Like father, like son? Gold bull Peter Schiff's son ignores father's advice, buys Bitcoin again
Famous gold advocate Peter Schiff has not only publicly advocated for allocating a portion of assets in gold multiple times, but he is also a critic of Bitcoin; ironically, as a successful economist who famously predicted the 2008 financial crisis, in a poll on Twitter on September 7th, netizens overwhelmingly agreed that Peter Schiff's son's investment advice is better than his.
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Peter Schiff: Who Do You Listen to, Me or My Son?
Peter Schiff has always held a negative view on Bitcoin. On September 7th, he tweeted that his son had bought even more Bitcoin. He initiated a poll and stated:
My son has completely ignored my investment advice and has even bought more Bitcoin. Whose investment advice would you follow? A 57-year-old experienced investor with over 30 years in the field, or an 18-year-old college freshman? He hasn't even worked a day in his life yet.
Embarrassingly, out of over 66,408 votes, the vast majority of Twitter users trust the 18-year-old Spencer Schiff, with an 81% approval rate, while Peter Schiff only received 19%.
Spencer Schiff also replied to his father's tweet with a brief and sarcastic comment: "The Kid." However, the crypto community strongly supports Spencer, with the post receiving over a hundred replies.
Crypto Experts Mock Peter Schiff
The crypto community generally believes that Bitcoin is far superior to gold. While many are pleased with the poll results, Morgan Creek Digital co-founder Anthony Pompliano objectively pointed out that having different asset allocations between father and son can be a great hedge strategy. However, he also somewhat sarcastically hinted that Peter Schiff is unwilling to publicly admit to abandoning gold:
Peter, you are really smart. Using your son to hedge your gold bet by having exposure to both gold and Bitcoin is a brilliant move. If gold goes up, you benefit, if Bitcoin goes up, your son benefits. Without publicly renouncing gold, being long both assets is a clever play.
Peter countered by stating, "It's not what you think. I'm just glad he doesn't have much money to buy Bitcoin. I'm more concerned about older people who might incur greater losses and don't have enough time to recover."
Entering the Crypto Community in 2019
Peter Schiff began expressing negative views on Bitcoin around May 2019. Most of his arguments claim that Bitcoin is useless and highly speculative. He believes that due to its open-source nature, countless cryptocurrencies with similar attributes can be replicated, such as various forks, thus lacking scarcity.
This is not the first time his son Spencer has bought Bitcoin. On August 28th, Peter previously tweeted:
Because my son bought Bitcoin, and so many Bitcoin enthusiasts mocked me for it, why don't you just buy Bitcoin to embarrass me? He just turned 18 yesterday, it can be a belated birthday gift.