Skeptic Peter Schiff Loses Access to Bitcoin
Economist Peter Schiff, a well-known critic of Bitcoin and advocate for gold, has become famous for his skepticism towards the cryptocurrency, predicting its eventual collapse. Despite his public criticism, Schiff admitted to once owning Bitcoin, but he no longer has access to it. In a tweet from January 19, 2020, Schiff revealed that he lost access to his last Bitcoin holdings due to a corrupted wallet. Although he didn’t disclose the amount of BTC in the inaccessible wallet, Schiff emphasized that owning Bitcoin was a bad idea.
Schiff’s Potential Gains from Bitcoin’s Surge
Ironically, despite his misfortune, Schiff may find himself benefiting from Bitcoin’s significant value surge over the past few years. At the time of Schiff’s tweet, Bitcoin was trading at $8,706. Fast forward to January 19, 2024, and Bitcoin’s value has skyrocketed to $40,990, representing a remarkable 370% growth. Considering the economist’s harsh criticism of Bitcoin, it would be ironic for him to profit from its meteoric rise.
Continued Criticism and Predictions
Despite losing access to his Bitcoin holdings, Schiff continues to dismiss the potential of the cryptocurrency. He recently expressed his belief that the Securities and Exchange Commission (SEC) will impose new regulations under Chair Gary Gensler’s leadership that could impact Bitcoin. He referred to Bitcoin as a “digital pyramid scheme” and advised long-term investors to use any price gains as an opportunity to exit the asset.
Hot Take: The Irony of Schiff’s Situation
Peter Schiff’s situation regarding his lost access to Bitcoin highlights the irony of his position as a staunch critic of the cryptocurrency. While he has consistently expressed skepticism and warned against investing in Bitcoin, the significant surge in its value over the years may mean that he missed out on substantial gains. This serves as a reminder that even the most vocal critics of Bitcoin could potentially benefit from its success, despite their negative outlook.
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