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BTC $38795.85 (2.67%)
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BCH $533.81 (0.96%)
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LTC $139.11 (1.79%)
BNB $329.90 (2.51%)
ADA $1.36 (2.54%)
DOGE $0.19 (1.35%)

A Bitcoin Antagonist: My 18-Year Old Son Borrowed Money To Buy More BTC

A Bitcoin Antagonist My 18-Year Old Son Borrowed Money To Buy More BTC
  • Peter Schiff said his son borrowed money against his advice to buy more BTC.
  • Michael Saylor replied to Peter Schiff’s tweet

CEO and chief global strategist of Euro Pacific Capital Inc., Peter Schiff, said his son borrowed money against his advice to buy more BTC. He is an American business commentator—also a radio personality, and a stockbroker.

Peter Schiff, a long-term Bitcoin antagonist, took to his Twitter account today and said,

Against my advice, my 18-year old son SpencerKSchiff borrowed money to buy more Bitcoin. He is now 113% long. He likely can’t even qualify for a credit card, but he can borrow money at 8% to buy Bitcoin. I’m sure this is typical among HODLers. The next crash will be brutal!

As usual, the crypto community reacted to Peter Schiff’s tweet. Furthermore, one of the replies that caught his attention was from none other than Michael Saylor. Saylor replied to Peter simply with his Bitcoin poll created on June 15.

The vote was if people expect the price of BTC to appreciate more than 6.125% annually over the next 7 years. Also, the poll got 113,074 votes. Among these 113,074 votes, 89.9% of respondents replied yes, but only 10.1% said no.

To continue, Peter Schiff didn’t waste time and replied to Saylor’s poll mentioned above. He said that he doesn’t, but even if it does, Bitcoin can easily crash below $10,000 first. More so, he added that especially if there’s a lot of margin-related forced selling on the next leg down.

In addition, “If that happens, leveraged longs may be forced to sell their Bitcoin before those long-term gains can be realized,” Peter said.

However, it seems like the discussion between Peter Schiff and Michael Saylor is far from over. So, stay tuned and wait for more updates.

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Nathan Morgan can be found writing, developing and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.