On Jan. 19, famous crypto skeptic and gold bug Peter Schiff claimed on Twitter that he has lost access to his Bitcoin wallet and that his password is no longer valid.
Schiff added that his BTC is now intrinsically worthless and has no market value. He also added that:
“I knew owning Bitcoin was a bad idea, I just never realized it was this bad!”
Getting to the bottom of the issue
After Schiff tweeted about his loss, the crypto community was quick to jump to the rescue. For example, co-founder and partner at Morgan Creek Digital Anthony Pompliano responding by asking if he forgot his password, to which Schiff has responded that, “My wallet forgot my password.”
Hi. My name’s Peter. I don’t know how to manage passwords.— Preston Byrne (@prestonjbyrne) January 19, 2020
This is Bitcoin’s fault. https://t.co/vAUVW44Uur
Pompliano then asked Schiff to email him directly:
“The software just executes the commands that humans give it. It can’t ‘forget’ anything. Email me and I’ll try to help you recover the lost Bitcoin.”
However it looks like the BTC may indeed be gone for good, as Schiff responded:
“Eric Voorhees set up the wallet for me and even he thinks there is nothing I can do. But you're welcome to try if you have any ideas.”
BTC price skepticism
Schiff is known for being an outspoken critic of cryptocurrencies. Just before the New Year, he claimed that unlike every other asset class, BTC was not rising toward the end of the calendar year.
In late November, Schiff claimed in a Twitter debate that the price of BTC would drop to $1,000 to “complete the pattern.”