Some days ago, Bitcoin skeptic and gold bug Peter Schiff announced that he had lost all his bitcoins after misplacing his private keys. He came out criticizing BTC, calling out on all its flaws. However, the CEO of Binance exchange, Changpeng Zhao, now says that Schiff unwittingly advertised bitcoin’s virtues over other investments.
In a January 25 tweet, Zhao said that Schiff was failing to sew distrust of Bitcoin among social media followers and beyond.
More ‘Negative Voices’ Are Needed
Changpeng Zhao wrote:
“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.”
Schiff, a Euro Pacific Capital hedge fund manager, has already made headlines in the past attacking Bitcoin. Whenever he gets an opportunity, he alleges that gold is superior to Bitcoin.
In the past week, the hedge fund manager undermined his credentials after blaming the wallet provider, Blockchain, for ‘losing’ his Bitcoin holdings. These holdings were worth 0.21 BTC ($1,750), which he received in the form of donations in 2019. In that event, Schiff just confused his pin with his password.
But, he continued to claim that Bitcoin investors were very ignorant for choosing crypto over gold and other precious metals. The tweet which inspired Changpeng Zhao read:
“Bitcoin bugs are saying I’m not qualified to give advice about Bitcoin because I don’t know the difference between a pin and a password. I know the difference now and my advice hasn’t changed. But those Bitcoin bugs still don’t know… the difference between #Bitcoin and #gold.”
Going The Opposite Direction
Zhao’s tone resonated with the additional evidence that came from Schiff’s track record that came about as part of the Blockchain fallout. Today, there is a selection of client reviews doing the rounds on Twitter for Euro Pacific Capital. Many reviewers say that Schiff failed to react to market trends and cost them significant amounts of money.
One review reads:
“Just stick with bonds or S&P, or if you must have international stock, then find a more reputable international stock dealer. This company is a loser, except for Peter Schiff and the brokers who work there.”
According to previous reports, gold itself has so far failed to deliver for the investors this year. The precious metal has firmly flagged while Bitcoin boomed.