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The Bitcoin vs. Gold debate will never die, at least not in the Schiff household. Recently, proponents of the yellow metal, Peter Schiff, and his Bitcoin maximalist teenage son Spencer Schiff, went public with their differences about their investing preference. The feud erupted after Schiff senior protested Elon Musk’s decision to accept Bitcoin payments for Tesla purchases. According to Schiff, Musk’s only motivation for exchanging a Tesla for the crypto commodity is that “he needs the Bitcoin.”
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
The tweet upset crypto enthusiasts and one among them was his own son who responded:
“When Bitcoin inevitably becomes a common unit of account, will you finally concede that you were wrong all along?”
The debate did not stop there. Soon after the tweet, Spencer Schiff posted a handwritten note with the words “Buy Bitcoin,” clearly directed at his father. He also appeared to have earned bids, with two of the highest bids for the note being about $2,800, and one of them being priced in BTC. He went on to say that the highest price for the hand-drawn piece was just more than $10,000. The auction was already available at the time of publication.
The highest bid for my piece of paper is now slightly over $10,000. I expect to keep the auction open for the rest of the day. DM me to place bids. pic.twitter.com/uNljmprFAh
— Spencer Schiff (@SpencerKSchiff) March 24, 2021
Schiff said that the sale, which “began as a total joke,” “surprised” him when “people began to bid on it.” He insisted that he was merely offering “a physical sheet of paper.”
This, though, was exactly what his father noticed. Peter Schiff argued that it is a “irony that this piece of paper has more real worth than Bitcoin”:
“Bitcoin has more market value now, but in the end, the owner of the piece of paper may be able to resell it for more money than HODLers will be able to get for their Bitcoin.”
This, though, would not deter Spencer Schiff from investing in Cryptocurrencies, as he recently transformed 100 percent of his portfolio into Bitcoin, a move that annoyed his father even then. At the time, Schiff asked if he wanted to “disinherit” his son because he was afraid Spencer Schiff would “squander” his “hard-earned money on more Bitcoin.”