The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

Got Bitcoin? Gold Bug Peter Schiff Loses All of His BTC, Says There’s ‘Zero Chance’ He Forgot His Password

by Daily Hodl Staff
January 19, 2020
in Bitcoin

Crypto enthusiasts and onlookers are deliberating how easy it is to lose all of one’s Bitcoin holdings in light of an update from economist Peter Schiff. The chief executive officer of broker-dealer Euro Pacific Capital, Inc. says he’s lost access to all of his Bitcoin.

In a tweet on Sunday, Schiff, a crypto skeptic who endorses gold as the best store of value, says his password was not forgotten when he got locked out of his Bitcoin wallet.

“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 My wallet got corrupted somehow and my password is no longer valid.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!

It appears that Schiff had his Bitcoin stored on a wallet on his phone. He says he’s using the same phone he’s always used.

“Since all the Bitcoin in my corrupted wallet were gifted to me, it’s not that great a tragedy for me that they’re lost. ‘Easy come, easy go,’ is especially true for Bitcoin. My plan was to HODL and go down with the ship anyway. The difference is that my ship sank before Bitcoin.”

The economist’s Bitcoin woes prompted a slew of responses from crypto companies, influencers and innovators reaching out to assist, suggesting that all is not, in fact, lost.

Hi Peter, we're sorry to hear about the issues you're currently experiencing with your Blockchain Wallet.

Please rest assured, your funds are secure ?

We will PM you shortly.

— Blockchain.com (@blockchain) January 19, 2020

hey @PeterSchiff we partnered with Udemy so you can learn how to use a computer AND earn bitcoin (13.5% sats back!) at the same time pic.twitter.com/P5ivxRgDab

— Lolli ? (@trylolli) January 19, 2020

Erik Voorhees, CEO of crypto exchange platform ShapeShift, says he originally helped Schiff get set up with a Bitcoin wallet in 2018.

“Here’s what happened: after debate in 2018, we went to dinner. Peter had never used bitcoin before (!) I helped him set up wallet on his phone (Edge or BRD?), told him to secure it if he ever held significant value on it, gave him $50. He forgot pw, and never recorded phrase.

He emailed me a day ago about it. I wasn’t going to embarrass him on the interwebs but then he posts this. If I gave him an ounce of gold and he dropped it on the sidewalk would he similarly condemn the precious metal as a foolish monetary system?”

But Schiff is calling the lost Bitcoin a software error – not a pilot error.

“So much fake news about how I forgot my wallet password. Can’t Bitcoin pumpers be honest about anything? I was very clear that I didn’t forget my password. My wallet no longer recognizes my correct password. Plus what’s up with over 3K people liking that I lost my Bitcoin?”

While there are developers who are launching solutions to combat forgotten crypto passwords, such as Vault 21, Schiff claims the problem is inherit to the system of protecting Bitcoin passwords.

When questioned about his wallet not recognizing his password, Schiff replied,

“You may be laughing, but that’s the truth.”

He adds,

“There is zero chance I forgot my password. I used a very simply numeric password that I have used many times in the past.”

Says Willy Woo, a blockchain analyst and partner at Adaptive Capital,

“Wallets do make mistakes and get corrupted as they get upgraded. I remember having to recreate from seed on my old BreadWallet when they upgraded to BRD. (I hadn’t used it in a year) We are still in crypto’s bleeding edge tech days IMO.”

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Kichigin

Submit a Press Release

Industry Announcements

  • Zircuit Enables Non-Custodial Wallet Top-Ups for Crypto.com Visa Cards
    May 30, 2025
  • How To Accept Cryptocurrency on Your Website – Step-by-Step Instructions
    May 29, 2025
  • Stanford Grads Announce $28 Million Blockchain Builders Fund Incubating Frontier Web 3.0 Startups
    May 29, 2025
  • Bet20 Launches Premium Casino Platform With Trusted Licensing, Instant Crypto Withdrawals and Elite Gaming
    May 29, 2025
  • Reddio’s Exclusive Token Generation Event and Alpha Trading on Binance Wallet – May 29, 2025
    May 29, 2025
  • Weed Launches Global Well-Being Platform Powered by AI
    May 28, 2025
  • BitMEX Unveils AI-Powered VIP Trading Reports in Partnership With Hoc-Trade
    May 28, 2025
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$103,721.79
$103,721.79
1.36%
Ethereum
$2,524.37
$2,524.37
3.61%
BNB
$654.11
$654.11
2.18%
Solana
$155.01
$155.01
4.74%
XRP
$2.13
$2.13
2.52%

Spotlight

  • Stocks Tick Downward As Trump Proposes 50% Tariff on the European Union and 25% Tariff on Apple’s iPhones
    May 24, 2025
  • Raoul Pal Predicts $140,000+ Bitcoin by July, Says Key Metric Flashing Bullish Signal for BTC
    May 24, 2025
  • New All-Time High Incoming for Bitcoin Soon, According to Economist and Trader Alex Krüger – But There’s a Catch
    May 24, 2025
  • 437,329 Americans Hit by Massive Data Breach – Customer’s Names, Addresses, Social Security Numbers, Medical Records and More at Risk
    May 24, 2025
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2025 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2025 The Daily Hodl