Peter Schiff's son buys bitcoin
Bitcoin

To Peter Schiff’s disgust, his son buys Bitcoin

Schiff’s son holds some quite radical views on economy, but Twitter trusts the 18-year-old kid more than the famous gold bug

Gold bug and famous Bitcoin critic Peter Schiff complained about his son buying “even more” Bitcoin.

In his Sept. 7 tweet, Schiff also started a poll asking his Twitter followers if they want to follow his advice or his son’s:

“Whose advice do you want to follow? A 57-year-old experienced investor/business owner who’s been an investment professional for over 30 years or an 18-year-old college freshman who’s never even had a job.”

As of press time the poll has one more hour to go and 81% of the respondents chose to trust Schiff’s son Spencer over his father. 

Anthony Pompliano—Bitcoin evangelist and co-founder of venture capital firm Morgan Creek Digital—suggested that Peter Schiff is using his son as a way to get exposure to Bitcoin while publicly still deriding it. Pompliano said:

“Peter, you’re a very smart guy. Using your son to hedge your gold bet is [a] great idea. Gold goes up, you benefit. Bitcoin goes up, your son benefits. Clever way to be long both assets without publicly capitulating on gold. Impressed!”

Peter Schiff is the CEO of SEC-registered investment advisory firm Euro Pacific Capital and Chairman at gold investment company Schiffgold. Because of this, many believe that he needs to oppose Bitcoin—at least publicly—which many view as a digital competitor to the precious metal he is so invested in.

In his answer to Pompliano’s tweet, Schiff explained that his son is only 18 years old and “does not have much money to blow on Bitcoin, which is actually a very good thing.” His concern—he claims—is that older people will lose a lot more than his son.

As the gold vs. bitcoin debate is hardly new, other crypto proponents enjoyed the results. Blockstream CEO Adam Back chimed in with  “Lol the kid seems to be winning” before adding that he thinks “gold is a useful hedge, just late stage vs bitcoin as digital gold.”

Peter Schiff’s son is an extreme crypto proponent

We can’t know whether he is his father’s way to get exposure to Bitcoin or not, but Spencer Schiff is not shy about his interest in cryptocurrencies and many related themes.

But he is hardly mainstream. The younger Schiff’s Twitter profile states that he is interested in anarcho-capitalism and one of his recent tweets reads:

“Taxation is theft, and is therefore unjust. That statement is unconditional, absolute, and universally true. Regardless of the ends toward which the expropriated funds are channeled (including the ostensible benefit of the victims), coercion is the method of acquisition.”

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Adrian is a newswriter based out of Pisa, Italy. He's passionate about cryptocurrency, digital rights, IT, tech and futurology and likes to think about the future in a positive way.