Gold bug Peter Schiff has revealed that his son, Spencer Schiff, has gone all-in on bitcoin. Calling his son “brainwashed” for buying so much of the cryptocurrency, Schiff added that he may 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:
My son Spencer Schiff went all in on bitcoin on the last drop below $50k. 100% of his portfolio is now in bitcoin. He sold the last of his silver stocks to raise the cash. If my own son is this brainwashed imagine how vulnerable most kids are. He’s HODLing to infinity or bust.
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: “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.”
“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,” Schiff opined.
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 were to lose 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 popular “Old Man Yells at Bitcoin” meme to his father. The 18-year-old bitcoin proponent 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.
What do you think about Peter Schiff’s son going all-in on bitcoin? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.