Gold or Bitcoin? This family illustrates the generational shift
Things are not going well at the Schiffs‘. Reason: father and son rely on different value stores. Welcome to the Opinion-ECHO.
Who is the richest Schiff? The Schiff family’s internal dispute over the best store of value is going into the next round. While father Peter secures his „hard-earned wealth“ in gold, son Spencer Schiff relies on the digital counterpart. As Peter Schiff, a gold fan and notorious Bitcoin Billionaire opponent, announced on Twitter, son Spencer has been „all in Bitcoin“ since the recent dip below 50,000 US dollars.
My son @SpencerKSchiff went all in on #Bitcoin on the last drop below $50k. 100% of his portfolio is now in Bitcoin. He sold the last of his #silver stocks to raise the cash. If my own son is this brainwashed imagine how vulnerable most kids are. He’s HODLing to infinity or bust.
– Peter Schiff (@PeterSchiff) March 10, 2021
Schiff the elder even threatens disinheritance in the course of the Twitter conversation. However, this should not bother Spencer Schiff, because unlike gold, BTC has already gained more than 93 per cent this year and is trading above 56,000 US dollars at the time of going to press. Gold, meanwhile, is trading at exactly the same level as last year at 1,703 US dollars. A generational change in the store of value is in the offing. No one illustrates this more strikingly than the Schiffs.
Congratulations on $50K, fellow #Bitcoin supporters! Today is a great day.
– Spencer Schiff (@SpencerKSchiff) February 17, 2021
Norwegian billionaire becomes Bitcoin Hodler
Bullishness is also coming from the far north this week. We had already reported on Kjell Inge Røkke earlier this week. The Norwegian billionaire, who heads the energy giant Aker ASA, had announced his entry into the Bitcoin game in the latest shareholder letter. According to the letter, Aker is founding Seetee, a subsidiary that focuses on bitcoin mining, among other things.
The company is capitalised with about 50 million euros, which the board of directors naturally immediately exchanged for digital gold. Why did they jump on the Bitcoin bandwagon? It was far too risky to let this opportunity pass, Røkke says in the report.
Risk is not a clear-cut concept. What is commonly seen as risky often isn’t. And vice versa. We are used to thinking that cash is risk-free. But it isn’t. It is implicitly taxed by inflation at a small rate every year.
Kjell Inge Røkke
Here the bitcoin narrative of impending inflation seems to have borne fruit.
And daily greets the groundhog
And again and again MicroStrategy. Apparently the company around Michael Saylor wants to fill up the 100,000 BTC before it becomes too expensive. As the CEO of the business intelligence company announced on Twitter, MicroStrategy has bought another 262 BTC. This means that the Nasdaq-listed exchange company now holds an astounding 91,326 BTC with a total value of 2.2 billion US dollars.
MicroStrategy has purchased an additional ~262 bitcoins for ~$15.0 million in cash at an average price of ~$57,146 per #bitcoin. As of 3/12/2021, we #hodl ~91,326 bitcoins acquired for ~$2.211 billion at an average price of ~$24,214 per bitcoin. $MSTRhttps://t.co/QIQP30rv2q
– Michael Saylor (@michael_saylor) March 12, 2021
According to bitcointreasuries.org, there are only three companies left in the world whose bitcoin pockets are bulging: Mt.Gox, Block.one and Grayscale.