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Schiff buys more Bitcoin, but which Schiff?

Photo of: Dennis Ramos
by Dennis Ramos

Father-son duo Peter Schiff and Spencer Schiff were recently seen sailing in different waters when Peter Schiff in one of his tweets said that his son bought even more Bitcoin, which he is completely against. He ends up asking the Twitter follower as to whose advice is logical and rational to follow at this juncture?

Twitter followers and users have given their judgment and they go with the 18-year old son’s investment decision and advice over his father Peter Schiff who is known for being a hardcore Bitcoin critic and a famous gold bug. 

The tweet posted just a day ago from Peter Schiff had a poll designed and the pollers had to choose between the father and the son as to whose advice was sound. About 81% of the 46,000 Twitter users who took the poll made it very clear that it was the 18-year old college freshman they supported. Despite being a college freshman and a person who has never had any job experience, his decision to buy Bitcoin scores above a man who has a vast experience of 30 years as an investment professional. 

The son also noticed the tweet and did not bat an eye in responding to the tweet and his father’s remarks. The crypto twitter has backed his decision to buy Bitcoin over his father’s opinions. Many others happily backed his decision on the popular social media. In fact, the CEO of Quantum Labs went on to reply, 

“Your son will be a multi-millionaire at least by the time he’s 57 if he keeps buying Bitcoin.”

But many others who tried to deeply assess the situation in entirety felt that the father and son favoring different assets could be an investment strategy also. Morgan Creek Digital co-founder Anthony Pompliano said, 

“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 [on] both assets without publicly capitulating on gold.”

There are a few people who saw the pattern behind such tweets although missed by a huge proportion of poll-takers. Another Reddit user by the user name also did second Pompliano’s thought about the tweet. He also somehow reached the same conclusion. 

“Sounds like Peter is making sure he can have it both ways depending on Bitcoin’s success or failure. If Bitcoin fails, he’ll say: ‘See, my son should have listened to me.’ If Bitcoin succeeds, he’ll say: ‘Look how smart my son is, the apple doesn’t fall far from the tree.”

In just two weeks after Schiff had consolidated Bitcoin (BTC) donations from Twitter for those who turned 18. He tweeted on August 27th,

“Since so many of you Bitcoin guys are rubbing me because my son [Spencer Schiff] bought Bitcoin, why not really rub it in by giving him some as a belated birthday present?. He turned 18 yesterday. He won’t lose his,” he said, posting his son’s wallet address.

The wallet that belonged to Spencer Schiff has no bitcoins as of date. It has witnessed transactions worth 0.11 BTC since the 27th of August.