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Son has invested 100 per cent of his fortune in Bitcoin

  • 15. März 2021 at 8:50

Peter Schiff: Son has invested 100 per cent of his fortune in Bitcoin

The apple sometimes falls further from the tree than the tree would like: Peter Schiff has outed his son as a Bitcoin maximalist.

Peter Schiff’s son may be heading for disinheritance: the well-known precious metals enthusiast has announced on Twitter that his offspring by Bitcoin System is now 100 per cent invested in Bitcoin.

My son Spencer went all in on #Bitcoin at the last drop below $50k. 100% of his portfolio is now in bitcoin. He sold the last of his #silver stocks to collect the money. If my own son was brainwashed like this, imagine how vulnerable most kids are. He is HODLN to infinity or bankruptcy.
Peter Schiff via Twitter

Now the two are staging a family feud on crypto-Twitter, which plays into Schiff Junior’s hands in particular. Since his senior’s tweet, the self-declared „anarcho-capitalist“ can also count Twitter founder Jack Dorsey among his followers. So the marketing coup seems to have succeeded.

Sorry, Peter Schiff: Bitcoin sets itself apart from gold

Peter Schiff is having a tough time at the moment: for years, the gold fan has been w-warning of an impending devaluation of the US dollar, made increasingly likely by the Fed’s expansionary monetary policy and, most recently, the trillion-dollar Corona bailouts. Alone, the safe haven into which Schiff would like to manoeuvre unsettled investors has not really been able to profit from this so far.
Price development of gold CFDs (candle sticks) vs. bitcoin (orange line) over the course of the year.

The gold price has long since recovered from the Corona crash in March 2020. However, the big run on the precious metal has failed to materialise. At the time of going to press, the price of gold CFDs is only around 13 per cent above the Corona low of around USD 1,500 at USD 1,705. In contrast, if one looks at the 1,000 percent price increase of Bitcoin, the narrative of gold as a safe haven asset begins to crumble significantly. Peter Schiff, who earns his money by selling gold, among other things, is unlikely to let this change his course any more than his son’s teasing.