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This Bitcoin Hater's Son Goes All in on BTC, Here's Why

Sat, 08/27/2022 - 09:31
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Yuri Molchan
Peter Schiff’s son explains why he has gone all in on Bitcoin, despite his father’s long-term anti-BTC stance
This Bitcoin Hater's Son Goes All in on BTC, Here's Why
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Peter Schiff is a long-term Bitcoin critic, who as Binance CEO recently commented, tweets about Bitcoin more often than about gold, even though Schiff is a goldbug.

Now, the son of this prominent fund manager and economist, Spencer Schiff celebrates his 20th birthday, and he is known as a Bitcoin believer, unlike his father.

Last year, Spencer announced that he had gone all in on Bitcoin from gold so favored by his father.

Schiff Jr. explains his attraction to Bitcoin

In a recent tweet, where Peter Schiff wished a happy birthday to his son, he mentioned that Spencer’s attraction to BTC is merely a “temporary obsession”.

Schiff tweeted that Spencer is still young, so he has plenty of time to realize his “mistakes” related to Bitcoin and get his money back gradually.

Spencer in response revealed the reason why he is obsessed with the flagship digital currency. According to him, Bitcoin is one of the things that “can make humanity more prosperous and technologically advanced”.

He also tweeted that “Bitcoin is what has the potential to increase living standards dramatically.”

Schiff added that his son is not alone in his obsession with Bitcoin and he is now suffering from BTC losses along with millions of other people, who are mostly as young as Spencer.

According to Schiff Senior, they all have made the same mistake of putting their money in Bitcoin.

Schiff almost got it right with the recent BTC collapse

A week ago, on August 20, Peter Schiff reminded the community about his earlier tweet posted on August 14. Back then, he spotted an “ominous combination” on the Bitcoin chart – a Double Top and Head & Shoulders combined formed a Rising Wedge pattern for the leading digital currency.

He stated that Bitcoin would test a support below the $10,000 level. On August 20, he stated that even though he did not predict the BTC fall exactly below $10,000, he still got it right about Bitcoin falling down significantly.

This was not the first time, Schiff said he had got his bearish Bitcoin predictions right. Earlier this year, in June, he also tweeted that Bitcoin would drop to hit $20,000 and Ethereum price would decline to the $1,000 level.

Several days after his tweet, BTC and ETH indeed fell, but slightly short of the predicted price levels.

Related
Bitcoin, Ethereum Extend Losses to $20,230 and $1,500

Bitcoin pushed down by Powell’s speech

On Friday, August 26, Bitcoin demonstrated a sharp fall, dropping below $21,000 after the hawkish speech of the Fed Reserve chairman, Jerome Powell.

By now, Bitcoin has extended its losses to the $20,200 area, Ethereum and the rest of crypto followed suit. The speech of Powell has also hit traditional stock markets.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.