Peter Schiff, renown cryptocurrency skeptic said he figured out “Bitcoin mystery” after recognizing that he mistook the pin of his Bitcoin wallet’s password.
Schiff revealed in a tweet that he knows his wallet’s pin, but he could not log into his holdings after updating the app.
“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’s behavior received criticism from crypto community considering it a huge mistake. Shortly after Schiff’s announcement, Binance CEO Changpeng Zhao said, “I can’t believe I am about to say this, but maybe “stay in fiat”?
The announcement goes viral as Twitter user stated today that Schiff “should be the last person educating/warning people about Bitcoin. [He hasn’t] taken the time to learn even the most basic things about it!”
Schiff, for his part, has 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.”