Legendary goldbug Peter Schiff (@PeterSchiff) famously predicted the 2008 financial crisis. At the time the media dubbed him Dr. Doom. 12 years later a better moniker for Peter is Mr. Fox, for the sly way in which he’s playing both sides of the battle between gold and Bitcoin for the crown of ultimate store of value.
Ever since his successful prediction, he’s been searching for another feather for his cap and he clearly has his sights set on Bitcoin, putting him in a win-win situation. He can play the contrarian, milking twitter engagement as long as Bitcoin continues its ascent, luring frightened boomers with shiny gold cufflinks every time the price dips. All the while knowing if there is ever a major bitcoin crash he’s got the biggest “I told you so” in history.
If a crash never comes to pass he has an ace up his sleeve: his son. Spencer Schiff (@SpencerKSchiff) is Peter’s hedge against being wrong. Spencer, who has spoken favorably about bitcoin, can quietly accumulate while dad loudly proclaims bitcoin is worthless.
Peter can laugh off his son’s “youthful indiscretion” knowing that if Spencer is right, and Bitcoin goes to the moon, the Schiff family legacy is secure. If he’s wrong Peter gets the ultimate bragging rights for calling a second bubble before it burst.
Peter Schiff gets a lot of well-deserved grief on twitter for his hilarious Bitcoin tweet fails. But nobody can accuse him of lacking cunning, prudence, or a thick skin — steering his clients away from the opportunity of a lifetime is another matter.
Regardless of the outcome, Mr. Fox has slyly hedged his bets and will come out a winner. Remember this the next time you’re triggered by yet another one of Peter’s ridiculous Bitcoin takes on Twitter.
Until next time,
J. Gett, BTC @jgettbtc