Spencer Schiff, son of notable Bitcoin critic and gold bug Peter Schiff, has tweeted that a significant event has occurred in his life over the last year – he has switched from gold to Bitcoin.
Peter Schiff’s son prefers Bitcoin to gold.
He had most of his savings in the most popular precious metal in August 2020, and now he has dumped it all to go all Bitcoin.
He appears to have no plans to cease adding BTC to his holdings.
What a difference a year makes! Last August, most of my savings were in gold. I’m now all-in on Bitcoin, and I’m never going back.— Spencer Schiff (@SpencerKSchiff) August 27, 2021
Recently, Peter Schiff, the CEO and global strategist at Euro Pacific Capital, a stock broker who frequently appears on radio and television and hosts his own podcast, tweeted that people who aren’t selling Bitcoin now are “genuine idiots.”
He also believes Bitcoin will never hit $100,000, comparing it to the tulip bubble. He has, however, expressed remorse over the fact that he did not purchase Bitcoin when he first heard about it in the asset’s infancy.
Spencer responded to Kraken’s Dan Held’s inquiry on how he plans to pay for Peter’s retirement by tweeting that his father has a lot of assets that aren’t related to gold and that he won’t lose all of his net worth on gold.
One year has passed since MicroStrategy began purchasing Bitcoin.
According to its CEO Michael Saylor, August 2020 is also the month when the business software firm MicroStrategy made its first purchase of Bitcoin using its cash reserves and has been buying BTC since then with the intention of holding it and never selling it.
Saylor has been a true Bitcoin advocate in the last year, frequently appearing on TV and numerous crypto podcasts to discuss Bitcoin.