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Spencer Schiff, the son of the well-known economist, gold-bug, and permanent Bitcoin basher Peter Schiff, recently purchased an undisclosed amount of BTC.
Aside from criticizing the primary cryptocurrency once again, his father prompted the community to send Spencer a belated birthday present, not in gold but in BTC.
Schiff Jr. Appreciates Bitcoin, Unlike His Dad?
Spencer Schiff, who recently turned eighteen, seems to follow his dad’s footsteps in finance, as Schiff Senior is a prominent economist and a long-time gold supporter. However, his son displays one significant difference when it comes down to Bitcoin perception – unlike constantly criticizing the asset like his dad, Spencer Schiff recently bought an undisclosed amount of the primary cryptocurrency.
Peter Schiff acknowledged the purchase on Twitter and attempted to turn the tables by appealing to the community to send a belated birthday present to his son in Bitcoin.
Since so many of you Bitcoin guys are ribbing me because my son @SchiffSpencer bought #Bitcoin, why not really rub it in by gifting him some as a belated birthday present. He turned 18 yesterday. He won’t lose his. Here’s his wallet address: 3AeFWb22AG1qXLEyz1hNLYiT1PF8nrNrnK
— Peter Schiff (@PeterSchiff) August 27, 2020
It seemed that the community reacted in a warm and welcoming manner as just two hours later, Schiff Sr. said that “my son has received about $300 worth of Bitcoin at the current market value.” However, staying true to his nature, he added: “of course, Bitcoin has no real value, but it’s the thought that counts.”
Despite his pessimism against the cryptocurrency, many community members raised a valid question in the comments – why didn’t the economist request a gift sent in gold? Perhaps it has something to do with the fact that Bitcoin is a peer-to-peer electronic cash system, while gold is “hard to move” as the Winklevoss brothers recently pointed out.
CryptoPotato got in touch with Carl Martin, the man behind the leading crypto YouTube channel The Moon. Speaking on the matter, he said:
It seems like sometimes the apple falls far from the tree. I’m happy to see that the son of Peter Schiff didn’t get brainwashed by his father. But I’m not surprised, it’s hard not to see the fascinating properties of Bitcoin.
BTC Is Younger Generation’s Gold
Apart from Peter Schiff’s bashing fest against BTC, his son buying the cryptocurrency could only reaffirm several recent narratives that the elderly generations stick to the precious metal, while the younger prefer Bitcoin.
Rich Dad, Poor Dad author Robert Kiyosaki asserted that both assets could help Americans against upcoming inflation, and they make people “smarter, richer, and stronger against the Fed.” However, he separated younger and older generations by their investing approaches, saying that most old guys buy gold, while Bitcoin is the younger people’s precious metal.
Additionally, the JPMorgan research team came to the same conclusion after studying retail investors’ behavior during and after the COVID-19 crisis. Baby boomers (born between 1946 and 1960) and millennials (1981-1996) admitted averting from the stock markets and strived for safe-haven assets instead. Baby boomers went for gold, while millennials for Bitcoin, JPM said.