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The CEO of Binance Changpeng Zhao, claims that Peter Schiff will only help bitcoin with his negativism as he will push more people into doing the opposite since he lost all bitcoins as we reported previously in our Bitcoin news now.

Even though Peter Schiff lost all of his bitcoins, the saga continues to attract the attention of the wider crypto community.
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Binance’s CEO Changpeng Zhao noted that Peter Schiff will help the benchmark cryptocurrency since his stances will turn people pro-Bitcoin. The recent issues he had with his lost coins became viral in social media where most of the crypto community reacted quickly by implying that he was incompetent to hold on to his coins which might have been the real issue.

Aside from making the entire community angry, the situation had another effect and the controversies surrounding Schiff losing his coins are bringing a lot of global attention to Bitcoin. According to Changpeng Zhao, Bitcoin actually needs his negative stance after he said that the ‘’illogical reasoning most people will do exactly opposite of what he says.’’ Peter Schiff is a popular economist and a true defender of Gold while at the same time uses every chance he has to trash the ‘’new gold’’ known as Bitcoin. He also wrote on Twitter that he has lost all access to his bitcoin holdings saying that his wallet ‘’got corrupted somehow’’ and his password is ‘’no longer valid.’’

Schiff blamed bitcoin and the wallet claimed that it simply stopped functioning. While the community pointed out ironically that he didn’t create a proper backup as everyone else does, Schiff repeatedly said that he had lost his password. The drama resolved soon after and the popular economist explained that his real problem came because he ‘’ mistook my PIN for my password.’’ He then blamed the CEO of ShapeShift’s Eric Voorhees because he was initially the one who helped him set up the wallet and he never explained how it works. Schiff’s situation attracted serious attention to himself but also to the rest of the crypto market since he is well known for his negative views against the largest digital asset, but somehow he ended up promoting it.