Schiff Reveals He Abandoned Gold for Bitcoin In August 2020
Spencer Schiff has revealed that he dumped his precious gold investments for Bitcoin in 2020. Spencer Jnr, the son of Peter Schiff, a Bitcoin critic, made this public on Twitter while telling the public of the tremendous change that happened in his life. Spencer Schiff has had no business dealing in gold and has gone all-in on cryptocurrency ever since.
Peter Schiff Once Held All His Gold Savings But Now a Member of the Bitcoin Committee
Last August, Schiff Jnr invested all his savings in the famous metal. However, he started to shift his investments into Bitcoin, and now, he has revealed that he’s all in. He posted a tweet on August 27, explaining the difference a year can make in someone’s life.
Not too long ago, his father, the CEO at Euro Pacific Capital, called those who are not selling Bitcoin now “real idiots” on his Twitter page. This came after Bitcoin recorded massive gains, trading at $48k. Schiff has always had a negative perception of Bitcoin since 2011, then spending the next decade predicting the bearishness of the digital coin.
The business strategist once criticized his son for going all-in on the popular crypto and even joked that he would disinherit him to cut short his goal of acquiring more. He took to Twitter to share his disappointment on his son’s decision, considering that the price of Bitcoin dropped. Then, Bitcoin had plunged below $50k, and Spencer had sold his silver stocks to invest in his crypto business.
The stockbroker and podcaster who also makes appearances on the radio and television is a staunch Bitcoin critic that always advises investors to sell their coins. Each of his predictions has turned out to be false. He opined that BTC wouldn’t reach $100k. However, he acknowledged his regrets for not buying the popular crypto when the price was much lower.
MicroStrategy Marks One Year of Bitcoin Purchasing
August 2020 also marks one year since MicroStrategy began buying the flagship digital coin. The software giant purchased Bitcoin using cash reserves and has been buying BTC since then. Michael Saylor, the corporation head, stated that the corporation would hold the savings and doesn’t have plans on selling it. Since one year, Saylor has become a strong advocate of Bitcoin, appearing on several TV interviews and podcasts to discuss cryptocurrency.
Bitcoin recently plunged to below $48k at the close of Friday, but investors are hoping that the price will increase in the new trading week.
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