American stockbroker, the CEO of Euro Pacific Capital Inc., Peter Schiff announced on Twitter that his son Spencer Schiff moved 100% of his portfolio investments into Bitcoin.
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My son @SpencerKSchiff went all in on #Bitcoin on the last drop below $50k. 100% of his portfolio is now in Bitcoin. He sold the last of his #silver stocks to raise the cash. If my own son is this brainwashed imagine how vulnerable most kids are. He's HODLing to infinity or bust.
— Peter Schiff (@PeterSchiff) March 10, 2021
Peter Schiff, who is a major Bitcoin critic, expressed his disapproval of his son's decision. Particularly, he wrote that Spencer sold all of his silver stocks to buy BTC. In his tweet, the entrepreneur says his son must be "brainwashed" to do so. According to Peter Schiff, young people are vulnerable and can lose serious money by HODLing.
US investor and host of the Pomp Podcast Anthony Pompliano referred to this case tweeting that at least someone in Schiff's family was growing their wealth this year. As a response, Schiff said that maybe he would need to "disinherit" his son so the latter couldn't waste his hard-earned wealth. Schiff pointed out his having a diverse portfolio too, which is not limited to gold.
Euro Pacific Capital's CEO said previously that although Bitcoin hits new highs and can even reach $100.000, the price will eventually fall to $0.