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bitcoin gold

Peter Schiff’s 18-Year-Old Son Beat Gold Bug At Own Game By Buying Bitcoin

Tony "The Bull" by Tony "The Bull"
3 years ago
in BTC
Reading Time: 3 mins read

Bitcoin is often called digital gold, much to the dismay of gold bugs like Peter Schiff. Unfortunately for boomers like Schiff, millennials like his son Spencer, are increasingly opting for the cryptocurrency instead.

Schiff even recently slammed his son publicly on Twitter, insulting his purchase of BTC, and calling his investing ability into question compared to his own over 30 years experience. Two months later, Spencer Schiff’s investment into crypto is now worth 60% more, while the more experienced investor’s call would have resulted in a 2% loss.

Spencer Schiff Buys The Bitcoin Dip At $10,000 In September, Up 60% Since

Peter Schiff is about as outspoken as it gets about all things finance, but the subject perhaps he likes to touch on the most, is Bitcoin.

Schiff loves to hate on the cryptocurrency, using any chance he gets to drag it through the mud, and instead try to call attention to his favorite shiny metal.

Schiff runs several operations, including a Puerto Rican bank at the center of a global tax laundering sting, and a precious metals business called SchiffGold.

Related Reading | Technical Expert Shows How Bitcoin Path Could Reach Gold’s $10 Trillion Cap

He’s clearly biased against Bitcoin, but that couldn’t stop his son Spencer from buying the BTC dip around $10,000 around September 8, 2020.

The same day, Papa Schiff attempted to publicly embarrass his own son for his investment decision.

“Whose advice do you want to follow? A 57-year-old experienced investor/business owner who’s been an investment professional for over 30 years or an 18-year-old college freshman who’s never even had a job,” Schiff queried.

bitcoin gold btcusd xauusd xauusd

Spencer Schiff's investment brought over 60% ROI, while goldbugs lost money | Source: BTCUSD on TradingView.com

Okay Boomer: Why Cryptocurrency Will Outpace Gold Henceforth

Turns out, that college kid focusing on finance like his dear Dad, ended up beating Pops at his own game. Peter Schiff’s more than 30 years of investing couldn’t outperform his own son’s two months’ worth of Bitcoin position.

Schiff, however, would never admit defeat, and would rather continue to smear his son’s namesake just to bash Bitcoin further.

Related Reading | Bitcoin Experts Claim Post-Halving Performance Is More Bullish Than Pre-2017

But Boomers like Schiff are on the way out. The gold that they’ve held so dearly for decades, can’t hold a candle to cryptocurrencies in the digital age.

Aside from looking pretty, precious metals only have rarity and some utility in manufacturing. Cryptocurrencies like Bitcoin go so far beyond this, and the world is witnessing the slow deterioration of gold due to the emergence of the first-ever digital asset.

The start of Bitcoin’s outperformance over gold is only just beginning, and Boomers like Schiff will be left in the dust this time around while mistrusting millennial investors will pick math and code any day of the week.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptogoldpeter schiffspencer schiffxauxauusdxbtxbtusd
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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