Binance CEO Changpeng Zhao recently stated in a Twitter post that Peter Schiff, a stock broker known for his crypto critics, unknowingly promotes Bitcoin. Zhao believes that Schiff’s ‘illogical reasoning’ leads to investors doing the opposite of what the critic says. Additionally, Zhao stated that the cryptocurrency sector ‘needs more of these types of “negative” voices.’
Peter Schiff caught the attention of the sector after recently failing to gain access to one of his Bitcoin wallets, set up with the help of ShapeShift CEO Erik Voorhees.
While Schiff initially stated that his wallet ‘forgot his password,’ he later tweeted that he confused his PIN code and password. Nevertheless, Schiff still continued to criticize the sector. His latest statement reads:
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.
Failing investor latches onto crypto?
Peter Schiff is the hedge fund manager of Euro Pacific Capital, an investment advisory firm registered by the SEC and founded in 1980. While his firm initially met with success, Peter Schiff became notorious in the industry for giving bad advice and pushing investors into debt.
At the time of writing, numerous reviews of Peter’s company circulate Crypto Twitter. Some users screenshotted the reviews, which heavily criticized the investment advisory firm by stating that Schiff failed to react to the market numerous times.
Crypto enthusiasts currently refer to Schiff’s critics being hypocritical in light of his previous investment mistakes. One of the reviews 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”