Schiff buys more Bitcoin: But there’s a twist
It all goes horribly wrong for Peter Schiff, as Twitter rejects his advice in favor of his college freshman son’s wisdom.
The vast majority of Twitter users trust 18-year-old Spencer Schiff’s investment advice over that of his father, Peter Schiff — a renowned gold bug and Bitcoin critic.
“Against my advice my son just bought even more Bitcoin,” said Schiff. “Whose advice do you want to follow?”
Against my advice my son @SchiffSpencer just bought even more #Bitcoin. Whose advice do you want to follow? A 57-year-old experienced investor/business owner who’s been an investment professional for over 30 years or an 18-year-old college freshman who’s never even had a job.
— Peter Schiff (@PeterSchiff) September 7, 2020
According to a Sept. 7 tweet from Peter Schiff, 81% of over 46,000 Twitter users who replied to the poll would prefer the advice of an “18-year-old college freshman who’s never even had a job” over that of a man with more than 30 years’ experience as an investment professional.
The younger Schiff was quick to respond to his father’s remarks and the survey results, stating that Crypto Twitter appeared to be backing him. Others enthusiastically showed their support for Spencer on social media.
“Your son will be a multi-millionaire at least by the time he’s 57 if he keeps buying Bitcoin,” said Quantum Labs CEO Usman Majeed.
However, a few thought that a father and son favoring different assets was more of an investment strategy.
“Using your son to hedge your gold bet is a great idea,” said Morgan Creek Digital co-founder Anthony Pompliano. “Gold goes up, you benefit. Bitcoin goes up, your son benefits. Clever way to be long [on] both assets without publicly capitulating on gold.”
Pompliano wasn’t the only commentator who reached this conclusion. “Sounds like Peter is making sure he can have it both ways depending on Bitcoin’s success or failure,” said Reddit user Spl00ky. “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.’”
The survey comes just two weeks after Schiff solicited Bitcoin (BTC) donations from Twitter for his son’s 18th birthday. Although the wallet connected to Spencer Schiff currently holds no Bitcoin, it has seen transactions worth 0.11 BTC since August 27th.