Bitcoin Skeptic Peter Schiff Wants You to Gift BTC to His Son

Bitcoin Twitter recently found out that prominent Bitcoin bear Peter Schiff’s son was into cryptocurrency. Now he is capitalizing on this attention.

3 min read

Aug 28, 2020

Peter Schiff, CEO of Euro Pacific Capital and a well-known gold bull and Bitcoin (BTC) bear, recently had to deal with the revelation that his son had bought some Bitcoin. Well, yesterday, he offered crypto enthusiasts the chance to rub it in by sending his son some more Bitcoin for his 18th birthday.

“Since so many of you Bitcoin guys are ribbing me because my son [Spencer] bought #Bitcoin, why not really rub it in by gifting him some as a belated birthday present. He turned 18 yesterday,” Peter Schiff wrote on Twitter yesterday.

As Decrypt reported, Peter Schiff regularly challenges regular crypto enthusiasts and famous industry figures alike, arguing that gold, unlike Bitcoin, has real use cases and has proven itself as a means of preserving capital throughout thousands of years of human history.

Yet, his son, Spencer Schiff, recently said that he bought around $450 worth of Bitcoin a couple of weeks ago and plans to buy more in the future—even though gold mining stocks make up a much larger part of his portfolio.

At press time, roughly 0.106 BTC, worth just over $1,200, has been sent via 36 transactions to the gift address provided by Peter Schiff.

“He won't lose his [Bitcoin],” Peter Schiff also added, likely referencing the “costly mistake” that led to losing $50 worth of BTC gifted him by ShapeShift CEO Erik Voorhees.

After one of the users commented that Peter Schiff is “the rich asking for handouts,” the gold bug argued that “it's actually cheap publicity for Bitcoin.”

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