Is owning Bitcoin “A Bad Idea?”: Gold bug Peter Schiff loses access to his BTC wallet

Peter Schiff claims the Bitcoin wallet for his password.
Schiff predicted Bitcoin will fall to $1,000 last November but Bitcoin has recovered to levels above $8,500.

John Isige FXStreet

The gold evangelist Peter Schiff told his fans on Twitter on Sunday that he had lost access to his Bitcoin wallet. He says that the password is also invalid and that Bitcoin is intrinsically worthless. He wrote:

I knew owning Bitcoin was a bad idea, I just never realized it was this bad!

The crypto community as expected did not take the jabs lying down as they responded quickly to Schiff’s opinions. For instance, Morgan Creek Digital’s co-founder Anthony Pompliano replied asking if the gold bug had lost the wallet’s password. Interestingly, Schiff responded saying “my wallet forgot my password.”

Pompliano then offered to help recover the lost Bitcoin:

“The software just executes the commands that humans give it. It can’t ‘forget’ anything. Email me and I’ll try to help you recover the lost Bitcoin.”

In response to the offer to have the Bitcoin recovered for him, Schiff said:

“Eric Voorhees set up the wallet for me and even he thinks there is nothing I can do. But you're welcome to try if you have any ideas.”

Peter Schiff is known to be an all-time evangelist for gold. He is also very outspoken with his dislike for cryptocurrencies, especially Bitcoin. He said last November that Bitcoin is heading for $1,000 and that recovery is a pipe dream.

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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