Gold bug Peter Schiff has been publicly confronted by his 18-year-old son, a bitcoin proponent, on the topic of value. Calling his dadâ€™s understanding of money â€œFlawed,â€ Spencer Schiff made the statement in defense of TV Personality Max Keiser, who was having an argument with Peter on Twitter.
â€˜Your Understanding of Money is Flawedâ€™
â€œAccording to Max Keiser, I oppose bitcoin because Iâ€™m a fiat addict. In the bizarro world of bitcoin, gold is the new fiat,â€ Peter Schiff tweeted. â€œClearly, Max Keiser doesnâ€™t understand the concept of fiat, or how it differs from legitimate currency or actual money. That explains his bitcoin fixation.â€ At the time of this writing, his tweet got 354 comments and was liked 877 times and retweeted 67 times.
Among those who commented was his son, an 18-year-old bitcoin proponent. Spencer Schiff, a college freshman and student of Austrian economics, replied to his fatherâ€™s tweet:
Many commenters praised Spencer for putting Peter Schiff in his place, with some wondering if he was adopted. Keiser also liked Spencerâ€™s tweet, stating that â€œThe future belongs to bitcoiners. The boomers donâ€™t get it. The millennials and Genz do.â€ He also urged others to follow Spencer on Twitter.
â€œBy all means follow my son,â€ Peter Schiff replied. â€œBut not because he has a soft spot for bitcoin. Heâ€™s wrong about that. Follow him for all the things he gets right. Heâ€™s no monetary scholar yet, but heâ€™s working on it. Losing money on bitcoin will be a costly, but valuable part of his education.â€
Peter Schiff and Max Keiser have long been tweeting back and forth about bitcoin and gold. Keiser has predicted that Peter Schiff will panic buy bitcoin at $50,000, just like Warren Buffett and several other bitcoin naysayers, including Mark Cuban and Jim Rogers.
In a tweet on Tuesday, Keiser claimed: â€œKeep in mindâ€¦ I started telling Peter Schiff to buy bitcoin at $1. And kept telling him to buy it at $10 $100 $1000.â€
Peter Schiff immediately contradicted Keiser, arguing: â€œI do not recall you ever talking to me about bitcoin when the price was that low. Since so much about bitcoin is a lie anyway, I guess you feel that including a few more makes little difference.â€
Do you think Peter Schiff understands what makes money valuable? Let us know in the comments section below.
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