Gold bug Peter Schiff has exposed that his son, Spencer Schiff, has gone all-in on Bitcoin (BTC). Calling his son “brainwashed” for buying so much of the cryptocurrency, Schiff continued that he might need to “disinherit” his son to avoid the youngster burning through his hard-earned money.
Peter Schiff’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.
Schiff moreover claimed: “The 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.”
Schiff continued stating,
“My son Spencer Schiff’s latest bitcoin buy resulted in a follow by Jack [Twitter CEO Jack Dorsey]. I guess that means he doesn’t have to worry about being de-platformed now. That’s still a risk for me as Jack doesn’t follow me.”
Morgan Creek Digital partner Anthony Pompliano commented on Spencer going all-in on bitcoin. He told Peter, “At least someone in your family is growing their wealth this year.”
Twitter user Adam Moody chimed in, asserting, “And that’s why he [Spencer] will be richer than you.” Schiff promptly replied:
I need to disinherit him. Otherwise, he will squander my hard-earned wealth on more bitcoin.
Responding to a question about whether he is ready for bitcoin’s price to break out above $60K and how much BTC he bought on the dip, Schiff insisted that he bought “none.” However, he added: “Unfortunately my son Spencer Schiff wasn’t as smart. Sure he could sell now at a profit, but he refuses to sell any. So the paper gain means nothing.”
Furthermore, the elder Schiff insisted that he cannot bail Spencer out if he lost money on bitcoin. “Can’t do that. He needs to suffer the consequences of his mistakes. That’s the only way to learn a lesson.”
Spencer subsequently tweeted the famous “Old Man Yells at Bitcoin” meme to his father. The 18-year-old bitcoin advocate previously said that his father’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.
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