Peter Schiff Says Bitcoin Wallet Mystery Solved

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.”

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Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.