Peter Schiff reported he lost access to his Bitcoin wallet

by in Cryptocurrency News

Peter Schiff lost bitcoin

Well-known Bitcoin critic Peter Schiff told that he had lost access to all his coins, as his wallet password is no longer valid. For what reasons this happened, the financial expert was at a loss to answer, saying only that the wallet was compromised.

On Sunday, Schiff wrote on Twitter that at that moment he lost all the bitcoins he owned. As he suggests, his wallet was somehow compromised and the password was no longer valid. So now his bitcoins not only do not have any intrinsic value, they do not have market value either. He notes that he knew: having bitcoins was a bad idea, but never suspected it was so bad.

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The economist’s record collected numerous retweets and comments, among which the main idea was that it is impossible to lose access to bitcoins as long as the user has a private key backup stored in a safe place.

Anthony Pompliano, the co-founder of Morgan Creek Digital investment company, also offered his help in regaining access to the wallet, but his dialogue with Schiff seems to have come to a standstill.

So, to Pompliano’s question about whether it’s about a forgotten password by analogy with e-mail, Schiff advised him to carefully read his original tweet again, adding that his wallet forgot password.

Anthony Pompliano reasonably remarked that the software only executes the commands that a person gives him and cannot “forget” anything.

In response, Peter Schiff added that the head of ShapeShift, Erik Voorhees opened the wallet for him, and even he can do nothing.

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According to Voorhees, in 2018, after a heated debate with Schiff, they went together for dinner, during which he helped the economist open his wallet on his mobile phone, and also gave him $50 in cryptocurrency. What kind of wallet was it, Edge or BRD, Voorhees did not exactly remember, but he recommended to secure the wallet if it contains a significant amount of money. However, Peter Schiff did not write down the password or passphrase.

Schiff refused to continue the further discussion, but after a while, wrote a new tweet. He added that since all the bitcoins in this compromised wallet were presented to him, their loss is not a big tragedy. God gave, God took, and this is especially applicable to Bitcoin. He planned to hodl and go with the flow. The difference is that his ship drowned before the first cryptocurrency.

It’s not yet clear what kind of provider's wallet Peter Schiff says about, there is no answer to the question about where the copy of private keys is located.

Recall that Schiff has repeatedly questioned the value of Bitcoin as a protective asset, stating that nothing in this context can be compared to traditional gold. Last summer, the aforementioned Anthony Pompliano decided to introduce him to the cryptocurrency closer by giving some bitcoins.