Spencer Schiff, son of well-known (gold) investor Peter Schiff, has now invested 100% of his portfolio in bitcoin. In a tweet posted on March 10, the dad (very skeptical about cryptocurrencies) revealed that his son took advantage of the latest drop below $ 50 to accumulate more bitcoins.
As we have often reported in the past, Peter Schiff, head of Euro Pacific, has often challenged cryptocurrency experts and even famous industry leaders, arguing that gold, unlike bitcoin, has always been more valuable than any other. resource to the world and has been used as a vital store of wealth for thousands of years.
Yet now his son Spencer has got on the bitcon wagon
Spencer Schiff sold his latest stock (which he had invested in silver) to buy more Bitcoins. Peter Schiff announced that Spencer had sold his latest shares and used the cash proceeds to buy more bitcoins. Schiff then condemned the decisions made by young investors, stating that if their son has been so brainwashed, it's hard not to imagine that the rest of the world's young people aren't affected too.
Schiff also added that he has no intention of bailing out Spencer if it turns out he is wrong about bitcoin, as "he will have to suffer the consequences of his mistakes."
Just remember that the CEO of Euro Pacific is mulling over his son's disinheritance before he squandered more of his wealth by buying bitcoin.
However, the majority of people who believe in cryptocurrencies on Twitter believe that switching to a 100% digital wallet will make Spencer richer than his father.
Morgan Creek Digital co-founder and eternal BTC bull Anthony Pompliano, for example, said at least someone in that family is working hard to grow their wealth this year!
Against or for?
Although Schiff is dissatisfied with his son's decision to put all of his eggs in the bitcoin basket, he may have contributed in part to this decision.
In addition to constantly posting bitcoin-related tweets, Peter Schiff also solicited bitcoin gifts for his son's 18th birthday in August last year.
The staunch supporter of gold later claimed that his son Spencer Schiff was defying his advice and buying BTC.
Schiff has made derogatory comments about bitcoin on many occasions, often presenting the yellow metal as the better alternative. In 2019, Schiff predicted that the flagship cryptocurrency would never hit $ 50.000, but then we all know how it went.
Much to his regret, BTC effortlessly surpassed the quotation of 50K for the first time in February of this year, forcing him to admit that an increase to $ 100.000 “cannot be ruled out”. So who will win in the end: Peter Schiff or his son Spencer? Only time will tell.