- Bitcoin critic Peter Schiff’s son has moved all of his portfolio investments into the cryptocurrency.
- Schiff called his son “brainwashed” and said he needs to “disinherit” him, or his money would be wasted.
- The wealth manager regularly clashes with crypto advocates over his bitcoin predictions.
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Spencer Schiff, the son of bitcoin detractor Peter Schiff, has decided to move 100% of his portfolio investments into the world’s most popular cryptocurrency.
“My son @SpencerKSchiff went all in on #Bitcoin on the last drop below $US50k,” the outspoken CEO and president of Euro Pacific Capital said in a tweet Thursday. “100% of his portfolio is now in Bitcoin.”
Calling him “brainwashed,” Schiff said his son sold the last of his silver stocks to raise the cash for it. “He’s HODLing to infinity or bust,” he added, using the slang term in the crypto community for holding a cryptocurrency rather than selling it.
US entrepreneur Anthony Pompliano, host of the Pomp Podcast, said in response at least someone in Schiff’s family was growing their wealth this year. But Schiff hit back saying he needed to “disinherit” his son, otherwise his hard-earned wealth would be wasted on bitcoin.
Schiff is one of bitcoin’s best-known critics, saying that it will never function as money and a permanent move down to $US0 ($0) is not “inevitable.” He has previously told FOX Business that anybody investing their money in bitcoin is a fool because they don’t realize that it’s all just a “scheme.” Schiff believes gold is far more reliable as a store of value than the digital asset.
“It doesn’t fit the very definition of money,” Schiff said on FOX’s “Making Money with Charles Payne.” “Money needs to be a commodity. It needs to have actual value unto itself, not just the uses and means of exchange.”
During bitcoin’s price crash in 2020, Schiff predicted it would plunge by more than $US4,000 ($5,190). At the time, bitcoin was trading around $US3,600 ($4,671). The price of bitcoin quadrupled in value through 2020, eventually hitting an all-time high of $US58,000 ($75,256) in February 2021. It was last trading around $US55,021 ($71,390) on Thursday.