Spencer Schiff, who is the son of one of Bitcoin’s most vocal critics, Peter Schiff, has reportedly decided that he’ll be moving 100% of his investment portfolio into BTC, the leading digital currency.
My son @SpencerKSchiff's latest #Bitcoin buy resulted in a follow by @jack. 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. Will Spencer beat me to verification? At least I still have more followers.
— Peter Schiff (@PeterSchiff) March 10, 2021
Peter Schiff confirmed that his son Spencer K Schiff has gone “all in” on Bitcoin “on the last drop below $50k.”
Peter, the outspoken Chief Executive and President at Euro Pacific Capital, added that his son has allocated “100% of his portfolio” into the decentralized crypto.
Peter thinks that his son has been “brainwashed,” while adding that Spencer has sold off the last of his silver stocks in order to raise funds for investing in Bitcoin. Peter claims that his son is now HODLing (holding Bitcoin on a long-term basis) “to infinity or bust.”
Bitcoin advocate Anthony “Pomp” Pompliano, who regularly hosts the Pomp Podcast where he discussed key crypto industry trends, stated that at least someone in Schiff’s family would actually be growing their investments or wealth in 2021.
However, Peter Schiff countered by noting that he had to “disinherit” his son, because otherwise his assets would get “wasted” on Bitcoin or other speculative crypto investments.
Peter Schiff is notably one of Bitcoin and crypto’s most widely-followed critics.
According to him, Bitcoin will never be able to function effectively as a medium-of-exchange or store-of-value. He believes or claims that a permanent move down to $0 for Bitcoin is not “inevitable.”
He has previously stated (on many occasions) that anyone investing their funds in Bitcoin are actually fooling themselves (or are a fool) because they don’t understand that it’s all a big “scheme.”
Schiff continues to argue that the gold bullion is a lot more stable and reliable as a long-term store-of-value when compared to the highly-volatile Bitcoin. Schiff doesn’t believe that Bitcoin qualifies as “money.”
He has previously explained that money must be a commodity and should have actual or intrinsic value, and not merely something that serves as a means of exchange.
During BTC’s price crash last year (around March 2020), Peter had said that the pseudonymous digital currency would drop by over $4,000. Bitcoin had been trading as low as $3,600 when awareness about the COVID pandemic became more widespread (and led to a wider financial market crash).
But since then, the BTC price has more than quadrupled in value in 2020 alone, eventually reaching an all-time high of just over $58,000 last month.
Bitcoin is trading at well over $56,000 at the time of writing as more institutional investors make major and unprecedented commitments to gain considerably most exposure to BTC and other high-potential crypto-assets.