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Another win for the community as Peter Schiff admits being wrong about Bitcoin

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Gold Bug Peter Schiff, one of the most renowned Bitcoin Skeptics and an avid believer of the fact that BTC cannot replace gold claiming that it has no value in itself, unlike gold, whose value lies in its physical properties. In one of his latest Bitcoin fiascos, Schiff yet again made a fool out of himself.

The Schiff mistake

Earlier this week, Schiff took to Twitter on January 19 to claim that he has lost access to his Bitcoin holdings. Schiff reportedly had admitted to owning $100 worth of BTC, which he said he received as a gift. The cryptocurrency community, in an attempt to win over one of Bitcoin’s biggest critics, had even sent him donations that totaled $1811.

Schiff claimed that he lost access to his Bitcoin wallet because his wallet has somehow gotten “corrupted” and that is why it won’t recognize his password which is being rejected. He believes that his password is no longer “valid.”

The gold bug faced some back thrash from the community as none could agree with him and most believed that he had forgotten his password. Schiff continued to argue the likes of Anthony Pompliano, Co-founder and Partner at Morgan Creek Digital, who said:

“Same thing happens to your email if you’re irresponsible and forget your password, Peter.”

Schiff defended himself explaining:

“The most basic thing about Bitcoin is that it’s not money. It will not succeed as either a medium of exchange or a store of value. What the episode does show is how easy it is to lose your Bitcoin if you are confused about how wallets work.”

The honest mistake

Now, four days after his original tweet, Schiff is back on twitter claiming that he mistook the pin of his wallet for his password. After the app was updated, Schiff was logged out and he couldn’t gain access to his funds anymore. He said:

“My #Bitcoin mystery is solved. I mistook my pin for my password. When Blockchain updated their app I got logged out. I [tried] logging back in using my pin, which was the only ‘password’ I had ever known or used. I also never had a copy of my seed phrase. Honest but costly mistake!”

Schiff admitted to not writing down his seed phrase which is the most basic and most disastrous mistake any Bitcoin holder could possibly make. These incidents should be considered a lesson for anyone who’s not willing takes some extra precautions while storing one’s crypto assets.

This isn’t the first time Schiff has been wrong about Bitcoin. An earlier report from The Daily Chain showed that the gold bug has failed on many occasions while trying to predict Bitcoin’s price. This event led the cryptocurrency community to often call the man a ‘counter indicator.’

Anna Larsen
Anna Larsen has been a Crypto enthusiast since 2016. Fascinated by the technology and its usecases she decided to pursue a career in content creation related to this space. The journey has been exciting ever since.

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