Bitcoin skeptic and gold advocate Peter Schiff lamented that officials at the U.S. Federal Reserve completely lack understanding of economics.
The Federal Reserve has tremendous power over the U.S. economy. But the men and women who wield that power are completely clueless about economics. This is a toxic combination that can only end in a complete economic and financial catastrophe. Are you prepared for this outcome?
— Peter Schiff (@PeterSchiff) March 17, 2021
Schiff asked his followers whether they were prepared for an economic catastrophe. His son Spencer replied in the affirmative, adding the bitcoin hashtag to the post. Earlier he translated 100% of his investment portfolio into the first cryptocurrency.
Another user asked when Schiff Sr. would join the advocates of digital gold. Spencer replied that this is inevitable.
When do you get Dad to put #bitcoin in his bio
— Crypto hour💎 (@CryptoHour) March 17, 2021
In reply, Spencer offered his father a wager for an ounce of gold. In his view, the price of the first cryptocurrency will soar above $100,000 within the next year. Schiff Jr. also pledged to convert his winnings into bitcoin.
I’ll bet you an ounce of gold that one bitcoin will be worth more than $100,000 within the next year. I will, of course, convert all my winnings to sats.
— Spencer Schiff (@SpencerKSchiff) March 17, 2021
The bitcoin skeptic did not respond to Spencer’s challenge to the bet.
In October, Peter Schiff described bitcoin as the biggest bubble in history. In his words, holders of the asset are more confident in their rightness than investors during the dot-com era and the mortgage crisis.
In January 2021, cryptocurrency enthusiasts told Schiff about the true purpose of gold. Later, Tesla and SpaceX founder Elon Musk explained to the gold advocate, what real money is.
Earlier in March, Schiff stated that investors were foolish enough to buy bitcoin. He also congratulated those who managed to acquire the first cryptocurrency before the rally and prompted Wall Street to succumb to “this mania”.
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