Gold virus Peter Schiff has publicly confronted his 18-year-old son, a bitcoin advocate, on the topic of value. Spencer Schiff called his father’s understanding of money “ flawed, ” and made the statement in defense of TV personality Max Keizer, who had a falling out with Peter on Twitter.
‘Your Understanding of Money Is Flawed’
Gold bug Peter Schiff faced his son, Spencer Schiff on Monday after accusing TV personality and bitcoin advocate Max Keizer of not understanding the concept of fiat money.
“According to Max Keizer, I am against bitcoin because I am a fiat addict. In the bizarre world of bitcoin, gold is the new fiat, ”tweeted Peter Schiff. “Obviously, Max Keizer doesn’t understand the concept of fiat, or how it differs from legitimate currency or real money. That explains its bitcoin fixation. At the time of writing, his tweet received 354 responses and was liked 877 times and retweeted 67 times.
Among those who commented was his son, an 18-year-old bitcoin advocate. Spencer Schiff, a freshman and Austrian economics student, replied to his father’s tweet:
Your understanding of money is flawed. You think that the main determinant of the solidity of a money is the possession of “intrinsic value,” a nonsensical concept. What distinguishes sound money from fiat money is the emergence of the former in the free market rather than through coercive measures of the state.
Many commentators praised Spencer for putting Peter Schiff in his place, and some wondered if he had been adopted. Keizer also liked Spencer’s tweet, in which he said, “The future belongs to bitcoiners. The boomers don’t get it. Millennials and Genz do. He also urged others to follow Spencer on Twitter.
“At least follow my son,” replied Peter Schiff. “But not because he has a soft spot for bitcoin. He is wrong there. Follow him for all the things he does well. He’s not a money scientist yet, but he’s working on it. Losing money to bitcoin will be a precious but valuable part of his education. “
Peter Schiff and Max Keizer have long been tweeting back and forth about bitcoin and gold. Emperor has predicted that panic-stricken Peter Schiff buys bitcoin for $ 50,000, as does Warren Buffett and several others bitcoin naysayersincluding Mark Cuban and Jim Rogers.
In a tweet on Tuesday, Keizer claimed, “Keep in mind … I started telling Peter Schiff to buy bitcoin for $ 1. And kept telling him to buy it for $ 10, $ 100, $ 1000.”
Peter Schiff immediately contradicted Keizer, arguing, “I don’t remember ever talking to me about bitcoin when the price was so low. Since so much about bitcoin is a lie anyway, I think you feel like adding a few more makes little difference. “
Do you think Peter Schiff understands what makes money valuable? Let us know in the comments below.
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