Earlier this week, as ZyCrypto reported, self-proclaimed bitcoin hater Peter Schiff admitted that he lost his bitcoin after mistaking the pin of his bitcoin wallet for the password. He then went ahead to claim that investors who confuse bitcoin with money are making a much bigger mistake than his. Schiff attracted a lot of criticism from crypto Twitter with many saying that he should not be attacking bitcoin given that he can’t even tell the difference between a pin and password.
However, bitcoin bull Changpeng Zhao, the CEO of the world’s largest crypto exchange Binance, has observed that Peter Schiff’s perennial bitcoin disses are actually good for bitcoin’s publicity. As such, he touted that the cryptocurrency community needs more such “negative voices”.
Schiff Is Inadvertently Promoting Bitcoin: CZ
Binance CEO, fondly known as CZ, says Peter Schiff is doing great at marketing bitcoin. His negative comments about the king cryptocurrency have not dented its reputation. Instead, they may actually help long-term adoption. In other words, the drama that ensued after Schiff claimed he lost his bitcoin holdings made the case for bitcoin (BTC) whether or not that was his intention.
Schiff has a penchant for lambasting bitcoin. But, according to CZ, owing to his “illogical reasoning”, most people will do exactly the opposite of what he says.”
Peter Schiff Is Constantly Trashing Bitcoin
In the past, the CEO of Euro Pacific Capital has repeatedly spewed hate on the top crypto. Last week, he was blaming a corrupted wallet after he lost access to his bitcoin stash. At press time, the infamous tweet has garnered over 1,362 retweets and 5,428 likes. Many of the Twitter users cited Schiff’s incompetence when dealing with new technology like bitcoin. Yet, he still insists that the yellow metal is superior to bitcoin, even after realizing that the mistake was his.
Evidently, Schiff is doing his best to tarnish bitcoin’s image by sending out the message that it is hard to use, hence it’s not yet ready for mainstream adoption. It will come as no surprise if he takes more shots at bitcoin in the near future. But like CZ has pointed out, Schiff’s negativity could be good PR for bitcoin after all.