Peter Schiff is ‘doing great to promote bitcoin’ Explains Changpeng Zhao
By Harry Biswell – Cryptocurrency Broker
Peter Schiff is a well-known economist and a famous cryptocurrency sceptic. Known recently for his lost Bitcoin saga and bashing of digital currencies, Schiff’s judgement, according to key figures, appears to have the opposite effect and generally brought more attention to the cryptocurrency community.
The CEO of the cryptocurrency trading platform Binance, Changpeng Zhao, has participated in the conversation. Zhao highlights that Schiff is helping the reputation of Bitcoin as his negative experience highlights a quick solution and will encourage users to educate themselves about blockchain wallet requirements.
Recently, Schiff’s lost Bitcoin picked up momentum as a viral story online, where the crypto community responded quickly to point out that rather than being a failure of the network, the issue stemmed from his lack of knowledge and familiarity. Though he has no experience of buying and selling Bitcoin, he is in possession of a small amount due to a campaign donation. As well as provoking the community, the circumstances had an additional outcome in that it brought worldwide attention to Bitcoin.
As noted by Zhao, Bitcoin and cryptocurrency needs Schiff’s negativism. He stated that due to his ‘illogical reasoning, most people will do exactly the opposite.’ The situation arose when the economist published on Twitter that he had lost access to his holdings and that his wallet was ‘corrupted somehow,’ and referred to his password being ‘no longer valid.’ Crypto veterans were quick to highlight, however, that he was blaming the wrong factor. It was not Bitcoin or the wallet that was the issue, but his lack of preparation and adequate backing up of his wallet contents.
It did not take long to resolve the problem, with Schiff later saying himself that he ‘mistook my PIN for my password.’ While he is in headlines for his negative views against Bitcoin, the community have responded with pleasure as he may have inadvertently achieved the opposite by promoting it.