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 <p class="paragraph">Economist Peter Schiff, a well-known Bitcoin (BTC) critic and advocate for gold, has gained popularity for his skepticism regarding the maiden cryptocurrency, asserting that it is destined for a collapse.</p>
 <p class="paragraph">Amid his public criticism, Schiff once acknowledged owning Bitcoin, but he no longer has access to it. Notably, in an X (formerly Twitter) post on January 19, 2020, Schiff noted that he unfortunately lost access to his last <a rel="noopener noreferrer nofollow" title="holding" href="https://thebittimes.com/tag/holding.html">holding</a> of Bitcoin, attributing it to a corrupted wallet.</p>
 <p class="paragraph">Although he did not disclose the amount of BTC in the inaccessible wallet, Schiff emphasized that ‘owning Bitcoin was a bad idea.’</p>
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  <p class="paragraph">“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 My wallet got corrupted somehow and my password is no longer valid.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!”</p>
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    <p lang="en" dir="ltr">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 My wallet got corrupted somehow and my password is no longer valid.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</p>— Peter Schiff (@PeterSchiff) January 19, 2020
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 <h2 class="wp-block-heading" id="h-schiff-s-bitcoin-gains-nbsp">Schiff’s Bitcoin gains&nbsp;</h2>
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 <p class="paragraph">Despite the apparent misfortune, Schiff might unexpectedly find himself benefiting from the significant surge in Bitcoin’s value over the past few years.</p>
 <p class="paragraph">At the time of Schiff’s post, Bitcoin was trading at $8,706. Fast forward to January 19, 2024, and Bitcoin’s value has skyrocketed to $40,990, representing a remarkable 370% growth.</p>
 <p class="paragraph">It’s worth noting that over the last four years, Bitcoin has experienced significant volatility. Most importantly, the crypto surged to a new all-time high of almost $69,000 during this period. By the time of the record high in November 2021, the value of Schiff’s Bitcoin could have surged by almost 700%.</p>
 <p class="paragraph">Considering the economist’s harsh criticism of Bitcoin, it would be ironic for him to benefit from the digital asset’s meteoric rise.</p>
 <h2 class="wp-block-heading" id="h-continued-bitcoin-criticism-nbsp">Continued Bitcoin criticism&nbsp;</h2>
 <p class="paragraph">In the meantime, Schiff continues to dismiss the potential of Bitcoin, recently noting that despite the Securities and Exchange Commission’s (SEC) approval of a spot Bitcoin exchange-traded fund (ETF), the agency, under the leadership of Chair Gary Gensler, will likely impose new regulations that could impact the asset.</p>
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  <p class="paragraph">“Since Gary Gensler was backed into a corner on spot bitcoin ETF approval, I think he will soon introduce new onerous crypto regulations that will substantially increase the cost of Bitcoin transactions, further undermining its ‘use’ case, resulting in a sharp decline in price,” he said.&nbsp;</p>
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 <p class="paragraph">He has maintained that Bitcoin is “a digital pyramid scheme” while stressing that long-term investors should utilize any price gains to get out of the asset.&nbsp;</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/here-s-how-much-peter-schiff-is-up-on-his-lost-bitcoin-holdings-tbt77114.html">https://thebittimes.com/here-s-how-much-peter-schiff-is-up-on-his-lost-bitcoin-holdings-tbt77114.html</a></p>

Here’s how much Peter Schiff is up on his lost Bitcoin holdings

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