Don’t confuse Bitcoin with money, Bitcoin critic Peter Schiff

Famous Bitcoin critic Peter Schiff may have admitted to losing all his Bitcoin holdings through his own fault; however, when it comes to discouraging people from investing in it, he doesn’t believe in withholding his opinion.

Bitcoin critic and Euro Pacific Capital CEO Peter Schiff broke the internet recently by tweeting about losing all his Bitcoin holdings and blaming the wallet security and demonstrating why his anger on the crypto itself, is justified. Needless to say, Bitcoin supporters and cryptocurrency developers did not take it lightly, rubbishing his claim that it is impossible for a wallet to become corrupt.

Don’t make the mistake of investing in Bitcoin, Bitcoin critic Schiff

On Wednesday, Schiff took to Twitter again to reveal the mystery behind the Bitcoin wallet inaccessibility. I confused my PIN with being my password, and I agree that’s my mistake. I got logged out when the blockchain was updated and couldn’t sign back in with the incorrect password and lack of seed phrase backup. It cost me Bitcoin savings, Schiff admitted.

The renowned Bitcoin detractor’s tweet went viral at a stroke, attracting widespread criticism over his baseless allegations. Many were genuinely surprised that an avid stockbroker and investor such as him could care to make such a ridiculously trivial mistake.

Agreed, it was a careless mistake. However, according to Schiff, a bigger mistake would be to misinterpret Bitcoin as money. A staunch censurer as he is, Schiff said that he made a small and lost his Bitcoin assets but, those investing in Bitcoin with the hopes that it would yield profitable returns one day are making an even bigger one. Don’t confuse it with money, or you could lose everything you have on Bitcoin, he argued.  

Meanwhile, Schiff isn’t the only vigorous Bitcoin critic we know of today. During a recent interview with CNBC, American billionaire and co-founder of the largest hedge fund Bridgewater Associates, Ray Dalio, slammed Bitcoin for neither qualifying as a medium of exchange nor store of value.

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