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Son's "All in BTC" Angers Dad! Bitcoin Bear Peter Schiff: I Will Cancel Inheritance

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Renowned economist and gold advocate Peter Schiff tweeted on the 10th that his son Spencer Schiff had converted all his investments, including gold, to Bitcoin, leading him to angrily declare that he would disinherit his son.

Abandoning Gold for Bitcoin

His son, named Spencer Schiff, majoring in finance and data analysis, revealed on his birthday in August last year that he only owned about $450 worth of Bitcoin, with the rest of his investment portfolio primarily in gold and stocks.

As time went on, Spencer's Twitter page became filled with discussions on government debt, money printing, inflation, and Bitcoin. His investment portfolio also took a drastic turn, now reportedly "All in" on Bitcoin, according to his father, and his Twitter profile picture even features the red laser eyes that have become a recent trend among cryptocurrency supporters.

Gold Bull, Bitcoin Bear Master Peter Schiff

Peter Schiff, the CEO of asset management company Euro Pacific Capital, tweeted on the 11th, stating:

My son went All in on Bitcoin when it fell below 50k. His portfolio is now 100% Bitcoin. He sold his last silver stock to raise cash. If my own son is brainwashed, imagine how vulnerable most kids are.

He further mentioned that he will disinherit his son, or else his hard-earned money will all be spent on buying more Bitcoin.

Interestingly, Peter Schiff seemed somewhat jealous that his son received attention from Twitter's founder due to this incident. He said:

My son bought Bitcoin last time and now Jack Dorsey, Twitter's founder, is following him. At least he doesn't have to worry about being blocked by the platform. This is still a risk for me, that Jack doesn't follow me. Can my son beat me? At least I still have more followers.

Note: Platform block refers to the unexpected shutdown of multiple cryptocurrency KOL accounts on Twitter on the 10th.

Peter Schiff has always been a fierce critic of Bitcoin and has been quite active on Twitter. Even as Bitcoin reached a historic high of $50,000, he has consistently viewed it as a bubble.

He harshly criticized recent events such as the Grayscale Investment GBTC's first-ever discount in five years and digital artist Beeple's NFT artwork setting a record price at Christie's auction.