Bitcoin (BTC) skeptic and gold bug Peter Schiff is unwittingly advertising the cryptocurrency’s virtues over other investments, says the CEO of exchange Binance.
In a tweet on Jan. 25, Changpeng Zhao (known as “CZ” in crypto circles) argued Schiff was failing in sewing distrust of Bitcoin among social media followers and beyond.
CZ: We need more “negative voices”
“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,” he wrote.
“We need more of these types of ‘negative’ voices.”
The Euro Pacific Capital hedge fund manager was already somewhat notorious for his posts attacking Bitcoin which claim gold to be superior.
Last week, however, Schiff was already undermining his credentials after blaming wallet provider Blockchain for “losing” his Bitcoin holdings worth 0.21 BTC ($1,750) he received in the form of donations in 2019. In the event, Schiff had simply confused his pin with his password.
Nonetheless, he continued to allege that Bitcoin investors were the true ignorant party for choosing cryptocurrency over the precious metal.
“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,” the tweet which inspired CZ read.
“But those Bitcoin bugs still don't know… the difference between #Bitcoin and #gold.”
Doing the opposite
CZ’s tone meanwhile resonated with other evidence of Schiff’s track record which emerged as part of the Blockchain fallout.
Currently doing the rounds on Twitter is a selection of client reviews for Euro Pacific Capital, many of which claim Schiff failed to react to market movements and lost them money.
“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,” one review reads.
As Cointelegraph reported, gold itself has failed to deliver for investors in 2020 already, firmly flagging while Bitcoin boomed.