Peter Schiff, the CEO of Euro Pacific Capital and one of Bitcoin’s most popular critics, has recently threatened to disinherit his son, Spencer Schiff, for leaning on bitcoin with his entire weight.
Schiff lamented in a tweet that his son, Spencer, had converted his entire Silver stock just to increase his bitcoin holding. The young investor currently has all of his investments in Bitcoin.
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
Spencer Schiff who would soon turn 19 had in the past spilled on his Twitter page that he already had $450 worth of bitcoin to his portfolio. The latest event is an added indication that the young investor seems to be more attuned to holding the digital gold as opposed to his father.
Being a strong bitcoin critic, Schiff finds it very hard to believe that his son made the conversion in the right frame of mind, alleging that the young man was “brainwashed.”
He also noted that his son currently has no plans of letting go of bitcoin anytime soon, saying,
“He’s HODLing to infinity or bust.”
Responding to Schiff’s ranting tweet over his son’s bitcoin holding, popular bitcoin proponent, Anthony Pompliano, noted it as a good development that one of the Schiffs is trying to increase the family’s wealth away from traditional gold.
However, contrary to Pomliano’s opinion, Schiff worries that his son Spencer would waste the family fortune on bitcoin rather than increase it. He, therefore, threatened to disinherit him and save the family wealth.
Back in May 2020, Schiff had criticized the 12-year-old daughter of Morgan Creek’s Founder, Jason Williams, who had invested all her money in bitcoin.
The bitcoin critic chastised her decision, arguing that she would lose everything she invested.
Affiliate: Get a Ledger Nano X for $119 So That Hackers Won't Steal Your Crypto!