Peter Schiff’s Son Explains Why He’s Switched to Bitcoin Despite His Father’s Long Anti-BTC Stance
Peter Schiff is a long-time bitcoin critic who recently commented as CEO of Binance, tweeting more often about gold than about bitcoin, even though Schiff is a goldbug.
Now, the son of this prominent fund manager and economist, Spencer Schiff, celebrated his 20th birthday, he is known, unlike his father, as a bitcoin believer.
Last year, Spencer announced that he had joined bitcoin from the gold his father loved.
Schiff Jr explains his fascination with bitcoin
In a recent tweet, where Peter Schiff wished his son a happy birthday, he mentioned that Spencer’s fascination with BTC is only 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 slowly.
In response, Spencer revealed the reason why he is obsessed with the leading 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 one that has the potential to dramatically raise the standard of living.”
Thanks but it’s not really an obsession. I am a fan of anything that can make humanity more prosperous and technologically advanced. Bitcoin is just one of many things that I think will do.
— Spencer Schiff (@SpencerKSchiff) 26 August 2022
Schiff said that his son is not alone in his passion for bitcoin and that he is now suffering the loss of BTC along with millions of others, mostly as young as Spencer.
According to Schiff Sr., they all made the same mistake of putting their money in bitcoin.
Schiff almost made it right with the recent BTC collapse
A week earlier, on August 20, Peter Schiff reminded the community of his first tweet posted on August 14. Subsequently, he noticed an “ominous combination” on the bitcoin charts – a double top and head and shoulders combined to form a rising wedge pattern. For the leading digital currency.
He added that bitcoin will test the support below the $10,000 level. On August 20, he said that even though he did not predict that BTC would drop well below $10,000, he was right about bitcoin falling significantly below it.
This is not the first time Schiff has said that he has found his bearish bitcoin predictions to be true. Earlier this year, in June, he also tweeted that bitcoin would drop to $20,000 and that the price of ethereum would drop to the $1,000 level.
Several days after his tweet, BTC and ETH actually fell, but slightly below the predicted price levels.
Powell’s speech shocked bitcoin
On Friday, August 26, following a fiery speech by Fed Reserve Chairman Jerome Powell, bitcoin showed a sharp decline below $21,000.
So far, Bitcoin has extended its losses to the $20,200 area, with Ethereum and the rest of the crypto following suit. Powell’s speech has influenced traditional stock markets as well.
Following Powell’s speech, Nasdaq is down 4%, the biggest intraday drop since late June, and eth is down 9.7%, falling below $1,500, with a 12h liquidation amounting to $266m. US inflation data fell and the confidence index rose, giving the Fed more certainty of a rate hike.
— Wu Blockchain (@WuBlockchain) 27 August 2022