By
Tolu Ajiboye
April 23rd, 2024
Peter Schiff said he needs to disinherit his son Spenser.
Spenser, the son of Bitcoin critic and American stockbroker Peter Schiff, has converted 100% of his portfolio to Bitcoin. Spencer went all-in on Bitcoin when the digital asset declined below $50,000.
Spenser’s bullish investment decision was revealed by his father Peter Schiff in a Twitter Inc (NYSE: TWTR) post on the 10th of March. The tweet said:
“My son Spenser Schiff went all in on Bitcoin on the last drop below $50k.100% of his portfolio is now in Bitcoin.”
Peter Schiff’s Son Converts 100% Portfolio to Bitcoin
Schiff sounded disappointed in his son’s going 100% on Bitcoin. He added that Spenser also sold the last of his silver stocks for cash. The Bitcoin critic further said that his son, who on the other hand is a Bitcoin believer, is “brainwashed.” Schiff revealed that Spenser plans to HODL his Bitcoin investment “to infinity or bust.”
Expressing worry about the investment decisions of the younger generation, Schiff added:
“If my own son is this brainwashed imagine how vulnerable most kids are.”
Despite Schiff’s displeasure with his son’s investment choice, the crypto community seems to welcome Spenser’s decision. As seen in the replies to Schiff’s announcement on his son’s portfolio conversion into Bitcoin, some believe that Spenser’s BTC investment will make him richer than his father.
The co-founder of Morgan Creek Digital Anthony Pompliano replied to Schiff:
“At least someone in your family is growing their wealth this year.”
Schiff Mentions Disinheriting Spenser
In a separate tweet, Schiff said he needs to disinherit Spenser. He talked about disinheriting his son in response to a tweet that noted that Spenser would be richer than his father due to his BTC investment. Schiff added that Spenser would continue to “squander” his wealth to acquire more Bitcoin.
Schiff had always delivered bearish comments on Bitcoin over time. The Bitcoin critic is known to believe that gold is a better alternative to Bitcoin. In January 2020, Schiff lost access to his Bitcoin wallet. At the time, the gold bug said that he had always known that owning BTC was a bad idea.
Unlike Schiff, several investors see Bitcoin as a hedge against inflation and store of value. Individuals and institutions are going bullish on the king coin, acquiring large amounts of BTC. Tyler and Cameron Winklevoss are examples of prominent investors in Bitcoin. Also, MicroStrategy Inc (NASDAQ: MSTR) and Tesla Inc (NASDAQ: TSLA) also revealed their Bitcoin investment. As of the 24th of February, MicroStrategy said it holds an aggregate of approximately 90.531 BTC. The company’s CEO Michael Saylor noted that MicroStrategy has future plans to buy more digital assets.
At press time, Bitcoin is up 2.6% to over $56K. With a market capitalization of over $1 trillion, Bitcoin has surged 8.14% to nearly $53 billion in its 24-hour trading volume.