the growing 2024 budget deficit.</p>  
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  https://twitter.com/PeterSchiff/status/1867919549590376463
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<h2 class="wp-block-heading" id="h-irs-interference-exposed">IRS Interference Exposed</h2>  
<p>Through a lawsuit under the Freedom of Information Act (FOIA), Schiff uncovered shocking details surrounding his bank’s closure. According to Schiff, the IRS deliberately interfered to disrupt the planned sale of his bank to Qenta. He alleges IRS agents devised the closure plan as a publicity stunt to boost the Joint Chiefs of Global Tax Enforcement (J5), despite their failed investigation.</p>  
<p>Significantly, Schiff claims his bank faced no evidence of money laundering or tax evasion. However, <a href="https://www.pbs.org/newshour/politics/irs-recovers-4-7-billion-in-back-taxes-braces-for-cuts-under-trump-and-gop-majority" target="_blank" rel="noopener noreferrer nofollow">IRS pressure</a> led the OCIF Commissioner to shut it down under false pretenses. The bank’s closure harmed customers who were denied immediate access to their deposits. Schiff argues that these actions misled the public and allowed J5 partners to claim false victories.</p>  
<h2 class="wp-block-heading" id="h-schiff-criticizes-u-s-bitcoin-reserves">Schiff Criticizes U.S. Bitcoin Reserves</h2>  
<p>Shifting focus, Schiff called on President Joe Biden to liquidate all Bitcoin held by the U.S. government. He argues selling federally held BTC would provide much-needed revenue to reduce the 2024 budget deficit. Additionally, Schiff dismissed discussions of establishing a “<a href="https://www.forbes.com/sites/digital-assets/2024/12/14/trump-confirms-bitcoin-reserve-plans-15-trillion-price-boom-predicted/" target="_blank" rel="noopener noreferrer nofollow">Strategic Bitcoin Reserve</a>,” labeling such ideas as harmful.</p>  
<p>Schiff’s proposal contrasts sharply with global trends. Bitcoin reserves are being investigated more and more by nations like Brazil, Poland, and Russia as a hedge against inflation and geopolitical threats. However, <a href="https://cryptonewsland.com/gold-peaks-schiff-warns-of-economic/" target="_blank" rel="noopener noreferrer nofollow">Schiff remains steadfast in his preference for gold</a>, rejecting Bitcoin’s role in national finance. He has also criticized Bitcoin ETFs, claiming they undermine crypto’s decentralized nature.</p>   
<p>The post <a href="https://cryptonewsland.com/peter-schiff-slams-irs-and-bidens-bitcoin-strategy-amid-bank-closure-scandal/" rel="noopener noreferrer nofollow">Peter Schiff Slams IRS and Biden’s Bitcoin Strategy Amid Bank Closure Scandal</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Peter Schiff Slams IRS and Biden’s Bitcoin Strategy Amid Bank Closure Scandal

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