Gold supporter Peter Schiff was confronted Monday with his son Spencer Schiff after accusing TV show host and Bitcoin supporter Max Keiser for not understanding the concept of fiat money.
“According to Max Keiser, I’m a fiat addict because I’m against Bitcoin. In the weird Bitcoin world, gold is the new fiat. Frankly, Max Keiser doesn’t understand the concept of fiat money or how Bitcoin differs from legal currency or real money. This explains the bitcoin obsession. ” made a Twitter post in the form of. At the time of writing, his tweet received 354 comments and 877 likes.
Among the commentators was his son, an 18-year-old Bitcoin advocate. University freshman and Austrian economics student Spencer Schiff replied to his father’s tweet:
YOUR MONEY UNDERSTANDING IS DEFECTIVE. YOU THINK THE FUNDAMENTAL OF THE STABILITY OF A MONEY IS TO HAVE ‘INTERNAL VALUE’, A RIDICULOUS CONCEPT. What separates solid money from money is the appearance of the first in the free market, rather than a difficult state order. ”
Spencer has been praised by the crypto community. Keiser liked Spencer’s tweet and “The future belongs to Bitcoins.” used the expressions. He also invited other community members to follow Spencer on Twitter. Peter Schiff replied to his son with the following words:
“OF course, FOLLOW MY SON. BUT NOT BECAUSE IT IS WEAK TO BITCOIN. WRONG THIS ABOUT. FOLLOW IT FOR EVERYTHING IT DOES RIGHT. NOT YET A MONEY SEARCHER BUT WORKS ON. LOSS OF MONEY IN BITCOIN WILL BE A COST BUT A VALUABLE PART OF TRAINING. ”
Peter Schiff and Max Keiser have been sharing about Bitcoin and gold for a long time. Keizer thinks Peter Schiff will panic at $ 50,000 like Warren Buffett and several other Bitcoin critics, including Mark Cuban and Jim Rogers. In a tweet he shared on Tuesday, Keiser said, “Don’t forget. I started telling Peter Schiff to buy Bitcoin for $ 1. And I kept telling him to buy for $ 10, $ 100, $ 1000. ” used the expressions. Peter Schiff immediately contradicted the Keiser and said:
“I NEVER REMEMBER THAT YOU TALKED WITH ME ABOUT BITCOIN WHEN THE PRICE IS SO LOW. BECAUSE SO SO MUCH ABOUT BITCOIN IS A LIE, YOU THINK THAT INCLUDING A FEW MORE THAT MAKES SITUALLY DIFFERENT