Peter & Spencer Schiff disagree over Bitcoin’s price: Why?

Veteran trader and Bitcoin (BTC) critic Peter Schiff has often been at odds with his son, Spencer Schiff, who on the other hand is a proponent of BTC. Senior Schiff took to Twitter today and shared a poll on the current fall of BTC. The CEO of Euro Pacific Capital Inc. asked his followers if the market would run out of buyers first, or sellers.

There still seems to be a lot of buyers for #Bitcoin below $20K. But there are also a lot of sellers above $20K. I think the market runs out of buyers before it runs out of sellers. What do you think happens first?

— Peter Schiff (@PeterSchiff) August 28, 2022

To this, Schiff’s son, Spencer replied saying that his “Bitcoin Derangement Syndrome” is causing the veteran trader to spend too much time looking at the price.

I think your Bitcoin Derangement Syndrome is causing you to spend way too much time watching the price. Not even actual bitcoin hodlers pay as much attention to it as you do!!! Maybe taking a break would be healthy?

— Spencer Schiff (@SpencerKSchiff) August 28, 2022

However, many were surprised at the response from Spencer. Some even asked him to be more respectful to his dad.

I'm surprised that you're this disrespectful to your dad. I'm a Bitcoin maxi but i appreciate his views, he understands that we have a debasement problem and so we agree on that. It's the solution on which we all disagree. The enemy of my enemy is my friend! Cheers!

— Don Gio (@DonGiov7) August 28, 2022

However, this was not the first time the father-son duo have been at odds regarding the original cryptocurrency. On the 26th of August, Peter Schiff took to Twitter and wished his son a happy birthday. Additionally, he said that he was proud of the man his son had become despite his temporary obsession with Bitcoin (BTC).

Happy 20th Birthday @SpencerKSchiff. It's hard to believe that you're no longer a teenager. My little boy has grown up. But you're still young and hopefully have a long life ahead. Despite your temporary obsession with #Bitcoin, I'm still proud of the man that you're becoming.

— Peter Schiff (@PeterSchiff) August 26, 2022

To this, Spencer replied that he is not obsessed, but rather is a fan of anything that would bring prosperity to humans. Furthermore, Spencer highlighted that Bitcoin is one such invention.

Thanks but it’s really not an obsession. I’m a fan of anything that can make humanity more prosperous and technologically advanced. Bitcoin is one of many things that I think will do that.

— Spencer Schiff (@SpencerKSchiff) August 26, 2022

However, senior Schiff was not sold. He added that Spencer was still young and had a lot to learn. In addition, he said that his youth gives him the time to make mistakes and earn his money back.

Schiff is a popular Bitcoin critic, but many in the community often welcome his thoughts and views.

Bitcoin mining difficulty to surge?

Schiff’s comments come in as the original cryptocurrency plummeted below $20,000. However, according to the data from BTC.com, the Bitcoin network will see its first major surge in mining difficulty in nearly 7-months.

The bitcoin mining difficulty adjustment is expected to roll out in less than 48 hours. Furthermore, as per the initial expectations, mining difficulty is expected to increase by nearly 7%.

At press time, BTC was trading at $19,863.59, down by 0.8%.