The son of famous investor and known Bitcoin critic Peter Schiff says his investment portfolio is now 100% Bitcoin, despite his father’s ‘bearish’-ness.
Bitcoin Over Gold
The son of legendary investor and infamous Bitcoin (BTC) critic Peter Schiff revealed he sold his silver to go all-in on BTC.
In a tweet on Mar. 10, Schiff said his son, named Spencer, “bought the dip” as BTC recently fell below $43,000. The BTC-critic went on to accuse his son of being “brainwashed,” comparing him to other “vulnerable kids” who might be “HODLing to infinity or bust.”
The news might strike as ironic for members of the cryptocurrency community, who are well-aware of the senior Schiff’s disdain for the space.
Indeed, as the top-cryptocurrency dipped from its recent high of $58,640.77, the senior Schiff noted the Grayscale Bitcoin Trust’s poor performance.
The self-exclaimed “gold-bug” pointed to GBTC’s 10% slump and overall 11% discount on its Net Asset Value (NAV). This, he suggested, showed investors might have been pulling out of BTC in favor of gold.
Although, the market could now reasonably counter-argue this point, given the top cryptocurrency’s strong rebound. Indeed, at press time, BTC sits at $57,616.11, just over $1,000 away from its all-time high.
Brainwashed or Brain-Wave?
Whilst Schiff, the senior, suggests brainwashing as the only logical justification for purchasing BTC, the weight of opinion seems to be against him.
Not only has the cryptocurrency market surged in valuation, but the injection of the capital comes from the very class Peter Schiff is a part of.
Last week, a survey of Goldman Sachs’ clients revealed 22% of investors think BTC will reach $100,000 by 2022. Choosing not to ignore their paying (and wealthy) clientele, the Wall Street giant decided to re-open its cryptocurrency trading desk.
Accordingly, the trading desk will allow the giant’s clients to invest in cryptocurrencies and projects, and businesses in the space. The decision follows similar moves by JP Morgan and BNY Mellon. The latter, America’s oldest bank, announced a crypto-custody service for its clients last month.
Therefore, the junior Schiff might actually be the only one seeing the reality of the situation, as investors all-round eye cryptos.
Nevertheless, there are concerns that Bitcoin’s meteoric rise has triggered a widespread sense of euphoria. As outsiders look into the space, some develop a feeling of missing out (FOMO).
In the crypto-space, “FOMO follows fall” as late entrants scramble to get their piece of the pie. Inevitably, the leads to huge volatility which the market never sustains in the short-term, as says the senior Schiff.
On the other hand, many in the community (Spencer Schiff included) and mainstream investing world, think this time is different. Only time will tell which one is right.
For now, Bitcoin appears ready to continue its moon-directed journey.