Yesterday, Peter Schiff published a tweet announcing that his son has bought bitcoin.
It is actually a survey, whose question reads as follows:
“Against my advice my son Schiff Spencer just bought even more Bitcoin. Whose advice do you want to follow? A 57-year-old experienced investor/business owner who’s been an investment professional for over 30 years or an 18-year-old college freshman who’s never even had a job”.
Against my advice my son @SchiffSpencer just bought even more #Bitcoin. Whose advice do you want to follow? A 57-year-old experienced investor/business owner who's been an investment professional for over 30 years or an 18-year-old college freshman who's never even had a job.
— Peter Schiff (@PeterSchiff) September 7, 2020
The fact is that Peter Schiff has long been a known critic of Bitcoin and a great supporter of gold. He has repeatedly expressed his doubts about Bitcoin in the past, saying that it cannot replace gold, and that it has failed as a safe haven asset.
However, in recent times his very critical stance towards Bitcoin seemed to soften a bit, so much so that he even admitted he made a mistake when he said that BTC’s price would collapse after exceeding $9,000.
I was right on #gold, but wrong on #Bitcoin. The latter did managed to get through resistance and rally up to $12K, thanks in large part to a ride on gold's coattails and a massive TV advertising buy by Grayscale. By falling back to $10K Bitcoin quickly returned to a bear market.
— Peter Schiff (@PeterSchiff) September 6, 2020
To tell the truth, all of Schiff’s catastrophic predictions about Bitcoin have proved to be wrong so far, not least because they are not the result of impartial analysis, but suffer heavily from SchiffGold’s founder’s prejudice in favour of gold as the only store of value.
Bitcoin, Peter Schiff’s son like Jamie Dimon’s daughter
A similar situation had already occurred in September 2017 to the CEO of JP Morgan Jamie Dimon, who bluntly said that Bitcoin was a scam (at the time it was worth around $4,500), only to discover some time later that his daughter had bought BTC.
After all, millennials are by far the age group most interested in cryptocurrencies, while the captains of industry of the old financial system are among the biggest detractors, perhaps because they are defending the established status quo.
Schiff’s son, and Dimon’s daughter, may not suffer from those prejudices that are instead deeply rooted in the thinking of their fathers, who had been trying for decades to protect the traditional financial system, so they may also be a little more willing to take risks.
It is not known, however, how many BTC did Spencer Schiff buy, although his father’s tweet reveals that this is not the first time he has bought them. It is worth mentioning that there are quite a few American millennials that invest in cryptocurrencies, especially if they already have assets that allow them to take financial risks.
One last curious fact: a few hours before the conclusion of the Twitter survey launched by Peter Schiff, more than 80% answered that his son is right. More than 70,000 votes have been cast, making the gold supporter look bad.