Bitcoin Needs PR From People Like Peter Schiff: Binance CEO

Peter Schiff is known as one of the strongest skeptics in the world and a gold bug who is unwittingly advertising the cryptocurrency’s virtues over other investments. However, according to the CEO of the exchange Binance, Changpeng Zhao, Bitcoin needs PR exactly from people like Schiff.

As the popular ‘CZ’ summarized in a tweet on January 25, Schiff was falling in sewing distrust of Bitcoin among social media followers and beyond. 

“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.

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.

We need more of these types of “negative” voices. https://t.co/86GWOjOPS3

— CZ Binance 🔶🔶🔶 (@cz_binance) January 25, 2020

In the Binance news, CZ concluded saying that “We need more of these types of ‘negative’ voices.”

Bitcoin needs PR from people like Schiff and as CZ said, the gold bug was already notorious for his posts attacking Bitcoin which claim that gold is superior to the cryptocurrency. Last week, however, Schiff was undermining his credentials after he blamed the wallet provider blockchain for “losing” his Bitcoin holdings worth 0.21 BTC ($1,750) that he received in the form of donations in 2019. In the event, Schiff had simply confused his pin with his password – something that went viral in the cryptonews all over the world.

However, Schiff 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.

Schiff also added that “Those bitcoin bugs still don’t know the difference between #Bitcoin and #gold.”

Binance CEO thinks that Bitcoin needs PR from people like Schiff and it is clear why he resonated with this. On the other hand, many experts believe that Schiff failed to react to market movements and lost people money.

As to what the gold bug claims, the precious metal has failed to deliver for investors in 2020 already, firmly decreasing while Bitcoin boomed this year. Meanwhile, the crypto market is very stable today and Bitcoin seems to have stabilized, potentially leading the market to a new rally.