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Gold bug Peter Schiff has revealed that his son, Spencer Schiff, has gone all-in on bitcoin. Calling his son \u201cbrainwashed\u201d for buying so much of the cryptocurrency, Schiff added that he may need to \u201cdisinherit\u201d his son to avoid the youngster burning through his hard-earned money.<\/strong><\/p>\n Euro Pacific Capital CEO and host of the Schiff Radio Show, Peter Schiff, tweeted on Wednesday:<\/p>\n My son Spencer Schiff 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\u2019s HODLing to infinity or bust.<\/p>\n<\/blockquote>\n At the time of writing, his tweet has gotten 5.4K comments. It has also been liked 21.6K times and retweeted 3.1K times. The price of bitcoin currently stands at $57,983, based on data from markets.Bitcoin.com.<\/p>\n Schiff further claimed: \u201cThe young generation likes bitcoin because most lack the knowledge or experience to see through the hype. When they get older they will prefer gold too, assuming bitcoin is even still around.\u201d<\/p>\n \u201cMy son Spencer Schiff\u2019s latest bitcoin buy resulted in a follow by Jack [Twitter CEO Jack Dorsey]. I guess that means he doesn\u2019t have to worry about being de-platformed now. That\u2019s still a risk for me as Jack doesn\u2019t follow me,\u201d Schiff opined.<\/p>\n Morgan Creek Digital partner Anthony Pompliano commented on Spencer going all-in on bitcoin. He told Peter, \u201cAt least someone in your family is growing their wealth this year.\u201d<\/p>\n Twitter user Adam Moody chimed in, asserting, \u201cAnd that\u2019s why he [Spencer] will be richer than you.\u201d Schiff promptly replied:<\/p>\n I need to disinherit him. Otherwise, he will squander my hard-earned wealth on more bitcoin.<\/p>\n<\/blockquote>\n <\/ins> <\/ins> <\/p>\n Responding to a question about whether he is ready for bitcoin\u2019s price to break out above $60K and how much BTC<\/a> he bought on the dip, Schiff insisted that he bought \u201cnone.\u201d However, he added: \u201cUnfortunately my son Spencer Schiff wasn\u2019t as smart. Sure he could sell now at a profit, but he refuses to sell any. So the paper gain means nothing.\u201d<\/p>\n Furthermore, the elder Schiff insisted that he cannot bail Spencer out if he were to lose money on bitcoin. \u201cCan\u2019t do that. He needs to suffer the consequences of his mistakes. That\u2019s the only way to learn a lesson.\u201d<\/p>\n Spencer subsequently tweeted the popular \u201cOld Man Yells at Bitcoin\u201d meme to his father. The 18-year-old bitcoin proponent previously said that his father\u2019s understanding of money is flawed<\/a>. Meanwhile, Peter Schiff recently admitted that the price of BTC<\/a> could reach $100K<\/a> after it soared past his expectations.<\/p>\nPeter Schiff\u2019s Son Has Gone Full Bitcoin<\/h2>\n
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