Peter Schiff, CEO of Euro Pacific Capital and Chairman of Schiffgold, updated the latest on his alleged corrupted bitcoin wallet by saying that he mistook his pin for his password as he also never had his seed phrase.
In another of his tweets, Schiff said that Erik Voorhees set up his account for him over dinner, and that is why he never had the password and the seed phrase.
“For some reason, Erik let me leave the restaurant without a copy of either. Not sure why. While I had no experience with #Bitcoin, he had plenty.”
In June 2019, Schiff was on the highlights under speculation that he was a major potential and surprise convert to Bitcoin. The crypto community awarded him with a small amount of BTC then worth $2,800, which were donated to convince him to become a crypto-fan.
Peter Schiff’s Interest in Crypto-Matters Is Evident in His Twitter Interactions
As a renowned veteran investor in gold and bitcoin critic, Schiff has in the past stated:
“There Are Some People Who Think Bitcoin Isn’t Going To Work. I Happen To Be One Of Them. People Want To Accuse Me Of Having Bias [Against Bitcoin And Crypto] Because I Like Gold. There Are Though People Who Like Both Bitcoin And Gold.”
His profile, however, shows strong evidence of his vested interest in cryptocurrencies as most of his tweets are about digital assets, and many of the people he interacts with are known, crypto followers. This contradicts with his apparent stand on cryptocurrencies as he expressed recently:
“A lot of people are making fun of me for confusing my pin with my password. I made a mistake, and it cost me my #bitcoin. But confusing bitcoin for money is a larger mistake, and those who are making it will lose far more than I did.”
Complexities Surrounding Crypto-Concepts Are Hindering Mainstream Crypto-Adoption
Many people find themselves in a situation similar to what peter Schiff went through. One of the biggest hindrances to cryptocurrency adoption is the complexity of understanding its concept. One user highlighted the struggle of understanding the concept of digital assets:
“While people will make fun of Peter, he’s highlighting an important issue which is that crypto is still super clunky and difficult for people to use, especially less tech-savvy folks.”
The private key lets the owner of the bitcoin become their own bank, which makes it hard to access the bank without their private key. People are afraid to venture into something they don’t understand, while others who are more enthusiastic risk being scammed by people who are more tech-savvy.
However, the new decade promises great advancements for blockchain and crypto, which has sparked quite the revolution, ten years after discovery. As one Twitter user puts it, as for the complexities of blockchain and crypto, “The exact same thing was said about the internet in the early 90s.