Spencer Schiff, the son of gold bug and Bitcoin skeptic Peter Schiff, has invested 100% of his portfolio in the leading cryptocurrency.
Peter Schiff has long argued that gold is more of a viable store of wealth than Bitcoin. That’s why it was especially interesting when Spencer sold his last silver stocks to purchase more of the digital asset.
“My son @SpencerKSchiff went all in on #Bitcoin on the last drop below $50k,” Peter said in a tweet. “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 revealed that Twitter CEO and Bitcoin advocate Jack Dorsey followed Spencer shortly after hearing the news. “My son @SpencerKSchiff’s latest #Bitcoin buy resulted in a follow by @jack,” Peter tweeted. “I guess that means he doesn’t have to worry about being de-platformed now.
“That’s still a risk for me as Jack doesn’t follow me. Will Spencer beat me to verification? At least I still have more followers.”
Peter added that he will not bail out Spencer in the event he turns out to be wrong about Bitcoin. However, the majority of crypto Twitter believes Spencer will eventually become richer than his father.
“At least someone in your family is growing their wealth this year,” said Morgan Creek Digital co-founder and Bitcoin bull Anthony Pompliano.
Peter’s constant bashing of Bitcoin may have played a role in Spencer’s decision to go all-in on it. Peter also asked his Twitter followers to gift his son Bitcoin for his birthday last year.
Schiff previously predicted Bitcoin would never reach $50,000
In addition to believing gold is a better investment than Bitcoin. Schiff previously predicted the price of BTC would never reach $50,000.
Unfortunately for Schiff, that prediction proved to be wrong as BTC crossed the mark for the first time in February.