The son of one of the main enemies of bitcoin has declared his support for cryptocurrencies

Peter Schiff is a longtime bitcoin critic who has repeatedly spoken out critically about the cryptocurrency market and the future of bitcoin. At the same time, it has become known that his son Spencer Schiff has invested all his assets in bitcoin.

Last year, Spencer announced that he had invested all his money in bitcoin by selling the gold that his father loves so much. In a recent tweet wishing his son a happy birthday, Peter Schiff said that Spencer’s attraction to BTC is just a «temporary obsession.» Schiff wrote that Spencer is still young, so he has enough time to realize his mistakes related to bitcoin and then gradually get his money back.

Thanks but it’s really not an obsession. I’m a fan of anything that can make humanity more prosperous and technologically advanced. Bitcoin is one of many things that I think will do that.

— Spencer Schiff (@SpencerKSchiff) August 26, 2022

In response, Spencer revealed the reason why he is «obsessed» with the flagship digital currency. According to him, bitcoin is one of the things that «can help humanity flourish and develop technologically further.»

To be fair, Schiff Sr.'s predictions about the collapse of cryptocurrency markets often come true — Schiff Sr. «predicted» the recent 5% market decline a week earlier. However, the investor expected that BTC would fall to $ 10 000, while now it is trading around $ 20,000 per BTC.