Spencer Schiff, the son of gold bug and strong Bitcoin (BTC) critic Peter Schiff, appears to have agreed to spend his entire portfolio in Bitcoin.
“My son went all-in on Bitcoin on the last drop below $50k. 100% of his portfolio is now in Bitcoin,” Gold Bug Schiff revealed on Twitter on Wednesday. His son sold the last of his silver stocks for cash, according to the well-known Bitcoin skeptic.
Schiff went on to voice anxiety about the younger generation’s investment decisions, saying, “If my own son is this brainwashed imagine how vulnerable most kids are. He’s HODLing to infinity or bust.”
According to cointelegraph.com, the crypto community has reacted positively to the news, with many predicting that Schiff’s son will become wealthier than he is as a result of his 100% Bitcoin investment. Morgan Creek Digital co-founder Anthony Pompliano later said, “At least someone in your family is growing their wealth this year,”
“I need to disinherit him,” Schiff replied. “Otherwise he will squander my hard-earned wealth on more Bitcoin.” Schiff has claimed that his own portfolio is not limited to gold and that equities make up the “vast majority” of it.
Despite his condemnation of his son’s decision to go 100% Bitcoin, Schiff seems to have played a significant role in the decision. Apart from frequently tweeting about Bitcoin, Schiff was the one who proposed on Twitter in 2020 that his son collect Bitcoin birthday presents. Following that, Schiff reported that his son was investing in Bitcoin “against his advice.”
Schiff, an outspoken opponent of Bitcoin, said in 2019 that Bitcoin will never exceed $50,000. Following Bitcoin’s surge to $57,000 in February 2021, Schiff stated that a jump to $100,000 “can’t be ruled out either.”