Peter Schiff loses bitcoins and blames cryptocurrency

Credit: Gerd Altmann – Pixabay

The CEO of Euro Pacific Capital, Peter schiffsaid he lost access to his bitcoins because its wallet "Had been corrupted" and his password "was no longer valid".

Yesterday, on Twitter, the American economist tackled the first cryptocurrency on the market, claiming that holding Bitcoin was a very bad idea.

“I just lost all Bitcoin that I have ever owned. My wallet was somehow corrupted and my password is no longer valid. So now, not only is my Bitcoin intrinsically worthless and it also has no market value. I knew owning bitcoins was a bad idea, I never realized it was so bad, ” did he write.

Several figures in the ecosystem reacted quickly. Antony Pompliano, partner at Morgan Creek Digital, tweeted that he should rather have forgotten his password. To which Schiff replied: "I have not forgotten my password. My wallet forgot my password ”.

Fierce defender of gold and moderately fan of cryptocurrency, the 56-year-old entrepreneur uses a non-owner wallet hosted by the company Blockchain.com.

“Hello Peter, we’re sorry to hear about the issues you’re having with your wallet. Please activate your messaging or send us a message so we can help you, ” responded Blockchain.com

Taunted by many netizens, Schiff tweeted again this morning, pointing out that there was "so much fake news that he forgot his wallet password."

“The supporters of Bitcoin can't they be honest about anything? I was very clear that I did not forget my password. My wallet no longer recognizes my correct password, ” he added.

If Schiff has not lost his password, then we can imagine that the problem comes from his wallet provider. However, it is one of the most renowned and used services of its kind in the world.

In all cases, the incident is not directly linked to the network Bitcoin. Note that the best way to secure your digital parts is to use a owner portfolio – and possibly physical – and to keep even his private keys.