The Shiffs, as in Peter Schiff and his son are exchanging blows publicly over a bitcoin bet, which seems that the cryptocurrency has been a polarizing subject in the family for a long time now. In today’s Bitcoin news, we find out what happened between the two.
Digital currency technologies are either lauded as the future of finance while others call it a bubble, Ponzi scheme or worse and the polarizing subject seems to have stood in the way between the Shiffs family. The recent battle of the duo spilled into a public platform for everyone to see. Bitcoin was called plenty of nasty names in its lifetime but it also got praise for being the next big thing to follow and an even potential replacement for gold and reserve digital currency. The arguments can go for ages in any direction but volatility disappeared and BTC reaches mainstream adoption, battles will go on.
The only reason @elonmusk will exchange a #Tesla for #Bitcoin is that he wants the Bitcoin. The unit of account for the sale will still be dollars. None of the Bitcoin received will be used to pay expenses. Therefore these are barter transactions. Bitcoin won't be used as money.
— Peter Schiff (@PeterSchiff) March 24, 2021
Gold bug Peter Schiff who called the 2008 economic crash two years before BTC was born, has quite the negative stance on Bitcoin. Despite basically predicting the Great Recession, he failed to see that Bitcoin could make a revolution. His son Spencer, on the other hand, purchased BTC around the same time that the cryptocurrency started gaining steam and corporations started acquiring it. The price of BTC increased significantly over the past few months and drove substantially by gold outflows.
Peter took it to Twitter to blast Tesla’s plan to start accepting Bitcoin as a payment method for their cars, prompting his son to question what is needed to get his father to concede to what’s been wrong all along about the cryptocurrency. However, things went downhill as Spencer shared a hand-drawn picture with BUY BITCOIN written on it. His father took a jab at Spencer’s preferred investment vehicle, claiming that the paper had more value than the cryptocurrency written on it.
Peter Schiff’s hatred towards BTC could undo the entire credibility that he earned by calling the financial crisis before it happened. Instead, Spencer will take the torch and will likely prove that he has a better sense of today’s economics and will beat his father at his own game.
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