Although famous gold bug and Bitcoin skeptic Peter Schiff constantly manages to anger the members of the crypto community with his regular negative tweets about Bitcoin, this does not seem to stop Bitcoiners from wanting to read his tweets, and now some of his latest tweets are being commemorated with memorabilia.
Schiff 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. He is also a man who is extremely bullish on gold, bearish on the U.S. dollar, and highly skeptical about Bitcoin.
On 4 July 2019, Schiff revealed that he owned some 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.
Then, on January 19, Schiff took to Twitter to express his anger with Bitcoin after allegedly losing access to the crypto wallet that holds his bitcoin:
I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad! pic.twitter.com/6SJvDJOZU6— Peter Schiff (@PeterSchiff) January 19, 2020
Although Schiff said at the time that the wallet app he was using -- which we now know was the iOS version of Blockchain Wallet (made by Blockchain.com) -- had "somehow" become "corrupted" and that is why his password -- which he was sure of remembering correctly -- was being rejected, most people in CryptoTwitter, such as Anthony Pompliano (aka "Pomp"), seemed to believe that this was just a case of a "boomer" who has simply forgotten his wallet's password:
Translation: You forgot your password?— Pomp 🌪 (@APompliano) January 19, 2020
Same thing happens to your email if you’re irresponsible and forget your password, Peter 🤷🏽♂️
Schiff however kept on insisting back then that he had not forgotten his Bitcoin wallet's password:
I did not forget my password. Read my tweet. My wallet forgot my password.— Peter Schiff (@PeterSchiff) January 19, 2020
Then, on January 23, the mystery of Schiff's alleged "corrupted" wallet was solved when Schiff finally realized that he had indeed forgotten his wallet's password and admitted this mistake:
My #Bitcoin mystery is solved. I mistook my pin for my password. When Blockchain updated their app I got logged out. I tired logging back in using my pin, which was the only "password" I had ever known or used. I also never had a copy of my seed phrase. Honest but costly mistake!— Peter Schiff (@PeterSchiff) January 23, 2020
A man needs a mug. pic.twitter.com/xJIYFyC9Iy— 1bdi 🌽⚡️ cogito ergo Bitcoin (@1bdi_) January 28, 2020
After reading Copeland's article, Schiff sent out this tweet to joke that he was not receiving any royalties for any of these commemorative objects:
I'm not getting any royalties, not even in Bitcoin! https://t.co/h6DKjqK47u— Peter Schiff (@PeterSchiff) January 29, 2020
Perhaps, the best lesson that can be learned from all of this -- besides not tweeting when angry -- is that when Bitcoiners set up a wallet for a colleague, friend, or relative, they should make sure that the owner of the new wallet is made aware of how important it is to keep safe (either in physical or digital form) their wallet's 12/24 word seed/recovery phrase.