{"id":39154,"date":"2021-03-18T14:48:55","date_gmt":"2021-03-18T12:48:55","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=39154"},"modified":"2025-08-30T08:11:10","modified_gmt":"2025-08-30T05:11:10","slug":"peter-schiff-complains-about-the-fed-and-argues-with-his-son-over-bitcoin","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/peter-schiff-complains-about-the-fed-and-argues-with-his-son-over-bitcoin\/","title":{"rendered":"Peter Schiff complains about the Fed and argues with his son over bitcoin"},"content":{"rendered":"<p>Bitcoin skeptic and gold advocate Peter Schiff lamented that officials at the U.S. Federal Reserve completely lack understanding of economics.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">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?<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1372272626400387077?ref_src=twsrc%5Etfw\">March 17, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nSchiff 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 <a href=\"https:\/\/u1f987.com\/en\/news\/peter-schiffs-son-puts-all-his-investments-into-bitcoin\">translated<\/a> 100% of his investment portfolio into the first cryptocurrency.<\/p>\n<p>Another user asked when Schiff Sr. would join the advocates of digital gold. Spencer replied that this is inevitable.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">When do you get Dad to put <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#bitcoin<\/a> in his bio<\/p>\n<p>\u2014 Crypto hour\ud83d\udc8e (@CryptoHour) <a href=\"https:\/\/twitter.com\/CryptoHour\/status\/1372274434460033028?ref_src=twsrc%5Etfw\">March 17, 2021<\/a><\/p>\n<\/blockquote>\n<blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nIn 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.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\"ltr\" lang=\"en\">I\u2019ll 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.<\/p>\n<p>\u2014 Spencer Schiff (@SpencerKSchiff) <a href=\"https:\/\/twitter.com\/SpencerKSchiff\/status\/1372278244515385348?ref_src=twsrc%5Etfw\">March 17, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nThe bitcoin skeptic did not respond to Spencer&#8217;s challenge to the bet.<\/p>\n<p>In October, Peter Schiff described bitcoin <a href=\"https:\/\/u1f987.com\/en\/news\/peter-schiff-bitcoin-is-the-biggest-bubble-in-history\">as the biggest bubble in history<\/a>. In his words, holders of the asset are more confident in their rightness than investors during the dot-com era and the mortgage crisis.<\/p>\n<p>In January 2021, cryptocurrency enthusiasts told Schiff <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-enthusiasts-explain-the-true-purpose-of-gold-to-peter-schiff\">about the true purpose of gold<\/a>. Later, Tesla and SpaceX founder Elon Musk explained to the gold advocate, <a href=\"https:\/\/u1f987.com\/en\/news\/elon-musk-explains-to-peter-schiff-what-money-is\">what real money is<\/a>.<\/p>\n<p>Earlier in March, Schiff stated that investors were <a href=\"https:\/\/u1f987.com\/en\/news\/peter-schiff-investors-were-foolish-enough-to-buy-bitcoin\">foolish enough to buy bitcoin<\/a>. He also congratulated those who managed to acquire the first cryptocurrency before the rally and prompted Wall Street to succumb to \u201cthis mania\u201d.<\/p>\n<p>Follow ForkLog&#8217;s news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 the full news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin skeptic and gold advocate Peter Schiff lamented that officials at the U.S. Federal Reserve completely lack understanding of economics.<\/p>\n","protected":false},"author":1,"featured_media":39155,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1249,1298,26],"class_list":["post-39154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-federal-reserve-system","tag-peter-schiff","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=39154"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39154\/revisions"}],"predecessor-version":[{"id":39156,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39154\/revisions\/39156"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/39155"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=39154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=39154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=39154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}