Spencer Schiff, son of leading Gold Bug and Bitcoin (BTC) critic Peter Schiff, seems to have decided to move all his portfolio investments to one asset – Bitcoin.
“My son has switched to Bitcoin for the last 50 thousand dollars. “100% of his portfolio is now concentrated in bitcoins,” Shiff Wednesday said on Twitter. A well-known Bitcoin skeptic decided that his son had sold his last holding of silver for cash.
Schiff further expressed his concern about the investment opportunities of the younger generation, saying: “If my son was brainwashed, imagine how vulnerable most children are. He moves towards infinity or a statue. ”
The announcement was widely received by the cryptocurrency community, and many expressed confidence that a 100% investment in bitcoin would make Ibn Shiva richer than him. “At least someone in your family has made a fortune this year,” wrote Anthony Pompigliano, co-founder of Morgan Creek Digital.
In response, Schiff said: “I need to inherit him. Otherwise, he will spend my hard earned fortune on more bitcoins. Schiff also stressed that his private portfolio is not limited to gold, and that “the vast majority” include equities.
Despite Schiff’s criticism of his son’s decision to go 100% Bitcoin, it seems that Schiff himself played a major role in this decision. Aside from the usual tweets about Bitcoin, Schiff was the pioneer of the idea of giving his son’s birthday presents on Twitter in 2020. Schiff later insisted that his son invest in Bitcoin “against his advice.”
Schiff, an avid critic of Bitcoin, stated in 2019 that Bitcoin will never reach $ 50,000. After Bitcoin rose to $ 57,000 in February 2021, Schiff admitted that the transition to $ 100,000 “cannot be ruled out either.”