Brazilian President Jair Bolsonaro Reveals He Doesn't Know What Bitcoin Is

Francisco Memoria

Jair M. Bolsonaro, the president of Brazil, has recently revealed in an interview with a well-known TV show host that he doesn’t know what bitcoin is, while speaking about his administration’s decision to shut down an ‘indigenous cryptocurrency’ project.

According to local news outlet Portal do Bitcoin, the TV show host has been participating in various cryptocurrency-related events recently, and was speaking to the country’s president about a cryptocurrency-related project barred by Brazil’s Minister of Human Rights, Family, and women, Damares Alves.

Bolsonaro, with a disapproving tone, stated:

She [Damares] discovered at the end of the transition last year that they were earmarking Funai for RS $40 million, and do you know why Ratinho? To teach indigenous people how to mess with bitcoin.

The “indigenous cryptocurrency” project Bolsonaro refers to was signed three days before the mandate of Michel Temer, Brazil’s former president, ended. It would see the country spend roughly $12 million to bring in an “alternative currency” for its indigenous communities, in a move that purportedly could “transform the reality of these people.”

As CryptoGlobe covered, however, the project saw the government sign a contract directly with the National Indian Foundation (Funai) and with the Universidade Federal Fluminense (UFF), instead of seeing organizations compete for it through a traditional bidding process.

At the time, officials claimed the UFF was chosen because of its “expertise” in similar projects. It’s worth noting, however, that Funai employees claimed the work that was set to be done was of “questionable technical relevance.”

Reacting to Bolsonaro’s disapproving tone, Ratinho asked the Brazilian president if he knew what bitcoin was. Bolsonaro replied he didn’t know but with help from the host managed to get a little more out:

It's that virtual coin. I do not know how to operate that 'train' yet.

As Portal do Bitcoin reports, Bolsonaro’s son Carlos Bolsonaro appears to not yet properly understand cryptocurrencies. On the microblogging platform Twitter, he claimed the halted cryptocurrency project blocked “millions in bitcoin,” when in reality it blocked millions in fiat currency.

Featured image via Jair Bolsonaro's YouTube channel.

Peter Schiff: ‘I Just Lost All the #Bitcoin I Have Ever Owned’

Siamak Masnavi

On Sunday (January 19), famous gold bug and Bitcoin critic Peter Schiff claimed that he had lost access to all of his Bitcoin holdings.

On 4 July 2019, Schiff, who is the CEO of Euro Pacific Capital, a full-service, registered broker/dealer specializing in foreign markets and securities, and founder and Chairman of SchiffGold, a full-service, discount precious metals dealer, and a man who is extremely bullish on gold, bearish on the U.S. dollar, and highly skeptical about Bitcoin, admitted to owning Bitcoin (BTC), Ether (ETH), and Bitcoin Cash (BCH), and said that he was going to HODL his bitcoin no matter what happens to the Bitcoin price.

Earlier today, Schiff took to Twitter to express his anger with Bitcoin after allegedly losing access to the crypto wallet that holds his bitcoin:

Although Schiff thinks that the wallet he was using has "somehow" gotten "corrupted" and that is why his password -- which he is sure of remembering correctly -- is being rejected, not everyone in the crypto community is convinced that is right.

One of those who believes that Schiff has simply forgotten his password is Anthony Pompliano (aka "Pomp"), Co-founder and Partner at Morgan Creek Digital:

After Schiff denied forgetting his password, Pomp, offered to help Schiff recover his bitcoin:

Interestingly, Schiff then claimed that the unfortunate situation with his wallet has not occurred because he incorrectly set up the wallet, and that it was in fact Eric Voorhees, Founder and CEO of ShapeShift, who set it up:

Carlos Acevedo, Director of Sales at Brave, then told Schiff that Bitcoin was not to blame and that if Schiff had used a cold wallet (such as a hardware wallet made by Ledger) or made a note of the recovery phrase, then this situation could have been prevented:

Schiff says that he did not change to a more secure wallet because he wanted all those people who had sent him bitcoin last year to be able to "easily monitor their value".

Although quite a few people are now blaming Voorhees for not making saving the private keys for the wallet he allegedly set up for Schiff, overall, there is not much sympathy for the man who has constantly been attacking Bitcoin over the past few years.

Featured Image Credit: Photo via Pixabay.com