Spencer Schiff, the son of gold miner and bitcoin (BTC) critic Peter Schiff, seems to have decided to move all his portfolio investments into one asset – bitcoin.
My son invested in bitcoin when it went below $50,000. 100% of his portfolio is now in bitcoin, Goldbug Schiff announced Wednesday on Twitter. The famed bitcoin skeptic clarified that his son had sold his last stash of cash for cash.
Schiff also expressed concern about the investment decisions of the younger generation and said: If my own son was already brainwashed, imagine how vulnerable most children are. It’s HODLING to infinity or bankruptcy.
The crypto community has widely welcomed the announcement, with many expressing confidence that a 100% investment in bitcoin would make Schiff’s son richer than he is. At least one member of your family will grow up this year, Anthony Pompliano, co-founder of Morgan Creek Digital, later wrote.
In response, Schiff said: I’ll have to release him. Otherwise, he will waste my hard-earned fortune on more bitcoins. Schiff also noted that his own portfolio is not limited to gold and consists overwhelmingly of stocks.
Despite Schiff’s criticism of his son’s decision to go 100% bitcoin, Schiff himself seems to have played a big part in the decision. Schiff not only regularly tweets about bitcoin, but also suggested on Twitter the idea of giving his son a bitcoin birthday gift in 2020. Schiff then insisted that his son invest in bitcoin, against his advice.
Schiff, an outspoken critic of bitcoin, said in 2019 that bitcoin would never reach $50,000. Following bitcoin’s rise to $57,000 in February 2021, Schiff acknowledged that a move to $100,000 is not out of the question either.
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