Who would have ever thought that bitcoin could be the cause of so many riffs in families? A big one is occurring between father and son… A master investor and his likely protégé. The fight involves Peter Schiff, a known bitcoin hater, and his son Spencer Schiff, who is now going against his father’s words and investing all his funds into the world’s number one digital currency by market cap.
Peter Schiff Is Not Happy About His Son’s BTC Investments
The world of cryptocurrency has grown to unprecedented levels over the past year. Bitcoin has been enjoying a historic bull run that has seen it reach an all-time high of roughly $57,000 per unit twice in the past 30 days or so. For the most part, many companies and individuals alike are seeing it in a whole new light – a hedge tool and store of wealth, not just an asset that is meant to be speculative and increase one’s chances of getting rich.
Companies such as Tesla and MicroStrategy have invested billions of dollars into the currency, and many other enterprises appear to be following suit, but the currency hasn’t been able to convince everyone. Peter Schiff has been strongly against the asset over the past several years, at one point claiming that it would never work as a form of money and that it would ultimately fall to a price of $0.
He further labeled anyone investing their money into BTC as a “fool” and claimed that cryptocurrency was just a “scheme.” He later went on to praise gold, saying that the precious metal was a far more stable store of wealth. In an interview, he stated:
It doesn’t fit the very definition of money. Money needs to be a commodity. It needs to have actual value unto itself, not just the uses and means of exchange.
This is a strange thing to say in many respects considering that bitcoin is considered a commodity. After all, activity surrounding bitcoin is widely monitored by the U.S. Commodity Futures Trading Commission, suggesting that bitcoin falls along the same lines as gold – which Schiff thinks is so much better – in the government’s eyes.
Either way, it looks like a fight is now occurring between Schiff and his son, who according to a recent tweet, has sold all his silver-based stocks to focus more on the world’s number one digital currency. In fact, the tweet suggests he’s putting all his money – literally 100 percent of his portfolio – into bitcoin.
A Longtime Hater
The message, issued by Peter, reads as follows:
My son @SpencerKSchiff went all in on #bitcoin on the last drop below $50k. 100% of his portfolio is now in bitcoin.
He followed up with a comment that he was now looking to “disinherit” his son out of fear that all the money he’s earned over the years would wind up gone.