NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Schiff the Bitcoin Expert? BTC Naysayer Schools Drug Dealer on Private Keys

Rick Delafont
Rick Delafont
1 year ago
2 mins read
crypto schiff bitcoin

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Despite having apparently lost his own Bitcoin holdings through private key mismanagement, Peter Schiff now seems to be an expert in securely storing the crypto asset. Apparently, the experience has given the BTC naysayer the authority to pass judgement on similar incidents of carelessness.

Commenting on the recent example of an Irish drug dealer apparently losing private keys worth $60 million, Schiff says the security precautions he took were inadequate.

Since When Did Schiff Know About Securing Bitcoin?

Earlier this year, NewsBTC and other outlets reported on Peter Schiff and his missing Bitcoin. The gold bug had failed to take care of the private keys to a wallet in which he received a gift of BTC and subsequent donations.

In July last year, Schiff admitted he owned a bit of Bitcoin. He said, he owned around $100 that a friend gave him.

Prompted by Morgan Creek Digital Assets partner Anthony Pompliano, Schiff posted the public key to the wallet. What followed was a pretty bizarre outpouring of generosity from the crypto industry.

Schiff’s wallet began to receive donations. Despite the fact that Schiff is already rather wealthy and staunchly opposed to Bitcoin, the community sent more than 0.2 BTC to the wallet.

Interestingly, Schiff decided not to cash out the holdings, despite his aversion to Bitcoin. He claimed that he would instead “go down with the ship”.

However, it has since emerged that Schiff did not take the necessary security precautions over his private key. He later admitted that he had lost access to “all the Bitcoin [he] ever owned”.

He, of course, used his own negligence over the correct way to hold the unfamiliar asset to him as an excuse to bash Bitcoin:

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! pic.twitter.com/6SJvDJOZU6

— Peter Schiff (@PeterSchiff) January 19, 2020

A Costly Lesson?

It now appears that the experience taught Schiff at least a little about how Bitcoin works. In a tweet, half of which could easily be posted by a bone fide Bitcoiner, Schiff today commented on the recent example of drug dealer losing almost $60 million in Bitcoin.

As reported by The Guardian on Friday, Clifton Collins, of Galway, Ireland, was sentenced to five years in jail for possession of cannabis with intent to supply. Police found more than €2,000 worth of the plant in his car.

Following his arrest, his landlord emptied his apartment, dumping the incarcerated Collins’s belongings at the local tip. These included a fishing tackle box that apparently contained the only copy of a private key to Bitcoin worth almost $60 million.

Without mentioning his perceived shortcomings with Bitcoin, in the following tweet Schiff critiques the sloppy storage practice of the Irish drug runner. Contrary to his own admission about his own wallet just weeks ago, Schiff says he would have used a much more adequate storage solution than a scrap of paper in a fishing box:

At least had I known about the seed phrase and had written it down, I would have found a more secure place to hide it, or at least hid multiple copies in various locations.https://t.co/hQxpT15KXj

— Peter Schiff (@PeterSchiff) February 24, 2020

Many of those following Schiff, largely to stay up-to-date with his latest anti-Bitcoin rants, jokingly congratulated him on the apparent start of his journey from crypto cluelessness to fully-fledged Bitcoiner:

https://twitter.com/JohnBitcoin4/status/1231977394656940040

 

Related Reading: Analyst: Ethereum’s Path to $400 is Clear Once it Breaks This Single Level

Featured Image from Shutterstock.
Tweet123Share196ShareSend
Rick Delafont
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Bitcoin Investor Sentiment Back To ‘Very Bullish’ — What This Means

The Bitcoin price action was largely sideways rather than strongly bullish for most of June. As of early July, the...

Opeyemi Sule 3 hours ago
No Room For Bears: Bitcoin Bullish MACD And Monthly Close Fuel Bullish Outlook

No Room For Bears: Bitcoin Bullish MACD, Monthly Close Fuel Bullish Outlook

Bitcoin is facing resistance just below its $112,000 all-time high, struggling to break into price discovery as the market gains...

Sebastian Villafuerte 5 hours ago
Chainlink price

Chainlink Price Continues To Struggle Below $15 — Levels To Watch

The Chainlink price has impressed at times this year, but it has struggled to mount a sustained bullish run over...

Opeyemi Sule 6 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

crypto

Crypto Market Cap On Track To $4.5 Trillion As Q3 Unfolds – Details

Semilore Faleti 41 minutes ago
Ethereum

Ethereum Price Stuck At $2,500: Analyst Says Don’t Trade Until This Happens

Scott Matherson 2 hours ago

What FunToken movement towards a 500% spike says about the scarcity market psychology

News BTC 3 hours ago

Premium Sponsors

Press Releases

  • Koja kriptovaluta ima veći potencijal za stvaranje milijunaša XRP ili Shiba Inu

    Koja kriptovaluta ima veći potencijal za stvaranje...

    3 hours ago
  • 3 altcoina koje vrijedi pratiti u prvom tjednu srpnja 2025

    3 hours ago
  • XRP Bulls Are Soaring — FINDMINING Rides the Wave to...

    9 hours ago
  • $AIN Expands to 7 DEXs as AI Network Activates Omnichain AI...

    9 hours ago
  • 仮想通プレセール注目:リップルが米銀行ライセンスを申請、機関投資家の関心が急上昇中

    ...

    1 day ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.