The gold bug Peter Schiff revealed that his son Spencer Schiff has fully invested in Bitcoin. Schiff claimed that his son was “brainwashed” for buying so many cryptocurrencies, and he added that he may need to “cancel the inheritance rights” to prevent young people from being burned to death for the hard-earned money.
Peter Schiff’s son went to the full Bitcoin
Peter Schiff, CEO of Euro Pacific Capital and host of the Schiff radio show, tweeted on Wednesday:
My son Spencer Schiff went all out when he fell below $50,000 for the last time. Now, 100% of his investment portfolio is in Bitcoin. He sold the last batch of silver stocks to raise cash. If my own son is brainwashed, imagine how vulnerable most children are. He is pursuing infinity or bankruptcy.
At the time of writing, his tweet has received 5.4K comments. It was also liked 21.6K times and retweeted 3.1K times. According to data from markets.Bitcoin.com, the price of Bitcoin is currently $57,983.
Schiff further claimed: “The younger generation likes Bitcoin because most people lack the knowledge or experience to understand through hype. When they get older, assuming Bitcoin still exists, they will also prefer gold.”
“My son Spencer Schiff’s latest purchase of Bitcoin caused Jack to follow [Twitter CEO Jack Dorsey]. I think this means he doesn’t have to worry about being eliminated now. Because Jack didn’t follow me, it was still a risk for me.
Morgan Creek Digital partner Anthony Pompliano commented on Spencer’s full investment in Bitcoin. He said to Peter: “At least someone in your family is increasing their wealth this year.”
Twitter user Adam Moody interjected: “That’s why he [Spencer] Will be richer than you. Schiff replied promptly:
I need to cancel his inheritance rights. Otherwise, he will waste my hard-won wealth on more bitcoins.
In response to questions about whether he was ready to let the price of Bitcoin exceed $60,000 and how much BTC he bought when it fell, Schiff insisted that he “didn’t buy.” However, he added: “Unfortunately, my son Spencer Schiff is not that smart. Of course, he can now make money to sell, but he refuses to sell anything. Therefore, there is no paper gains. significance.”
In addition, the older Schiff insisted that if he were to lose money on Bitcoin, he could not bail Spencer. “Can’t do that. He needs to suffer the consequences of his mistakes. This is the only way to learn the course.”
Spencer then tweeted a popular “old man yelling at Bitcoin” meme to his father. The 18-year-old Bitcoin supporter has previously stated that his father’s understanding of money is flawed. At the same time, Peter Schiff recently admitted that the price of BTC may reach $100,000 after it has soared beyond his expectations.
What do you think of Peter Schiff’s son fully investing in Bitcoin? Let us know in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for reference only. It is not a direct offer or solicitation of an offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. The company or the author shall not bear any direct or indirect responsibility for any damage or loss caused or allegedly caused by the use or reliance on any content, goods or services mentioned in this article or related thereto.