On Tuesday, Donald Trump Jr. shared an opinion article on the social media platform X and declared that his father Donald Trump is “the best choice for bitcoin.” Trump Jr. Endorses Father as Prime Candidate for Bitcoin, Highlights Bitcoin Magazine Editorial The eldest child of former U.S. President Donald Trump and his first wife Ivana […]
Bitcoin News
Unlike Father, Spencer Schiff Calls Depression Warning ‘Fearmongering,’ Predicts Hyperdeflationary Boom, Bitcoin Crash; Banks on AI Future
In response to a Zerohedge article titled “The Two Causes of the Coming Great Depression,” Spencer Schiff, son of gold advocate Peter Schiff, labeled the argument “pure fearmongering.” Spencer said he has distanced himself from his dad’s views and now predicts a “hyperdeflationary economic boom.” Notably, the former staunch bitcoin supporter anticipates BTC’s price will “probably fall to near zero over the next few years.”
Peter Schiff’s Son, Spencer, Appears to Have Made Complete Turnaround
Spencer Schiff, son of renowned economist and gold advocate Peter Schiff, used to engage in debates about bitcoin’s value with his father in 2021. Back then, Spencer was a strong supporter of bitcoin, contradicting his father’s prediction that the cryptocurrency would plummet to zero. In March 2021, Peter publicly announced that Spencer had gone “all in on bitcoin on the last drop below K.” Spencer also advised his father to accumulate Satoshis during discussions about inflation.
On July 18, 2023, Spencer responded to a Tuesday morning tweet from Zerohedge discussing potential causes of a “coming Great Depression.” At 10:29 a.m. Eastern Time, Spencer retorted, “This is pure fearmongering.” He further noted that “We’re about to have an unfathomably enormous economic boom, not a depression. The average American’s standard of living will skyrocket over the next 5-10 years (and it will be 100% sustainable). There’s nothing to worry about regarding the economy,” he added.
Post Spencer’s declaration, a respondent suggested that the junior Schiff placed his faith in AI automation and bitcoin to be the panacea, culminating in “deflation.” Spencer clarified to this individual that his viewpoint was not influenced by bitcoin. “It’s not about bitcoin at all. I don’t think bitcoin will have a major impact on the world, and its price will probably fall to near zero over the next few years. My thesis is an AI thesis,” he said. Spencer got a great deal of replies to his statement about bitcoin.
“Very weird change of views regarding bitcoin … his dad probably told him he will not get any inheritance if he didn’t get in line. This kid will get humbled like his dad,” a Twitter account called Hornet Hodl tweeted. “‘Get in line?’ I’ve moved even further away from his views,” Spencer replied. “I used to agree with him about the economy and I thought hyperinflation was coming.” Spencer added:
Now I think a permanent hyperdeflationary economic boom is coming, and the USD will soar in value as productivity, economic output, and our living standards all skyrocket. Also, I don’t care about inheritance because it’s highly unlikely for there to ever be a situation where I’m alive while my dad is not alive.
When someone asked Spencer what changed his mind about bitcoin, he replied “AI.” Another person asked Spencer, “Weren’t you shilling bitcoin like 2 years ago?” and Spencer replied to that comment as well, saying it’s good to change perspectives. “I’m 20, my views should be expected to have big shifts,” Spencer said. “Also, I don’t own any financial assets. Not a single penny’s worth. But if I did have extra money, I would either keep it in USD (because hyperdeflation is coming) or I’d invest in AI companies, or a mix of both.”
A glance at Spencer’s Twitter timeline reveals his palpable enthusiasm for AI and software like Chatgpt, as evidenced by the numerous AI news and announcements he retweets. In a subsequent tweet on Tuesday, he reiterated his stance on hyperdeflation.
“Permanent hyperdeflation will start soon because annual economic output is about to skyrocket, potentially as much as 10x, 100x, or 1,000x over the next decade,” he insisted. “The U.S. government can print trillion to pay off the national debt and consumer prices will still plummet.”
Spencer’s tweet about bitcoin garnered significant attention and drew criticism from supporters of the cryptocurrency. While some humorously remarked that the apple doesn’t fall too far from the tree, others raised concerns about a possible hack of his account.
Not long ago, Peter himself fell victim to a Twitter account breach, prompting Spencer to issue a public warning about the incident. A suggestion arose that Spencer might be playfully trolling the crypto community on Twitter, including ardent bitcoin maxis, while secretly maintaining his bullish stance on the digital currency.
After Spencer’s statements on Tuesday, the following day his father spoke about the turnaround. “My son [Spencer K Schiff] is no longer bullish on bitcoin,” Peter tweeted. “As young people typically do, he’s lost interest in a passing fad and moved on to something new. In this case, it’s AI that’s captivated his attention. As bitcoin’s young fan base matures many more will grow out of bitcoin.”
What do you think about Spencer Schiff’s change of heart toward bitcoin and his enthusiasm for AI? Do you agree with his point of view or his father’s perspective? Share your thoughts and opinions about this subject in the comments section below.
The “Father Of Trend Following” And The Indicator That Says Bitcoin Is Still Bullish
When Bitcoin price is in an uptrend or a downtrend, it is usually obvious and undeniable due to just how powerful things can move. For example, the cryptocurrency soared from ,800 to ,000 during the most recent impulse.
Although there was a large setback, a trend-identifying indicator created by the “Father of Trend Following” suggests that Bitcoin is as bullish as ever, and after a defense of an important conflict line, the cryptocurrency is ready to blast off higher.
The Bitcoin Uptrend That’s Not Yet Ready To End
After Black Thursday in 2020, Bitcoin price went on a year-long uptrend that came to a climax this past April around the same time Coinbase Global (COIN) was listed on the Nasdaq.
The first ever cryptocurrency climbed more than 1,500% and reached more than a trillion market cap. The correction wiped out more than 60% of it, and left the market reeling enough to question if the cycle had concluded.
Related Reading | What Bear Market? Bulls Now “In Control” Over Every Bitcoin Timeframe
Mixed signals are everywhere, with many pointing toward a bear market, with others are saying the integrity of the bull market was never quite broken. Sideways price action following the selloff has made the current trend a lot less clear.
However, zooming out using the Donchian Channels technical indicator on monthly timeframes, the uptrend holding becomes a lot more visible – especially when comparing past market cycle tops.
After defending the median, bulls should make a push higher causing the upper band to rise | Source: BTCUSD on TradingView.com
All About The Donchian Channels And How To Use Them
The Donchian Channels indicator was created by Richard Donchian in the mid-20th century. He was later nicknamed “The Father of Trend Following.”
The tool itself is used to help identify trends. An asset begins trending after making it through the median which acts as a line of conflict between bears and bulls. Expansion of bullish or bearish energy then causes the channel bands to widen.
Related Reading | Proof-of-Work: Bitcoin Back Programs That Put Your Money To Work For You
The median is best defined as a “mean” that assets return to after a period of trending. A successful defense of the median, typically results in another wave to the primary trend. If that trend is up, like what Bitcoin price is currently showing, then the upper channel should theoretically expand as prices rises higher.
Past bear markets in Bitcoin began when the median was lost, which caused the asset to trend toward the lower channel band instead. And past bull markets each had several pauses in the upper channel before another push higher was made. Could the recent pullback just be the first of many more to come as Bitcoin climbs toward the eventual climax to the current market cycle?
Donchian Channel on the monthly says #Bitcoin still plenty bullish after defense of the median. Donchia-say you weren't warned. pic.twitter.com/LMPwBGR5RP
— Tony "The Bull" Spilotro (@tonyspilotroBTC) August 18, 2021
Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice.
Featured image from iStockPhoto, Charts from TradingView.com
NewsBTC
Nouriel Roubini at Salt Conference in NY Crypto Is the Mother and Father of All Bubbles
n At the Salt conference in New York, economist and notorious cryptocurrency critic Nouriel Roubini said that crypto is the mother and father of all bubblesn
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
A Psychic Visit with Nouriel Roubini The Mother and Father of All Crypto Skeptics
CoinDesk profiles Nouriel Roubini, the NYU professor who won’t buy the crypto hype no matter what the price or the market says.
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Paris Hilton’s Father to Sell 16th Century Roman Mansion Via Blockchain Auction
In the latest crypto mansion sell-off, Hilton and Hyland, the real estate firm chaired by Rick Hilton, the father of reality TV celebrity Paris Hilton, has announced that the sale of a 16th century Roman mansion will be conducted on the blockchain.
Roman Mansion to be Auctioned off on Blockchain
The historic property set in the center of Rome was originally designed by the architect Giacomo Della Porta who was a contemporary of and collaborator with Michelangelo. Known as The Palazzetto, the landmark home with 11 bedrooms and 15 bathrooms will be listed by California based Propy.com, a global property store, and decentralized title registry.
There were reportedly twenty home sold for cryptocurrency in 2017 and already more than that this year. Most notably a seven-bedroom Miami estate purchased with 455 bitcoins, an equivalent value of $US6 million. Rick Hilton commented on the planned sale saying “The auction shows real estate’s growing trust in blockchain and provides crypto investors an opportunity to diversify and solidify their portfolio with a trophy asset,”
The estimated sale price for The Palazzetto is million which will make it by far and away the most expensive property to be sold for cryptocurrency and the most valuable listing ever handled by Propy which completed the first ever real estate sale for crypto in Ukraine in 2017. The company which calls itself the first international real estate market allows clients to purchase property online and uses blockchain technology to eliminate many of the hurdles encountered in cross-border transactions.
Blockchain used to Secure Land Titles for the Rich and Poor
In March Propy became the first ever company to execute a US government sanctioned use of blockchain for a public service when it facilitated the sale and deed transfer of a home in Burlington, Vermont via the Ethereum network. CTO Alex Voloshyn was quoted at the time as saying,
“We’re ready to help US counties and other countries set up the blockchain registry for free. The developer program helps us accelerate the platform’s growth and ultimately give more governments the chance to integrate their land registry on Blockchain”
Blockchain technology isn’t only being used in the luxury real estate market though as developing countries look to the benefits of an immutable registry to record disputed land titles. Countries in Africa, Asia and South America where up to 90% of rural lands may be unregistered are working with blockchain startups to solidify records. There are currently projects in Honduras, Ghana, Cameroon, Libya and Indonesia to solve land disputes by having deeds registered on the blockchain making them transparent and impervious to corruption.
The post Paris Hilton’s Father to Sell 16th Century Roman Mansion Via Blockchain Auction appeared first on NewsBTC.
The Father of the JOBS Act Is Helping Build a Next-Generation ICO
The man credited for being the “Father of the Jobs Act” is exploring a number of blockchain projects that could help improve the legislation.
CoinDesk
The Father of the ICO Is All About Identity Now
The developer who created the core technology behind thousands of initial coin offerings is now focusing on a standard for identity.
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Forget Token Sales? The Father of the ICO Is All About Identity Now
The developer who created the core technology behind thousands of initial coin offerings is now focusing on a standard for identity.
CoinDesk
Keep bitcoin away from the real economy, says billionaire ‘father of high speed trading’
Interactive Brokers chairman Thomas Peterffy, who took out a full page ad in The Wall Street Journal to warn about bitcoin, insists he doesn’t hate the …
BitNewz.net