This Bitcoin Hater’s Son Goes All In on BTC, Here’s Why

Peter Schiff is a long-time Bitcoin critic who, as Binance CEO recently commented, tweets about Bitcoin more often than gold, even though Schiff is a gold bug.

Now, the son of this prominent fund manager and economist, Spencer Schiff is celebrating his 20th birthday and he is known as a Bitcoin believer, unlike his father.

Last year, Spencer announced that he had gone all in on Bitcoin from gold so favored by his father.

Schiff Jr. explains his attraction to Bitcoin

In a recent tweet, in which Peter Schiff wished his son a happy birthday, he mentioned that Spencer’s attraction to BTC is only a “temporary obsession”.

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Schiff tweeted that Spencer is still young, so he has plenty of time to realize the “flaws” associated with Bitcoin and get his money back gradually.

In response, Spencer revealed the reason he is obsessed with the flagship digital currency. According to him, Bitcoin is one of the things that “can make humanity more prosperous and technologically advanced”.

He also tweeted that “Bitcoin is what has the potential to dramatically increase living standards.”

Thanks, but it’s really not an obsession. I am a fan of anything that can make humanity more prosperous and technologically advanced. Bitcoin is one of many things I think will do that.

— Spencer Schiff (@SpencerKSchiff) 26 August 2022

Schiff added that his son is not alone in his obsession with Bitcoin and that he is now suffering BTC losses along with millions of other people, who are mostly as young as Spencer.

According to Schiff Senior, they have all made the same mistake of putting their money in Bitcoin.

Schiff almost got it right with the recent BTC collapse

A week ago, on August 20th, Peter Schiff reminded the community of his previous tweet posted on August 14th. Then he spotted an “ominous combination” on the Bitcoin chart – a Double Top and Head & Shoulders combined to form a Rising Wedge pattern for the leading digital currency.

He stated that Bitcoin would test a support below the $10,000 level. On August 20th, he stated that while he did not predict that BTC would fall exactly below $10,000, he was still right that Bitcoin fell significantly.

This was not the first time Schiff said he had gotten bearish Bitcoin predictions right. Earlier this year, in June, he also tweeted that Bitcoin would fall to $20,000 and the Ethereum price would drop to the $1,000 level.

Several days after his tweet, BTC and ETH actually fell, but slightly below the projected price levels.

Bitcoin pushed down by Powell’s speech

Friday 26 In August, Bitcoin demonstrated a sharp fall, falling below $21,000 after the hawkish speech of Fed Reserve Chairman Jerome Powell.

Now Bitcoin has extended its losses to the $20,200 area, Ethereum and the rest of the crypto followed suit. Powell’s speech has also hit traditional stock markets.

After Powell’s speech, the Nasdaq fell 4%, its biggest intraday decline since late June, and Eth fell 9.7%, below $1,500, with liquidation after 12 hours totaling $266 million. US inflation data fell and the confidence index rose, leading to more certainty of Fed rate hikes.

— Wu Blockchain (@WuBlockchain) 27 August 2022