Spencer Schiff, son to the gold investor and famous crypto critic, Peter Schiff, has gone bullish on Bitcoin as he has moved all his portfolio to the “digital gold.” Interestingly, two days after his 18th birthday, all he had was just $450 worth of BTC. And according to him, this was “a pretty small percentage” of his total investment portfolio then.
My Bitcoin is a pretty small percentage of my portfolio. I have much more money in gold mining stocks. (However I am considering putting some more into Bitcoin this week.)
— Spencer Schiff (@SpencerKSchiff) August 27, 2020
Just yesterday, his father took to Twitter to say his son’s investment portfolio is now 100% BTC. He said the younger Schiff intends to hold on to the leading crypto asset regardless of its performance in the market.
At least someone in your family is growing their wealth this year
— Pomp 🌪 (@APompliano) March 10, 2021
I Won’t Bail My Son Out – Peter Schiff
A Twitter follower commented that Spencer won’t actually lose, regardless of the outcome of his Bitcoin investments, as his dad would always bail him out. Reacting to this, Peter Schiff said he won’t bail him out. He said Spencer needs to make mistakes and learn from them.
Elon Musk, in a reply to one of Peter Schiff’s criticism of Bitcoin, had alleged that there is every possibility that Schiff is hodling Bitcoin but he is keeping this away from the world. Peter Schiff is the founder and Chairman of SchiffGold as well as the CEO of Euro Pacific Capital, a registered company that specializes in securities and foreign markets.
The older Schiff is a recognized name in the crypto space. He has constantly critiqued cryptocurrencies and severally warned against further investment in the field.