In a recent tweet, famed gold bug and Bitcoin Basher Peter Schiff mentioned that one of his bank accounts was closed for what were presumably unfounded reasons. Many crypto enthusiasts have used this as an "I told you so moment" to highlight the fact that the cryptocurrencies that Peter so wholeheartedly disparages are designed to prevent the very thing that has happened to him. Although there is a certain bit of irony in the situation, I think it's important not to make fun of someone's misfortune, and I'd rather take a more nuanced approach. In this post, I'll explain how cryptocurrencies are designed to protect individuals from the overreach of third-party financial institutions, and I'll also explain some of the differences between gold and crypto.
