Peter Schiff’s Son Is Buying More Bitcoin Against Father’s Warning
It was recently reported that Ethereum whales are on the rise, Bitcoin whales have also been springing up this month and ironically, the son of popular gold advocate Peter Schiff might have made up the growing number of wallet holders increasing their existing funds. Schiff, who is known for criticizing Bitcoin, while constantly advocating for gold, took to Twitter to express his disapproval over his son’s most recent investment move.
According to the tweets, this isn’t the first time the gold bug’s son Spencer Schiff has increased his Bitcoin holdings. And all two times, Spencer apparently made these decisions without his father’s support.
More People Have Faith In Spencer Schiff’s Financial Decisions
Schiff proceeded to conduct a poll where he quizzed his numerous followers on whether or not his stances on Bitcoin were more objective than that of his son and as the results clearly show, 81% of the voters are in support of his Son, while only 19% sided with Schiff.
Schiff has, on several occasions critiqued the structure of Bitcoin. Like many other gold and stock proponents, the argument remains the same; Bitcoin has no inherent value. Schiff who capitalizes on volatility and the transparency issues around regulation has advised countlessly that Bitcoin be boycotted for Gold.
The Schiff Family Views Do Not Align
As seen on his Twitter page, the 18-year-old freshman has shown interest in Bitcoin with multiple tweets highlighting price breakouts and significant price increase against gold and the stock market. Despite his father’s claims that he has little money to invest in the cryptocurrency, Spencer seems to be betting big on Bitcoin.
In one tweet, Spencer highlights the significant price surge on the 10th of August when Bitcoin tested the $12,000 levels and teased a rally that was expected to birth a groundbreaking yearly high that could’ve set Bitcoin for $14,000 or above.
Apparently Schiff’s convictions of cryptocurrencies are not shared by his son, who continues to tweet on possible price breakouts with every budding price movement. This is not very surprising seeing that many Gen Zers are becoming more accepting of cryptocurrencies. It is expected that by the end of the decade, more Gen-Z’s would’ve adopted cryptocurrencies nearly as much as millennials.
Investors still holding strong at $10,000
Meanwhile, the Bitcoin price plunge from $12,000 to $10.1k at press time, hasn’t fazed investors who, according to new metrics, have not flinched in their quest for securing more Bitcoins.
The CEO of onchain crypto-data/chart tool CryptoQuant, declared that a Bitcoin bull run is still in sight, thanks to investors who are still willing to buy Bitcoin even at a decline.