Gold bug Peter Schiff has revealed that his son, Spencer Schiff, has gone all-in on bitcoin. Calling his son â€œbrainwashedâ€ for buying so much of the cryptocurrency, Schiff added that he may need to â€œdisinheritâ€ his son to avoid the youngster burning through his hard-earned money.
Peter Schiffâ€™s Son Has Gone Full Bitcoin
Euro Pacific Capital CEO and host of the Schiff Radio Show, Peter Schiff, tweeted on Wednesday:
At the time of writing, his tweet has gotten 5.4K comments. It has also been liked 21.6K times and retweeted 3.1K times. The price of bitcoin currently stands at $57,983, based on data from markets.Bitcoin.com.
Schiff further claimed: â€œThe young generation likes bitcoin because most lack the knowledge or experience to see through the hype. When they get older they will prefer gold too, assuming bitcoin is even still around.â€
â€œMy son Spencer Schiffâ€™s latest bitcoin buy resulted in a follow by Jack [Twitter CEO Jack Dorsey]. I guess that means he doesnâ€™t have to worry about being de-platformed now. Thatâ€™s still a risk for me as Jack doesnâ€™t follow me,â€ Schiff opined.
Morgan Creek Digital partner Anthony Pompliano commented on Spencer going all-in on bitcoin. He told Peter, â€œAt least someone in your family is growing their wealth this year.â€
Twitter user Adam Moody chimed in, asserting, â€œAnd thatâ€™s why he [Spencer] will be richer than you.â€ Schiff promptly replied:
Responding to a question about whether he is ready for bitcoinâ€™s price to break out above $60K and how much BTC he bought on the dip, Schiff insisted that he bought â€œnone.â€ However, he added: â€œUnfortunately my son Spencer Schiff wasnâ€™t as smart. Sure he could sell now at a profit, but he refuses to sell any. So the paper gain means nothing.â€
Furthermore, the elder Schiff insisted that he cannot bail Spencer out if he were to lose money on bitcoin. â€œCanâ€™t do that. He needs to suffer the consequences of his mistakes. Thatâ€™s the only way to learn a lesson.â€
Spencer subsequently tweeted the popular â€œOld Man Yells at Bitcoinâ€ meme to his father. The 18-year-old bitcoin proponent previously said that his fatherâ€™s understanding of money is flawed. Meanwhile, Peter Schiff recently admitted that the price of BTC could reach $100K after it soared past his expectations.
What do you think about Peter Schiffâ€™s son going all-in on bitcoin? Let us know in the comments section below.
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