Few figures are as well known within the crypto world as Peter Schiff. The multi-million dollar gold magnate has built a reputation as one of the fiercest critics of Bitcoin and cryptomonies. However, this hasn’t stopped his son, Spencer Schiff, from acquiring some satoshis in recent days. That’s why Peter Schiff sarcastically asks for Bitcoin for his son as a belated birthday present.
Peter Schiff on Bitcoin: It’s a bubble that’s going to burst
Peter Schiff’s Skepticism
Within the crypto community, Peter Schiff’s name is recognized as the world’s biggest crypto skeptic. For, from the beginning, the gold magnate has doubted Bitcoin’s ability to become a true global currency. Not to mention its qualities as an active store of value, which are denied by Schiff.
Thus, for Peter Schiff, Bitcoin is nothing more than a financial asset of a speculative nature, whose value doesn’t depend on its usefulness to people, nor on its capabilities as a refuge of value. Rather, it depends solely on speculative trends in crypto users. They buy Bitcoin because they expect its price to rise and can therefore sell it at a higher price generating a profit, according to Schiff.
That’s why Schiff has repeatedly called Bitcoin a financial bubble. Which should eventually burst, leaving the value of the cryptomone currency at zero. A view his son, Spencer Schiff, doesn’t seem to share. For, in the last few days, it was revealed to the crypto community that Peter Schiff’s 18-year-old son had acquired 0.06 Bitcoin.
We were right about Peter Schiff’s Bitcoin
A gift for your child
This news, of course, triggered comments within crypto Twitter. It led Peter Schiff to respond to the taunts by tweeting sarcastically yesterday, asking crypto coin users to donate Bitcoin to his son’s address, as a belated birthday present.
Also ensuring that your child wouldn’t lose his or her Bitcoins. Referring to the scandal that rocked the crypto world months ago, when Schiff claimed he couldn’t access his BTC wallet because of an error in the crypto currency Blockchain. It was soon discovered that he had only lost his access data.
„Since a lot of you Bitcoin guys are bugging me because my son @SchiffSpencer bought #Bitcoin, why don’t you rub it in by giving him some as a late birthday present? He turned 18 yesterday. He won’t lose his. Here’s his wallet address: 3AeFWb22AG1qXLEyz1hNLYiT1PF8nrNrnK“.
At the time of writing, Peter Schiff’s son’s wallet would have 0.10 BTC, having received several transfers in the last few hours. So it seems that Schiff’s call has had some reception among Bitcoin Profit crypto users. It is an interesting irony how close his son Spencer seems to be building to the crypto community, considering his father’s skeptical positions.