This is pretty funny and pretty sad at the same point. What father would oust their own son to the entire world on twitter, of all places, because he bought an investment that he doesn't particularly have faith in.
Peter is like a lot of older financial professionals. As an investment advisor myself this is something that I see quite often in this business. Most Older financial professionals are not willing to open their minds to new investments/technologies. Warren Buffet is another perfect example of this. He doesn't even know or understand how bitcoin works but yet hates on it every chance he gets. Whats that tell you?
Topic: Peter Schiff son buys more bitcoin against his advise - page 4. (Read 844 times)
I don't know why but I find this really funny because for sure he tweeted that with confidence, he even added a poll but the result shows the opposite. But I would agree to what others have said, he may be experienced and professional in investing but it doesn't mean he's always right. They've been in the field but mostly in the traditional investment that's why they are very reluctant with bitcoin but at least, his son is open for this kind of investment even if his father advised him not to.
So this guy is bashing Bitcoin every time he can, still people send money to his son's address.
Since Bitcoin has big price variations, this guy has plenty of opportunities to say that bitcoin is bad (of course, he can conveniently shut up when Bitcoin is doing good).
Also with all the attention his twitter account gets will make his ideas reach even more users.
Is it me or his "son's Bitcoin wallet" story was premeditated as a win-win situation for this guy?
Since Bitcoin has big price variations, this guy has plenty of opportunities to say that bitcoin is bad (of course, he can conveniently shut up when Bitcoin is doing good).
Also with all the attention his twitter account gets will make his ideas reach even more users.
Is it me or his "son's Bitcoin wallet" story was premeditated as a win-win situation for this guy?
Hasn't he only recently confessed that he was wrong about BTC all this time?
Peter probably wanted his kid to have something real, as in palpable. What Peter doesn't understand is that technology has advanced to a point where you can have more trust in something that is virtual than in something that has a physical form.
Gold has been a great mean of exchange during all the previous recessions. Fake gold has been a great one as well. Times have changed, and we have something that cannot be faked or tampered with, can be instantly sent anywhere around the world and has no physical weight. It may be time for Peter himself to understand that Bitcoin is the literal revolution of money.
Peter probably wanted his kid to have something real, as in palpable. What Peter doesn't understand is that technology has advanced to a point where you can have more trust in something that is virtual than in something that has a physical form.
Gold has been a great mean of exchange during all the previous recessions. Fake gold has been a great one as well. Times have changed, and we have something that cannot be faked or tampered with, can be instantly sent anywhere around the world and has no physical weight. It may be time for Peter himself to understand that Bitcoin is the literal revolution of money.
Each generation changed and the world is changed too. You'll see so many things changed in the past just like transaction. In ancient era, if you want bread you need to give milk because fiat money not exist yet. After many years later, fiat money exist and you can buy almost everything with your money. And now we have Bitcoin.
Most of old peoples are too worried, they always don't allow kids to do something new especially if he doesn't have any experience. Even though you didn't listen your parents advice, if you believe what you do... just do it and make them proud of you.
Most of old peoples are too worried, they always don't allow kids to do something new especially if he doesn't have any experience. Even though you didn't listen your parents advice, if you believe what you do... just do it and make them proud of you.
I would also vote for his son. 
Normally, I would prefer to take advise from an experienced person in this field. But there are a lot of experienced investors who are just following the traditional ways to invest and not self-improving with the new technologies. So, I would like to follow a person who always keep up with the technology and improves himself/herself besides being an experienced investor. Also, his son seems very smart. I don't understand why his father underestimates him.
Normally, I would prefer to take advise from an experienced person in this field. But there are a lot of experienced investors who are just following the traditional ways to invest and not self-improving with the new technologies. So, I would like to follow a person who always keep up with the technology and improves himself/herself besides being an experienced investor. Also, his son seems very smart. I don't understand why his father underestimates him. 
His son betting against his advise, I think that is nice because if bitcoin will fail he would win but if it will succeed his son will win, as a family, they don't lose. Probably as influence as he is, I think there's something behind that tweet, probably he is also investing, just trying to get some attention doing some indirect way of promoting bitcoin.
The survey result was epic, I'm pretty sure that was not he is expecting if the intention was transparent.
The survey result was epic, I'm pretty sure that was not he is expecting if the intention was transparent.
I am sure he also bought it and had it, if you look at his site he also uses bitcoin payments https://schiffgold.com/buy/buying-gold-silver-cryptos/, I think he also holds bitcoin in his wallet, no one knows, but I think his son is quite smarter than him
If Dad didn't want his son to spend money on something like Bitcoin, then he shouldn't have given him more money than he needs for basic living needs. It's very easy to spend money you didn't earn, and the children of the rich are the best example of that - but I guess it's better to spend on Bitcoin than on drugs and alcohol, although probably for a young Schiff money is no problem.
This is more than obviously a small play of dad and son on social networks, the little one must get involved in the business when dad become more or less irrelevant
This is more than obviously a small play of dad and son on social networks, the little one must get involved in the business when dad become more or less irrelevant
There's hope for the future, then. The younger generations get it, because they've never been given a good reason to trust traditional finance. Peter Schiff needs to take off the rose tinted glasses and recognise the situation for what it is. What used to work for him probably won't work for our descendants going forwards.
Unfortunately, most of these finance professionals are only accustomed to traditional investment vehicles that they often resist change and only wants to interact with legacy systems per se but we cannot blame them on their preferences.
The incident mentioned by OP is quite analogous to some older office professionals who don't want to use computers to become more productive and rejects any form of automation in their workplace but in fairness, they could also do their job effectively via their own terms. Imho.
The incident mentioned by OP is quite analogous to some older office professionals who don't want to use computers to become more productive and rejects any form of automation in their workplace but in fairness, they could also do their job effectively via their own terms. Imho.
You should've included the epic Tweet reply from Spencer Schiff himself :
I'm still up to this day quite convinced that what mostly separates Austrian economists that are gold bugs from being bitcoiners is their technological literacy. I don't think it's a coincidence that people who are less technologically literate are the ones who dislike bitcoin with passion.
:
I'm still up to this day quite convinced that what mostly separates Austrian economists that are gold bugs from being bitcoiners is their technological literacy. I don't think it's a coincidence that people who are less technologically literate are the ones who dislike bitcoin with passion.
https://twitter.com/PeterSchiff/status/1303009420713111553
Peter Schiff twitted that his son buy more bitcoin against his advise. Then Peter in turn put up a poll as to who's advise someone will follow, his or his son. An overwhelming 80++% voted for the kid move to get into bitcoin.
, Lol, he should follow his kid's advise as well and get into BTC, or is he secretly stashing already? Jump to: