Spencer Schiff, son of a popular Bitcoin antagonist Peter Schiff, has recently sold all his silver stock just to invest in the world’s largest digital currency- Bitcoin. He had invested in Bitcoin after its price value fell to below $50,000. However, Spencer’s move raised brows as individuals in and out of the crypto industry were keen on what his father’s reactions would be.
His father, Peter Schiff, remains one of Bitcoin’s biggest critics as he constantly encourages people to desist from any form of Bitcoin or crypto investment.
Many people said that Spencer outsmarted his father in investing in digital currency rather than the shining metal, which serves as his father’s investment. However, Spencer has received praises from all and sundry regarding his decision as it was an unbelievable move made by the son of a Bitcoin critic- a popular one.
Peter Schiff’s Reaction to His Son’s Action
As expected, the President of Euro Pacific Capital has allegedly claimed that his son has been “brainwashed” as his son moved wholly into Bitcoin. He also made it clear that he might strip his son off his inheritance, who he thinks does not possess what it takes yet to be an investor, not to talk of investing in cryptocurrency as he calls his son a “college boy.” He believes strongly that Spencer’s move is not a very wise one, and his son’s loss might arise from his predicted fall of Bitcoin. Peter also believes that Spencer’s Bitcoin investment can lead to the wastage of his own self-acquired wealth.
We must not be ignorant that Peter is a widely recognized as antagonist of the world’s largest digital currency, Bitcoin. Before now, he had prophesied Bitcoin’s downfall as he claimed that it was unfit to be termed as money. He has also said that a decrease in value, even to a zero dollar value, will befall Bitcoin- this, he says, is a certainty.
On the other hand, Anthony Pompliano, a US entrepreneur and host of the Pomp Podcast, replied that the gold investor should be glad and count himself lucky as someone in his family is already adding to their wealth.
Being the investment boss, Peter Schiff had always seized every opportunity to oppose Bitcoin, mostly on live TV. Many believe that he had to oppose Bitcoin as it is the real-time opponent of the precious metal, which is his investment.
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