Bitcoin is often referred to as digital gold, much to the dismay of golden insects such as Peter Schiff. Unfortunately for boomers like Schiff, millennials like his son Spencer are increasingly turning to the cryptocurrency.
Schiff even publicly hit his son on Twitter recently, insulting his purchase of BTC and questioning his investment ability when compared to his own more than 30 years of experience. Two months later, Spencer Schiff’s investment in crypto is now worth 60% more, while the call from the more experienced investor would have resulted in a 2% loss.
Spencer Schiff buys the Bitcoin dip for $ 10,000 in September, up 60% since then
Peter Schiff is about as forthright as it gets on anything to do with finance, but the topic he broaches perhaps the most, is Bitcoin.
Schiff loves to hate the cryptocurrency, uses every chance he gets to drag it through the mud, and try instead draw attention to his favorite shiny metal.
Schiff performs several operations, including a Puerto Rican bank at the center of a global tax wash, and a precious metals company called SchiffGold.
He’s clearly biased against Bitcoin, but that didn’t stop his son Spencer from buying the BTC dip around $ 10,000 around September 8, 2020.
On the same day, Papa Schiff tried to publicly embarrass his own son over his investment decision.
Whose advice do you want to follow? A 57-year-old seasoned investor / business owner who has been an investment professional for over 30 years or an 18-year-old freshman who has never had a job, ”asked Schiff.
Spencer Schiff's investment brought over 60% ROI, while goldbugs lost money | Source: BTCUSD on TradingView.com
Okay Boomer: Why Cryptocurrency Will Outperform Gold From Now On
Turns out that college student who, like his dear father, focused on finance ended up beating Pops at his own game. Peter Schiff’s more than 30 years of investing couldn’t surpass his own son’s two months Bitcoin position.
However, Schiff would never admit defeat and would rather keep smearing his son’s namesake to further bash Bitcoin.
But Boomers like Schiff are on the way. The gold they have held so dear for decades cannot hold a candle to cryptocurrencies in the digital age.
In addition to looking beautiful, precious metals have only rarity and some utility in production. Cryptocurrencies like Bitcoin go so much further, and the world is witnessing the slow deterioration of gold because of the emergence of the very first digital asset.
The dawn of Bitcoin’s outperformance against gold has only just begun, and boomers like Schiff will be left in the dust this time around, while suspicious millennium investors will be choosing math and code every day of the week.
Featured image from Deposit Photos, Charts from TradingView.com