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An outspoken Bitcoin critic who recently rage-quit crypto has been forced into an embarrassing u-turn – after mixing up his wallet PIN with his password.
Peter Schiff, the CEO of Euro Pacific Capital and one of the most prominent public advocates of gold as a commodity, has been openly critical of cryptocurrencies in the past. Despite his vocal disdain for crypto, however, he has admitted to holding bitcoin, gifted by some members of the Cryptoverse.
But his latest tirade against digital tokens has ended in a sudden climbdown.
Schiff had claimed on January 20 that his wallet account at service provider Blockchain.com had been “corrupted,” meaning he had “lost” all of his funds.
As previously reported, Schiff stated that he had known all along that Bitcoin was “intrinsically worthless,” adding,
“I knew that owning Bitcoin was a bad idea, I just never realized it was this bad!”
However, three days later, Schiff has returned to Twitter to post that he had made the “honest but costly mistake” of mixing up his PIN with his password.
My #Bitcoin mystery is solved. I mistook my pin for my password. When Blockchain updated their app I got logged out… https://t.co/XUls0gY6IO
A vast number of crypto advocates took to Twitter to ridicule Schiff, who later wrote,
“What the episode does show is how easy it is to lose your Bitcoin if you are confused about how wallets work.”
He also took the time to clarify his previous tweet.
To clarify my last tweet I was not able to recover my #Bitcoin. Since I never actually knew my password, just the… https://t.co/CXxETCU4e9
But, as one prominent crypto advocate pointed out, Schiff had hit back at Twitter users who had claimed he had “obviously” forgotten his password – accusing them of spreading “fake news.”
Doubtless, this will not be the last the crypto-sphere has heard of Schiff on the subject of Bitcoin.
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