Peter Schiff Locks Out of his Bitcoin wallet Calls Bitcoin Unsafe
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Peter Schiff Locks Out of his Bitcoin wallet Calls Bitcoin Unsafe

January 20, 2020      Prashant Jha

Peter Schiff, the famous gold proponent and Bitcoin basher recently tweeted about losing access to his Bitcoin wallet. Schiff’s tweet thread suggested that he was frozen out of the Bitcoin wallet and it was no longer accepting his password. He tweeted,

Schiff also took a dig at Bitcoin claiming he did not consider loosing Bitcoin as a financial tragedy as it was gifted to him anyway. When the crypto community rightly pointed that he could have still managed to get access to his wallet using the recovery phrase, Schiff played it down saying he never saved the recovery phrase.

Schiff’s Twitter outburst on losing access to his Bitcoin wallet looked more of an attention-seeking rant rather than pointing the flaws with Bitcoin’s security.  He wrote,

“Since all the Bitcoin in my corrupted wallet were gifted to me, it’s not that great a tragedy for me that they are lost. “Easy come, easy go,” is especially true for #Bitcoin. My plan was to HODL and go down with the ship anyway. The difference is that my ship sank before Bitcoin.”

Schiff’s Funds are Safe

Schiff’s complain regarding Bitcoin being unsafe is a total naysayer approach as his statements made it clear that he never intended to recover his wallet at any point. Many twitter crypto experts rightly pointed that the freezing out of one’s wallet could be because of a possible update in the system or maybe the wallet that Schiff was using was not secured in the first place. If the wallet was genuine then there is no reason for Schiff to worry as his funds can be recovered.

Schiff also got a response from Blockchain.com, an exchange and wallet service provider who assured him that his funds were safe. 

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Prashant Jha
Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.