The gold bug Peter Schiff was publicly confronted by his 18-year-old son, a bitcoin supporter, on the topic of value. Calling his father’s understanding of money “flawed”, Spencer Schiff made the statement in defense of TV Personality Max Keizer, who was arguing with Peter on Twitter.
‘Your understanding of money is flawed’
The gold bug Peter Schiff was confronted by his son, Spencer Schiff, on Monday, after accusing the TV personality and bitcoin proponent Max Keizer of not understanding the concept of fiat money.
“According to Max Keizer, I oppose bitcoin because I am a law addict. In the bizarre world of bitcoin, gold is the new fiat, ”tweeted Peter Schiff. “Clearly, Max Keizer does not understand the concept of a fiat, or how it differs from legitimate currency or real money. This explains its fixation in bitcoin. At the time of writing, your tweet received 354 comments, was liked 877 times, and retweeted 67 times.
Among those who commented was his son, an 18-year-old bitcoin proponent. Spencer Schiff, a university 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 soundness of money is the possession of “intrinsic value”, a meaningless concept. What differentiates the solid currency from the fiat currency is the emergence of the first in the free market, and not by coercive decrees of the State.
Many commentators praised Spencer for putting Peter Schiff in his place, with some wondering if he was adopted. Keizer also liked Spencer’s tweet, stating that “The future belongs to bitcoiners. Boomers don’t understand. Millennials and Genz do. ”He also encouraged others to follow Spencer on Twitter.
“Follow my son for sure,” replied Peter Schiff. “But not because he has a thing for bitcoin. He’s wrong about that. Follow him in all the things he gets right. He’s not a finance expert yet, but he’s working on it. Losing money with bitcoin will be an expensive but valuable part of your education. “
Peter Schiff and Max Keizer have long tweeted about bitcoin and gold. Keizer predicted that Peter Schiff will panic when buying $ 50,000 bitcoins, as will Warren Buffett and several other opponents of bitcoins, including Mark Cuban and Jim Rogers.
In a tweet on Tuesday, Keizer stated: “Remember … I started telling Peter Schiff to buy bitcoin for $ 1. And he kept telling him to buy it for $ 10 $ 100 $ 1000.”
Peter Schiff immediately contradicted Keizer, arguing: “I don’t remember you talking to me about bitcoin when the price was so low. Since so much about bitcoin is a lie, I think you think that adding a few more makes little difference. “
Do you think Peter Schiff understands what makes money valuable? Let us know in the comments section below.
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