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Peter Schiff does not mind trolling his son for his Bitcoin interest on his birthday.
Peter Schiff took to Twitter today to troll his son and Bitcoin holders as Bitcoin crashes on his son’s birthday, saying he hopes his son does not buy the dip, warning that those who do will pay the price for doing so by saying “no matter how low the price, sats will always be expensive.”
“It’s not looking good HODLers. I don’t think my son @SpencerKSchiff wished for a Bitcoin crash for his birthday. Hopefully he doesn’t make the mistake of assuming the crash is a birthday gift to buy some cheap sats. No matter how low the price, sats will always be expensive,” Schiff wrote.
It's not looking good HODLers. I don't think my son @SpencerKSchiff wished for a #Bitcoin crash for his birthday. Hopefully he doesn't make the mistake of assuming the crash is a birthday gift to buy some cheap sats. No matter how low the price, sats will always be expensive. pic.twitter.com/e1uQDksstj
— Peter Schiff (@PeterSchiff) August 27, 2022
It is worth noting that Schiff’s son Spencer Schiff, unlike his father, is ironically a Bitcoin lover, and this is not the first time his father has called him out on it. Notably, in a tweet in January, Spencer noted that in the future, Bitcoin would be worth at least 10,000 times an ounce of gold, to which Peter responded that Bitcoin would be worthless in the future, urging him to sell his Bitcoin to purchase gold.
In the future #Bitcoin will be worthless. No time to plan. Sell your Bitcoin now and buy #gold while you can still afford it!
— Peter Schiff (@PeterSchiff) January 23, 2022
Meanwhile, in response to his father’s comments today, Spencer asserted that even if Bitcoin falls below 10k, it does not affect the long-term bullish outlook, highlighting that BTC was $3k in 2020.
As I said at some point recently, I wouldn’t be surprised if it fell below 10k this year. Wouldn’t impact long-term bull case though. Remember it was at 3k in 2020.
— Spencer Schiff (@SpencerKSchiff) August 27, 2022
It bears mentioning that Peter Schiff is a respected legacy finance investor who is said to have predicted the 2008 financial crisis. However, in recent years, Schiff has dedicated his tweets to promoting gold and trolling Bitcoin and other cryptocurrency investments.
Unsurprisingly, there is no love lost between Schiff and the crypto community, most of which are always quick to point out times when his predictions have fallen flat. Consequently, several people in the comments have expressed the sentiment that Schiff’s statements will not age well.
👀👀👀@PeterSchiff just said something about #bitcoin.
This is probably a bad take that won't age well. https://t.co/dzS6DRehui pic.twitter.com/Wast7bYQ5q
— moscowtime.xyz (@moscowtime_xyz) August 27, 2022
It is worth noting that Schiff this year has argued that Bitcoin has peaked at $69k and is not likely ever to revisit this high. According to Schiff, the gains of the asset last year were driven by hype alone. Schiff, in a chart analysis of the asset on August 14, predicts that the asset is going below $10k.
Just to put the #Bitcoin rally into perspective, take a look at this chart. The pattern remains very bearish. There's both a double top and a head and shoulders top. There's a rising wedge forming below the neckline. At a minimum support will be tested below $10K. Look out below! pic.twitter.com/OHNhwsgxxs
— Peter Schiff (@PeterSchiff) August 14, 2022
Bitcoin is trading at the $20,283.33 price point, down 5.34% in the last 24 hours. Notably, the asset saw a steep plunge following statements from Fed chair Jerome Powell on Friday.