Peter Shiff’s ‘Lost’ Bitcoin ‘Mystery is Solved’!

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 26, 2023

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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.

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.

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.