Bitcoin skeptic and gold advocate Peter Schiff lamented that the officials of the US Federal Reserve System (FRS) did not understand the economy at all.
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 subscribers if they were ready for an economic disaster. His son Spencer responded positively, adding a bitcoin hashtag to the post. Previously, he transferred 100% of his investment portfolio to the first cryptocurrency.
Another user asked when Schiff Sr. will join the digital gold supporters. Spencer replied that it was inevitable.
When do you get Dad to put #bitcoin in his bio
— Crypto hour💎 (@CryptoHour) March 17, 2021
“Only the death of bitcoin is inevitable. When will you finally remove this hashtag from your profile description? ”- wrote Peter Schiff.
What’s inevitable is #Bitcoin‘s demise. So the question is when will you remove it from your bio?
– Peter Schiff (@PeterSchiff) March 17, 2021
In response, Spencer offered his father a bet on an ounce of gold. In his opinion, the price of the first cryptocurrency will soar above $ 100,000 over the next year. Schiff Jr. also promised 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 proposal for a dispute.
In October, Peter Schiff called Bitcoin the largest bubble in history. According to him, asset holders are more confident in their righteousness than investors during the dot-com and 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 precious metal supporter what real money is.
In March, Schiff stated that investors were stupid enough to buy Bitcoin. He also congratulated those who managed to acquire the first cryptocurrency before take off and made Wall Street succumb to “this mania.”
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