The new DEFI platform enters the market! Earn passively - token sale 0.25 $ I'm going in!

Is it BTC's Fault That Peter Schiff Lost an Access To His Wallet?

3 min reading

Peter Schiff despises Bitcoin (BTC) almost as much as BTC supporters dispise Schiff. The well-known gold advocate attacks the leading cryptocurrency at every opportunity. This time, the eccentric entrepreneur found a new reason to criticize BTC. The man forgot his wallet password, claiming that, in this case, it is Bitcoin's fault.

Schiff: I did not forget my password. It is my wallet that forgot my password

The well-known gold advocate and fierce cryptocurrency opponent, Peter Schiff, recently twitted on his Twitter account that he had lost access to his Bitcoin (BTC) wallet and that his password is no longer valid. Schiff claimed that he had lost all Bitcoins that he has ever had.

"... 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!"

When the accusations of the situation not being Bitcoin's fault appeared, explaining that the man simply forgot his wallet password, Schiff said that:

"There is zero chance I forgot my password. I used a very simple numeric password that I have used many times in the past … I remember it.  The wallet doesn’t."

Anthony Pompliano, Morgan Creek Digital's co-founder, added that the software executes human commands exclusively and that there is no option that it can forget something.

Not your password, not your coins

While people where in the middle of a fierce discussion, pointing out to either the stupidity of using a simple password, or to the inability of the software to "forget" the password, Schiff, commonly known for criticizing openly, said that:

"Since all the Bitcoin in my corrupted wallet were gifted to me, it’s not that great a tragedy for me that they’re lost. “Easy come, easy go,” is especially true for #Bitcoin. My plan was HODL My plan was to HODL and go down with the ship anyway.  The difference is that my ship sank before Bitcoin." reports that, granted that Schiff has really forgotten his wallet password, he can recover funds if he has kept the private key. A great number of wallets, like the one in which Schiff kept his Bitcoins (, provide an optional user-generated password in order to make the login process simpler. The export of wallet keys to wallet software, like, for example, Electrum, should restore access to BTC.

Currency Exchange rate Buy cryptocurrency

Buy crypto now

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.