Peter Schiff Accuses the IRS

Peter Schiff accused the IRS of falsely targeting his bank for tax evasion purposes. He reiterated that Bitcoin will soon meet its end amid ongoing financial and regulatory challenges.

Schiff’s remarks come as he engages in a legal battle concerning his defunct Euro Pacific Bank, which faced regulatory scrutiny and was ultimately shut down.

Peter Schiff Accuses IRS

Schiff accused the U.S. Internal Revenue Service (IRS) and The New York Times of conspiring to link his bank to tax evasion and money laundering, stating:

> “The criminals working at the IRS just produced another 38 pages of documents they claim to have overlooked. Thirty-one of those pages were illegally redacted in their entirety.”

He argues that the IRS deliberately targeted his bank, allowing The New York Times to promote a misleading narrative. Schiff has filed a defamation lawsuit against both entities, claiming the original investigation was politically motivated. He has called for a Congressional inquiry to address perceived corruption within the IRS.

> “Where are the checks and balances? If the Executive Branch commits crimes, Congress needs to take action to stop it. What about Trump? He also wants to eliminate corruption in the Executive Branch. So why not look into these crimes?”

Schiff Takes a Jab at Bitcoiners

Following accusations from an X user about his criticisms of Bitcoin holders during market dips, Schiff defended his skepticism. He believes that Bitcoin isn’t merely speculative but poses a significant danger, asserting the bubble will eventually burst. He stated:

> “As far as Bitcoin is concerned I believe it is doing substantial harm. The longer the bubble goes on, the more damage that will be done and the more people that will be harmed. So yes, I’m happy when the price goes down, as that means we are getting closer to the end of the con.”

Recently, Schiff claimed Bitcoin is in a “stealth bear market” compared to gold, noting that Bitcoin is currently fetching 24% fewer ounces of gold than at its 2021 peak. Amid recent market turbulence, Bitcoin’s struggles have led to a wave of liquidations, wiping out $93.2 million in positions. Currently, Bitcoin hovers around $83,526.36, fueling ongoing debates between critics and advocates alike.