By
Bhushan Akolkar
April 26th, 2024
The news from Peter Schiff about his Bitcoin loss made a lot of noise on Twitter. But it was not a big tragedy for him as he hadn’t bought the crypto himself.
An outstanding American investment broker and Euro Pacific Capital CEO Peter Schiff has lost Bitcoin. The loss resulted from the failure of his crypto wallet. On Sunday, Schiff wrote on his Twitter account his password was no longer valid.
I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad! pic.twitter.com/6SJvDJOZU6
— Peter Schiff (@PeterSchiff) January 19, 2020
Further, Schiff added the loss was not a big tragedy as he did not buy Bitcoin himself.
The gold bug stated:
“Easy come, easy go,” is especially true for #Bitcoin. My plan was to HODL and go down with the ship anyway. The difference is that my ship sank before Bitcoin.”
The news Peter Schiff lost Bitcoin spread like wildfire. Notably, the community was quick to respond and offer help. For example, Morgan Creek Digital co-founder Anthony Pompliano wrote:
The software just executes the commands that humans give it.
It can’t “forget” anything.
Email me and I’ll try to help you recover the lost Bitcoin.
— Pomp 🌪 (@APompliano) January 19, 2020
However, this offer did not inspire Peter Schiff. He responded:
“Eric Voorhees set up the wallet for me and even he thinks there is nothing I can do. But you’re welcome to try if you have any ideas.”
Some Twitter users pointed out it is essential to keep your passwords for digital assets safe. Besides, they stated you can not blame products and services (in this case, Schiff can not complain about his wallet) as losing the password does not refer to their work.
Some found it ridiculous and started joking about the password Schiff had.
Even Binance CEO Changpeng Zhao couldn’t stay indifferent.
Oh man, this is wrong on so many levels…
I am not sure even a centralized exchange can help him secure his coins.
I can’t believe I am about to say this, but maybe “stay in fiat”? https://t.co/LZqDhlI25n
— CZ 🔶 Binance (@cz_binance) January 19, 2020
Schiff’s Criticism of Bitcoin
For Peter Schiff, the case is just further proof that Bitcoin is one of the worst investments. Despite the fact that this crypto is considered as ‘digital gold’, the investor is passionate about real gold only.
Earlier, Schiff made a number of negative statements about Bitcoin. In November, he claimed marijuana was more useful than the currency. He explained:
“You can smoke pot and get high. You can’t do anything with Bitcoin.”
In 2019, Bitcoin became one of the top cryptos that grew almost 100%. However, the gold admirer did not agree. Stating that Bitcoin was the only asset class that is not rallying at that moment, Schiff noted that Bitcoin’s price did not correlate with the performance of other asset classes. Moreover, Schiff expected it would drop to $1,000 to ‘complete the pattern.’
He stated:
“A lot of people got suckered into this pump-and-dump scheme because they heard all the stories about young kids taking their Bar Mitzvah money into bitcoin and bought a Lambo. Pretty soon, it is going to be stories about people who lost their life savings because they put real money instead of play money into Bitcoin.”
As for his favorite asset, Peter Schiff is convinced gold will one day top $5,000.