Peter Schiff, CEO of Euro Pacific Capital, a vocal bitcoin rival, took to Twitter to talk to his son, Spencer who turns out to be a bitcoin believer. The senior Schiff seems to be frustrated that his son is going out on bitcoin and has traditionally joked about retaining him from spending more of the property for “digital gold”.
Peter Schiff reportedly stated that his son Spencer invested 100% of his funds in Bitcoin and even sold his silver shares, placing his portfolio in the world’s largest cryptocurrency, just before BTC was less than $50,000.
Schiff also claimed Spencer as the “brainwashing” of the “bitcoin campaign” that fuels cryptocurrency via Crypto Twitter, saying there are more young investors in the Bitcoin Propaganda. Schiff stated via a Twitter post that his son Spencer is not going to sell back any of his Bitcoin, saying, “He’s HODLing to infinity or bust.”
The CEO of Euro Pacific Capital purposely thought of removing his son’s name out of the will — otherwise, not doing so would allow Spencer to buy more bitcoin with his fortune in the future. Peter Schiff also mentioned that Twitter founder Jack Dorsey had recently subscribed to the Spencer account, so Spencer could get the Bluetick verification sooner than Peter Schiff.
Peter Schiff responded that this was clear to him and that in his view it was a problem with BTC. He believes that today’s young bitcoiners will love gold even though they are surrounded by bitcoin as they get older because they have more knowledge and experience to see through the hype.