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October 5, 2022
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Peter Schiff’s son converts 100% of his portfolio into Bitcoin

Peter Schiff said he needs to disinherit his son Spenser.

Spenser, son of Bitcoin critic and stockbroker Peter Schiff, converted 100% of his portfolio to Bitcoin. Spencer went all out on Bitcoin when the digital asset fell below $ 50,000.

Spenser’s high investment decision was revealed by his father, Peter Schiff, in a post on Twitter on the 10th of March.

“My son Spenser Schiff bet everything on Bitcoin in the last drop below $ 50k. 100% of your portfolio is now in Bitcoin. ”

100% of the Bitcoin portfolio

Schiff seemed disappointed that his son was going 100% on Bitcoin. He added that Spenser also sold his latest silver shares for cash. The Bitcoin critic also said that his son, who on the other hand is a Bitcoin believer, was brainwashed. Schiff revealed that Spenser plans to HODL its investment in Bitcoin “to infinity or go bankrupt”.

Expressing concern about the younger generation’s investment decisions, Schiff added:

“If my own son was brainwashed, imagine how vulnerable most children are.”

Despite Schiff’s discontent with his son’s investment choice, the crypto community loved Spenser’s decision. As seen in responses to Schiff’s announcement about converting his son’s portfolio into Bitcoin, some believe Spenser’s investment in BTC will make him richer than his father.

Morgan Creek Digital co-founder Anthony Pompliano replied to Schiff:

“At least someone in your family is increasing your wealth this year.”

End of inheritance?

On a tweet separate, Schiff said he needs to disinherit Spenser. He talked about disinheriting his son in response to a tweet that said Spenser would be richer than his father because of his investment in BTC. Schiff added that Spenser would continue to “waste” his wealth to acquire more Bitcoins.

Schiff has always made pessimistic comments about 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, he said he always knew that owning BTC was a bad idea.

Unlike Schiff, several investors see Bitcoin as a hedge against inflation and a store of value. Individuals and institutions are optimistic about the currency, acquiring large amounts of BTC. Tyler and Cameron Winklevoss are examples of prominent Bitcoin investors. In addition, MicroStrategy and Tesla have also revealed their investment in Bitcoin. On February 24, MicroStrategy said it holds a total of approximately 90,531 BTC. The company’s CEO, Michael Saylor, noted that MicroStrategy has future plans to buy more digital assets.

To date, Bitcoin is up 2.6% to over $ 56K. With a market capitalization of more than $ 1 trillion, Bitcoin rose 8.14% to almost $ 53 billion in its 24-hour turnover.

Source: CoinSpeaker

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