Peter Schiff tweeted today that his son, Spencer Schiff, went all-in on Bitcoin during the last drop below $50,000. According to his father, a full 100% of his portfolio is now invested in Bitcoin. The elder Schiff has been a long-time Bitcoin detractor. However, his child’s interest in cryptocurrencies may expose him to some new ideas.
Selling Silver For Bitcoin
Many long-time followers of the cryptocurrency industry know Peter Schiff as a public Bitcoin bear, consistently in the news talking about it and other digital currencies in a generally negative light. Even as recently as December 2020, Schiff made the news trying to explain the decline in cryptocurrency prices. However, he admitted he had “got it wrong” about Bitcoin once it had hit the price of $50k per coin.
My son @SpencerKSchiff went all in on #Bitcoin on the last drop below $50k. 100% of his portfolio is now in Bitcoin. He sold the last of his #silver stocks to raise the cash. If my own son is this brainwashed imagine how vulnerable most kids are. He’s HODLing to infinity or bust.
— Peter Schiff (@PeterSchiff) March 10, 2021
Schiff this week announced on Twitter that his son had gone “all in” on Bitcoin, having sold the last of his silver shares to do so. Additionally, Jack Dorsey followed the younger Schiff on the social media platform soon after announcing his Bitcoin investment (although his father seems to be a bit jealous based on some subsequent tweets).
Old Money Versus Digital Money
Peter Schiff is a stockbroker who has considerable material interests in the traditional financial system. That being said, there is no wonder that he has held such a negative view of Bitcoin and cryptocurrencies in general for all these years. However, the recent months have seen a swath of various companies and financial institutions buying Bitcoin. Meanwhile, the price has jumped to all-time highs of more than $58k
Spencer Schiff’s Twitter is full of posts talking about the US Federal Reserve’s balance sheet and how it’s risen during the COVID-19 pandemic and the subsequent economic recession. The fact that Bitcoin has a limited supply seems to be a characteristic that has caught the eye of Schiff junior.
The size of the Fed’s balance sheet increased by $120 billion in the past week (the largest expansion since May), and hit a new record high of $7.363 trillion. The size of its portfolio of U.S. Treasury securities has now DOUBLED since the beginning of this year. pic.twitter.com/cyLmAHsQEK
— Spencer Schiff (@SpencerKSchiff) December 18, 2020