The son of Peter Schiff, who knew about the 2008 stock market crash and was a longtime critic of Bitcoin, praised this cryptocurrency. According to the son of the famous trader, Bitcoin is a complete technological revolution and will make people more prosperous.
“This cryptocurrency is taken”
Peter Schiff is one of the leading Bitcoin critics. Schiff has been trading commodities for over 50 years and is a renowned trader in the field. He gained his fame by accurately knowing the 2008 stock market crash. A staunch gold advocate, Schiff tweets more about Bitcoin than gold, as Binance CEO CZ said.
Now, Spencer Schiff, son of this prominent fund manager and trader, is celebrating his 20th birthday. Schiff’s son, unlike his father, is a total crypto advocate. So much so that he praised the leading cryptocurrency, saying that he invested in Bitcoin. Last year, Spencer announced that his father had entered BTC with gold, which he saw as the best investment vehicle.
Peter Schiff’s son is interested in Bitcoin
After Spencer Schiff revealed that unlike his father, he invested in Bitcoin, Peter Schiff spoke on the subject. Accordingly, Spencer’s father said that his son’s interest in Bitcoin was only a “temporary obsession.” Also, Schiff said that Spencer is still very young, noting that he just turned 20. According to Schiff, his son still has plenty of time to recover from the Bitcoin “error.”
Spencer responded to his father explaining why he is obsessed with the leading cryptocurrency. “Bitcoin is a technological revolution that is likely to enrich humanity,” said Spencer Schiff. He also added that “this cryptocurrency will improve people’s living standards.” Schiff responded to this as well, saying that his son was one of many young people who invested their money in BTC and later regretted it.
He knew about the 2008 stock market crash and the last Bitcoin crash
As Cryptokoin.com previously reported, Peter Schiff correctly knew about the 2008 stock market crash. In this way, he became famous in the market and began to give financial support to many companies. But that wasn’t the only correct guess Peter Schiff knew. The famous trader was also successful in some of his predictions about Bitcoin.
His prediction about the last Bitcoin crash was one of them. In June, he tweeted that Bitcoin would drop to $20,000 and Ethereum price would drop to $1,000. A few days after his tweet, BTC and ETH did indeed drop, but slightly below their predicted price levels. On August 14, he saw an inverted Head & Shoulders formation on the Bitcoin price chart and said that the BTC price will drop to $10,000. Although BTC didn’t drop to $10,000, it was right about the price drop.
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