Gold Bug’s Bitcoin Hedge: Peter Schiff’s Son Goes All in on BTC, “HODLing to Infinity”
At this point, however, it’s hard to believe he really hates Bitcoin or isn’t involved in it just as much as he claims to be.
Gold bug Peter Schiff is known for his contempt for Bitcoin. He doesn’t miss a single chance of Bitcoin taking a breather or making a correction to bash the leading cryptocurrency, which has been the best performing asset of the decade and 2021.
While Bitcoin is up 95% YTD, having appreciated more than 15x in value from its March low to become a trillion-dollar asset, gold is down 8.93% in 2021 so far and 0.54% this month.
And while Peter has no love lost for Bitcoin, his son went all-in on Bitcoin during the recent correction.
“My son Spencer Schiff went all-in on Bitcoin on the last drop below $50k. 100% of his portfolio is now in Bitcoin. He sold the last of his silver stocks to raise the cash,” tweeted senior Schiff. “He's HODLing to infinity or bust.”
But of course, he then has to throw in some shade to stick to the biased approach he has taken to hold close when it comes to cryptocurrencies.
“If my own son is this brainwashed imagine how vulnerable most kids are,” he added.
Peter’s antics goes as far as to him saying, “I need to disinherit him. Otherwise he will squander my hard-earned wealth on more Bitcoin,” and that if his son goes wrong in his choice to go with digital gold, “He needs to suffer the consequences of his mistakes. That's the only way to learn a lesson.”
While “Peter's son is Peter's hedge,” at this point, people really doubt he hates Bitcoin just as much as he claims to be.
“I see what you did there. ‘My son is the front for my huge BTC bag' …nice one,” commented TraderSZ.
“There's no way this is real. It’s like how Kris Jenner sold Kim K’s sex tape, and now they all are rich,” came from Mrs. Amerina Hodl.
Meanwhile, Spencer Shiff’s commitment has got him a new follower, Twitter CEO Jack Dorsey. “I guess that means he doesn't have to worry about being de-platformed now,” commented Peter.