Peter Schiff son buys more bitcoin against his advise

[cryptomaniac_xxx]

https://twitter.com/PeterSchiff/status/1303009420713111553

Peter Schiff twitted that his son buy more bitcoin against his advise. Then Peter in turn put up a poll as to who's advise someone will follow, his or his son. An overwhelming 80++% voted for the kid move to get into bitcoin.  , Lol, he should follow his kid's advise as well and get into BTC, or is he secretly stashing already?

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[mk4]

You should've included the epic Tweet reply from Spencer Schiff himself  :

https://twitter.com/SchiffSpencer/status/1303010333389467651

I'm still up to this day quite convinced that what mostly separates Austrian economists that are gold bugs from being bitcoiners is their technological literacy. I don't think it's a coincidence that people who are less technologically literate are the ones who dislike bitcoin with passion.

[bitsurfer2014]

Unfortunately, most of these finance professionals are only accustomed to traditional investment vehicles that they often resist change and only wants to interact with legacy systems per se but we cannot blame them on their preferences.

The incident mentioned by OP is quite analogous to some older office professionals who don't want to use computers to become more productive and rejects any form of automation in their workplace but in fairness, they could also do their job effectively via their own terms. Imho.

[DooMAD]

There's hope for the future, then.  The younger generations get it, because they've never been given a good reason to trust traditional finance.  Peter Schiff needs to take off the rose tinted glasses and recognise the situation for what it is.  What used to work for him probably won't work for our descendants going forwards.

[Lucius]

If Dad didn't want his son to spend money on something like Bitcoin, then he shouldn't have given him more money than he needs for basic living needs. It's very easy to spend money you didn't earn, and the children of the rich are the best example of that - but I guess it's better to spend on Bitcoin than on drugs and alcohol, although probably for a young Schiff money is no problem.

This is more than obviously a small play of dad and son on social networks, the little one must get involved in the business when dad become more or less irrelevant

[bitcampaign]

I am sure he also bought it and had it, if you look at his site he also uses bitcoin payments https://schiffgold.com/buy/buying-gold-silver-cryptos/, I think he also holds bitcoin in his wallet, no one knows, but I think his son is quite smarter than him

[Botnake]

His son betting against his advise, I think that is nice because if bitcoin will fail he would win but if it will succeed his son will win, as a family, they don't lose. Probably as influence as he is, I think there's something behind that tweet, probably he is also investing, just trying to get some attention doing some indirect way of promoting bitcoin.

The survey result was epic, I'm pretty sure that was not he is expecting if the intention was transparent.

[ILuckyGuyI]

I would also vote for his son. Normally, I would prefer to take advise from an experienced person in this field. But there are a lot of experienced investors who are just following the traditional ways to invest and not self-improving with the new technologies. So, I would like to follow a person who always keep up with the technology and improves himself/herself besides being an experienced investor. Also, his son seems very smart. I don't understand why his father underestimates him.

[Jawhead999]

Each generation changed and the world is changed too. You'll see so many things changed in the past just like transaction. In ancient era, if you want bread you need to give milk because fiat money not exist yet. After many years later, fiat money exist and you can buy almost everything with your money. And now we have Bitcoin.

Most of old peoples are too worried, they always don't allow kids to do something new especially if he doesn't have any experience. Even though you didn't listen your parents advice, if you believe what you do... just do it and make them proud of you.

[20kevin20]

Hasn't he only recently confessed that he was wrong about BTC all this time?

Peter probably wanted his kid to have something real, as in palpable. What Peter doesn't understand is that technology has advanced to a point where you can have more trust in something that is virtual than in something that has a physical form.

Gold has been a great mean of exchange during all the previous recessions. Fake gold has been a great one as well. Times have changed, and we have something that cannot be faked or tampered with, can be instantly sent anywhere around the world and has no physical weight. It may be time for Peter himself to understand that Bitcoin is the literal revolution of money.

[NeuroticFish]

So this guy is bashing Bitcoin every time he can, still people send money to his son's address.
Since Bitcoin has big price variations, this guy has plenty of opportunities to say that bitcoin is bad (of course, he can conveniently shut up when Bitcoin is doing good).

Also with all the attention his twitter account gets will make his ideas reach even more users.

Is it me or his "son's Bitcoin wallet" story was premeditated as a win-win situation for this guy?

[plvbob0070]

I don't know why but I find this really funny because for sure he tweeted that with confidence, he even added a poll but the result shows the opposite. But I would agree to what others have said, he may be experienced and professional in investing but it doesn't mean he's always right. They've been in the field but mostly in the traditional investment that's why they are very reluctant with bitcoin but at least, his son is open for this kind of investment even if his father advised him not to.

[ChiBitCTy]

This is pretty funny and pretty sad at the same point.  What father would oust their own son to the entire world on twitter, of all places, because he bought an investment that he doesn't particularly have faith in.

Peter is like a lot of older financial professionals.  As an investment advisor myself this is something that I see quite often in this business.  Most Older financial professionals are not willing to open their minds to new investments/technologies.  Warren Buffet is another perfect example of this.  He doesn't even know or understand how bitcoin works but yet hates on it every chance he gets.  Whats that tell you?

[shoreno]

peter schiff said against his advice , meaning he is against btc so i dont think  he is hoarding btc secretly but where did the kid get the idea of investing in btc if not from his dad  . from the public maybe ? because btc isnt also new to this date   .

 the poll says 18 yr old kid with no experience , reminds me of the kids that also invested on btc and became millionaires now .  im also rooting for the kid because of that .

[cryptoperkele]

I saw this and i am not sure if he is being serious because i can't figure out the tone from that. He must realise at least in some level that he is actually promoting bitcoin with his "Old man yells to the cloud" -routine. From what i've listened him, he isn't stupid, he just doesn't want to understand bitcoin.

[dothebeats]

I wonder what Peter Schiff's first reaction was when he found out about this. Perhaps there were some shouting here and there but after a while, he accepted that his son's decision isn't something that he should really control after all.

Peter Schiff is a good investor, a gold bug and quite successful at that. He's good at what he does, however he, together with other gold bugs and the traditional investors don't seem to want to end their era on investment. They refuse to accept change, and here they are trying to make a point that what they know about investing is better since they have years upon years of experience in the field plus the companies they built with that experience is still standing. Times are changing, and it's pretty evident that some people no longer want to get themselves involved in a market where only a few controls everything there is that can be controlled. Hence, why some people are already turning into cryptocurrencies and some companies are already trying to catch up to the game.

Is it me or his "son's Bitcoin wallet" story was premeditated as a win-win situation for this guy?

It could be like that, although knowing Schiff, he accepts no compromises and perhaps must have tweeted this genuinely wanting to make a point, but failed miserably.

[batang_bitcoin]

I wonder if Peter is feeling embarass to himself knowing that many will favor to bitcoin than his words and comparisons. At least his son knows what he's doing.
We're on the new generation where kids are more open and oriented to the new sets of digital assets. His profession being a professional investor can't be gone but he has to make up his mind, we're not anymore in the 80's-90's classic type of investing.

[20kevin20]

I wonder what Peter Schiff's first reaction was when he found out about this. Perhaps there were some shouting here and there but after a while, he accepted that his son's decision isn't something that he should really control after all.

That'd be a shame. I'd be happy to know that my kid is investing in something, especially if we're diversifying the portfolio as a family. Some people get the wrong idea that if they occupied a certain position in the society, the next generation must do the same as well.

The thing is, gold investment is a risk as well. Price fluctuates in any market, and the fact that it's been a reliable asset for so long doesn't mean it will be in the future as well. With technology, the future may not look as sweet for gold as it used to. Replicating substances could be a thing at one point while replicating the same Bitcoins cannot happen. He could take it from any perspective and I'd get it - he's a goldbug and that has been his lifetime passion. But not accepting something just because it's new is just pathetic, especially when after a while you finally give up and say "hey, Bitcoin is fine as well after all", lol.

[pilosopotasyo]

https://twitter.com/PeterSchiff/status/1303009420713111553

Peter Schiff twitted that his son buy more bitcoin against his advise. Then Peter in turn put up a poll as to who's advise someone will follow, his or his son. An overwhelming 80++% voted for the kid move to get into bitcoin.  , Lol, he should follow his kid's advise as well and get into BTC, or is he secretly stashing already?

I consider this a slapped in his face for asking this kind of question in social media and people voted for his son's decision to buy, he should know better he should now that we are moving to different direction when it comes to investing, people are voting in technology and internet based projects like Cryptocurrency, his son will end up richer than him.

[BrewMaster]

i have seen enough people in real life and online that seemingly hate bitcoin so much and criticize those who bought it to the point that they are trying to change their mind and then i find out later that they have been buying bitcoin long before i even know about bitcoin.
the scarcity seems to have gotten to these people.
that is why i am not convinced that this guy isn't accumulating bitcoin himself and this is mostly like a social media fakeout to me.