• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF

When Anti-Bitcoin Peter Schiff Lost his BTC…

Christine Vasileva
by Christine Vasileva
5 years ago
·
Posted in Bitcoin, News, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Peter Schiff may be unable to sell his Bitcoin (BTC), after getting locked out of his wallet. Schiff, who has been critical of BTC and sees its price as potentially tanking, tweeted that his wallet failed to decrypt.


Peter Schiff Loses Acess to his Bitcoin Stash

Bitcoin wallets are not forgiving of lost passwords or key files, and Schiff said he effectively lost all his coins.

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

Of course, Schiff’s BTC stash is safe and sound, in case he manages to make the wallet work again, or recovers the password. PIN and passwords, as well as key phrases, or lost wallet.dat files, have locked a significant part of the BTC supply by accident. Schiff, however, claims he is using the correct password, though the so-far unnamed wallet brand refuses to be unlocked.

Crypto Community Calls FUD, Faked Claims to Dismiss BTC

Beyond advice to try the correct password or check CAPSLOCK, Schiff also raised eyebrows with his tweet. Schiff’s warning that BTC may not be user-friendly mimics the position of Dr. Nouriel Roubini, who has called Bitcoin usage as insecure, due to the risk of losing passwords beyond retrieval. This stance was therefore viewed as FUD and attempted attacks against a technology that, despite its risks, has been widely used and sees growing adoption.

What is more, all lost coins remain unmoved, showing that theft is impossible without a password. Schiff, who is a notorious proponent of investing in gold, cannot deny that gold cannot disappear digitally, but it can be taken away, stolen, or lost.

Skeptics also called fake in that Schiff has known BTC for years, enough to be aware of the risks of getting locked out of a wallet. But if true, Schiff joins a long list of notorious long-time “hodlers” who cannot access their coins, including the owner of thousands of BTC locked in a discarded hard drive.

The complaint about a locked wallet arrived just at a moment when BTC wiped out hundreds of dollars within an hour. It is uncertain if Schiff would have wanted to realize profits, or he is just expanding the FUD on falling BTC prices. Nor does Schiff disclose the proximity of his holdings.

A lost password, however, should not be the end of the world for Schiff. He has been advised to recycle his wallet from the private keys. Accessing BTC hinges on that self-ownership, meaning Schiff has been incorrect to state his BTC is lost – it is only inaccessible now, due to technicalities.

What do you think of Peter Schiff’s bitcoin wallet problems? Share your thoughts in the comments section below!


Images via Shutterstock, Twitter: @PeterSchiff

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christine Vasileva

Christine Vasileva

Follow

Christine Vasileva is a financial news and business writer, tracking the latest developments in fintech and the effect of blockchain and crypto-assets on global business and finance.

Full Profile

Related Posts

Bitcoin

Bitcoin To Retain Bullish Bias If Price Holds Above $114K — Here’s Why

2 days ago
Bitcoin LTH Profitability Outpaces STHs: Is A New Bullish Phase About To Commence?

Bitcoin LTH Profitability Outpaces STHs: Is A New Bullish Phase About To Commence?

3 days ago
Bitcoin

5 Years Left: Solana Co-Founder Urges Bitcoin Community To Brace For Quantum Threat

3 days ago
Bitcoin

NBA Star Strikes Gold In Forgotten Bitcoin Stash – Details

3 days ago
Bitcoin bombshell

Bitcoin Price Eyes Demand Zones In Higher Timeframes – Here’s The Target

4 days ago
Bitwise

Bitwise Targets Wall Street With Stablecoin And Tokenization ETF Filing

6 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • Bitcoin Hyper

    ChatGPT предсказва следващата 1000x...

    13 hours ago
  • Snorter надхвърли $4 милиона след...

    2 days ago
  • ตัวละครสัตว์ Snorter หน้าตลกโผล่พ้นกำแพงอิฐ

    นักลงทุนแห่เข้าซื้อ...

    5 days ago
  • Little Pepe ($LILPEPE) presale crosses $25 million milestone as investors eye exchange listings and meme coin Layer-2 blockchain growth.

    Little Pepe Presale Surges Past $25M as Stage 12 Sells Out...

    5 days ago
  • As Demand Grows for Ease, MEXC Adds Apple Pay and Google Pay for Instant Crypto Purchases

    As Demand Grows for Ease, MEXC Adds Apple Pay and Google...

    5 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.