The whole crypto Twitter appears to be delighted as Bitcoin critic Peter Schiff laments his son’s latest bullish dive into the premier cryptocurrency.
Schiff who is also a renowned Gold bug revealed that his son, Spencer Schiff has moved all of his portfolios into Bitcoin, a mania that he claims is prevalent amongst the younger investors of today.
According to the Tweet he shared;
“My son @SpencerKSchiff went all in on #Bitcoin on the last drop below $50k. 100% of his portfolio is now in Bitcoin. He sold the last of his #silver stocks to raise the cash. If my own son is this brainwashed imagine how vulnerable most kids are. He’s HODLing to infinity or bust.”
Peter Schiff is unarguably the most vocal critic of cryptocurrencies, arguing that Bitcoin is the greatest financial bubble in history. The actions of Spencer are a confirmation that those of his household share a divergent opinion with him, and show how bold he is to rebel against his father’s insistent clamor about Bitcoin’s fate to bring doom.
The digital currency has been nothing but an outstanding asset class, dwarfing Gold, the S&P 500 Index, and other traditional investment assets by a large percentage. The cryptocurrency has gained over 30% in the past month, and by more than 100% since the beginning of the year. Per the ongoing adoption rate of the digital asset both by the retail investors and the institutional adopter, the coin has been given an average price forecast of $100,000 before the end of the fourth quarter.
Peter Schiff’s followers have expressed commendation for Spencer, with Anthony Pompliano, Morgan Creek Digital’s co-founder tweeting;
“At least someone in your family is growing their wealth this year.”
Although investors’ choices vary, the cryptospace is poised to benefit from the widescale embrace of the digital asset, with many advocating for it based on its inherent capability to serve as a profitable store of value and alternative to fiat currencies.