Peter Schiff: Confusing Bitcoin For Money Is A Much Larger Mistake

Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.
Peter Schiff: Confusing Bitcoin For Money Is A Much Larger Mistake

  • Peter Schiff took another jibe at the king of Cryptoverse when the crypto community bashed Peter for losing the password of his Bitcoin wallet.
  • Peter Schiff slammed his trolls for making fun of his confusion over pin and password.
  • Peter Schiff replied his tweet saying his claims are nonsense and gold can’t be digital comparing a digital house with a real home.

The Notorious Bitcoin skeptic Peter Schiff took another jibe at the king of Cryptoverse when the crypto community bashed Peter for losing the password of his Bitcoin wallet and slamming Bitcoin for his own mistake. Peter could not resist and had to comment on Twitter.

Peter Schiff slammed his trolls for making fun of his confusion over pin and password. He said that he made a mistake, which cost him his Bitcoin’s, but people who are choosing Bitcoin over money are making a more significant mistake, and it will cost them more.

Another controversial statement on Bitcoin did not go down well with the Twitterati, and Crypto twitter comes out in support of Bitcoin. 

The Famous Bitcoin advocate and Co-founder at Morgan Creek Digital, Anthony pompalino, replied to Peter that, as per data, Bitcoin was the best performing asset of the decade. However, Peter’s analysis might not agree with the data.

On which Peter replied that the price of Bitcoin has nothing to do with his claim. The surge in price does not qualify bitcoin to replace the money. He further added that people who are trading Bitcoin would make a profit out of it, but people who are holding Bitcoin will undoubtedly suffer loss.

Another twitter user, BitcoinBoss22 with username @DankCoiner22, Who mockingly said that Peter you’re right, Bitcoin is not money, its digital gold, and a store of value.

Peter Schiff replied his tweet saying his claims are nonsense and gold can’t be digital comparing a digital house with a real home. He further added that Bitcoin couldn’t be a store of value as it doesn’t have any value; it can’t be valuable.

His tweet attracts a lot of negative remarks from the crypto community, and the whole crypto-peter Schiff saga started all again.

How Peter Schiff Lost His Bitcoins

On Jan 19, Peter tweeted that his wallet got corrupted. He lost access to his Bitcoin wallet, and his password is no longer valid, and he added that his Bitcoin holding is now worthless, and it has no value, owing Bitcoin was a terrible idea.

The statement by peter Schiff went viral while crypto leaders came to the rescue and offered their help in gaining access to the wallet, and many bashed Peter for his stunt to create FUD against Bitcoin.

Hours ago, Peter posted another tweet saying that it he mistook ‘pin’ of wallet as it’s ‘password’ and after the update of blockchain he logged out of app and which logging back he used his pin instead of password and therefore it was ‘no longer valid,’ He called it a Costly Mistake.

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