We Need More ‘Peter Schiffs’ In The Cryptocurrency Ecosystem, Explains CZ Binance

Even though Peter Schiff’s lost bitcoins saga has been resolved, for now, it continues to attract the attention of the cryptocurrency community.

The CEO of Binance, Changpeng Zhao (CZ), recently noted that Schiff helps Bitcoin as his negativism will push people to do the opposite of what Schiff trying to express.

CZ On Schiff’s Lost Bitcoin Drama

Schiff’s recent issues with his lost bitcoins became viral in social media, where the cryptocurrency community reacted quickly by implying that his incompetence might have been the real issue.

Aside from enraging the community, the situation had another effect. The controversy surrounding the Schiff’s allegedly lost coins brought severe global attention to Bitcoin.

According to Changpeng Zhao (CZ), the CEO of the popular crypto exchange Binance, Bitcoin actually needs Schiff’s negativism. Moreover, CZ said that due to the economist’s “illogical reasoning, most people will do exactly opposite of what he says.”

I think Peter is doing great to promote bitcoin. He probably does not realize that given his illogical reasoning, most people will do exactly opposite of what he says.

We need more of these types of “negative” voices. http://t.co/86GWOjOPS3

— CZ Binance (@cz_binance) January 25, 2020

PIN Not Password

Peter Schiff is a famous economist and a prominent defender of Gold, while at the same time uses every chance he has to bash the “new Gold,” known as Bitcoin. Last week, he bemoaned on Twitter that he has lost access to his Bitcoin holdings. He noted that his wallet “got corrupted somehow,” and his password is “no longer valid.”

Interestingly enough, he blamed it on Bitcoin and the wallet, claiming that it stopped functioning. While the community ironically pointed out that he didn’t create a proper backup like every novice in Bitcoin should know, Schiff repeatedly said that he had lost his password.

Shortly after, the drama was seemingly resolved. The famous economist explained that his real problem came because he “mistook my PIN for my password.”

Later on, he shifted the blame from his wallet (and Bitcoin) to the CEO of ShapeShift, Eric Voorhees. According to the economist, the latter helped him set up the wallet initially, and he never actually explained how it works. Schiff continued even more emphatically, saying that “I can’t lose what I never had!”

In any case, Schiff’s situation has attracted serious attention not only on himself but on Bitcoin and the rest of the crypto market. While he’s well-known for his negative views against the largest digital asset, he might have inadvertently promoted it.