Peter Schiff’s Son celebrated his 18th birthday and his Bitcoin Bday gift was given to him in an undisclosed amount so let’s read more in today’s Bitcoin news.
Spencer Schiff, the son of Peter Schiff, the well-known gold-bug and Bitcoin basher, recently got an undisclosed amount of the number one cryptocurrency for his Bitcoin BDay gift. Aside from criticizing the number one cryptocurrency, his father prompted the crypto community to send his son a belated b-day present in BTC, not in gold. Spencer turned eighteen and he seems to be following his dad’s footsteps in finance as his father is a prominent economist and gold supporter.
Since so many of you Bitcoin guys are ribbing me because my son @SchiffSpencer bought #Bitcoin, why not really rub it in by gifting him some as a belated birthday present. He turned 18 yesterday. He won't lose his. Here’s his wallet address: 3AeFWb22AG1qXLEyz1hNLYiT1PF8nrNrnK
— Peter Schiff (@PeterSchiff) August 27, 2020
However, his son displayed one major difference when it comes down to Bitcoin perception as he doesn’t criticize Bitcoin as much as his dad. Peter acknowledge the purchase on Twitter and tried to turn the tables by appealing to the community to send his son a belated present. It seems that the community reacted in a welcoming manner two hours later:
“my son has received about $300 worth of Bitcoin at the current market value. Course, Bitcoin has no real value, but it’s the thought that counts.”
Despite his pessimism against the cryptocurrency, a lot of the community members raised a valid question which is why the economist requested a gift in Bitcoin and not in gold? Maybe it has something to do with the fact that Bitcoin is a peer to peer electronic cash system while gold is quite “hard to move.” Carl Martin, the man behind the YouTube channel The Moon said on the matter:
“It seems like sometimes the apple falls far from the tree. I’m happy to see that the son of Peter Schiff didn’t get brainwashed by his father. But I’m not surprised, it’s hard not to see the fascinating properties of Bitcoin.”
Apart from Schiff bashing out Bitcoin all the time, his son purchasing cryptocurrency could only reaffirm a few narratives that the elderly generations stick to the precious metal while the younger prefer cryptocurrency. Robert Kiyosaki also noted that both assets can help Americans against the upcoming inflation but he separated younger and older generations by their investing approaches saying that the older buy gold and younger people buy Bitcoin.
The JPMorgan research team came to the same conclusion and studied the retail investors’ behavior during the COVID-19 crisis. Baby boomers and millennials admit to averting from stock markets and strive for safe-haven assets but the first go for gold while the second go for BTC.
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