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Schiff buys more Bitcoin: But there’s a twist

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The vast majority of Twitter users trust 18-year-old Spencer Schiff’s investment advice over that of his father, Peter Schiff — a renowned gold bug and Bitcoin critic.

“Against my advice my son just bought even more Bitcoin,” said Schiff. “Whose advice do you want to follow?”

According to a Sept. 7 tweet from Peter Schiff, 81% of over 46,000 Twitter users who replied to the poll would prefer the advice of an “18-year-old college freshman who’s never even had a job” over that of a man with more than 30 years’ experience as an investment professional. 

The younger Schiff was quick to respond to his father’s remarks and the survey results, stating that Crypto Twitter appeared to be backing him. Others enthusiastically showed their support for Spencer on social media.

“Your son will be a multi-millionaire at least by the time he’s 57 if he keeps buying Bitcoin,” said Quantum Labs CEO Usman Majeed. 

However, a few thought that a father and son favoring different assets was more of an investment strategy.

“Using your son to hedge your gold bet is a great idea,” said Morgan Creek Digital co-founder Anthony Pompliano. “Gold goes up, you benefit. Bitcoin goes up, your son benefits. Clever way to be long [on] both assets without publicly capitulating on gold.”

Pompliano wasn’t the only commentator who reached this conclusion. “Sounds like Peter is making sure he can have it both ways depending on Bitcoin’s success or failure,” said Reddit user Spl00ky. “If Bitcoin fails, he’ll say: ‘See, my son should have listened to me.’ If Bitcoin succeeds, he’ll say: ‘Look how smart my son is, the apple doesn’t fall far from the tree.’”

The survey comes just two weeks after Schiff solicited Bitcoin (BTC) donations from Twitter for his son’s 18th birthday. Although the wallet connected to Spencer Schiff currently holds no Bitcoin, it has seen transactions worth 0.11 BTC since August 27th.





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Dormant Bitcoin on the move as price volatility rises

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In a period filled with holidays, the cryptocurrency industry refused to take a day off. Strong market performances from Bitcoin (BTC) and some other high profile alt-coins like Ether (ETH,) was offset by the legal action against Ripple by the United States Securities and Exchange Commission. In response, a number of prominent trading platforms, including Coinbase, Crypto.com, and FalconX responded by halting trading or deposits of the XRP token.

The latest findings by Santiment, published in Cointelegraph Consulting’s biweekly newsletter, indicate that the balance of wallets holding dormant BTC over a 365-day period has become more active. Between December 13 and 20, more than 146,620 BTC (~$3.9 billion at the time of writing) that fit this description moved on the blockchain, marking its highest weekly volume since July 2019.