Peter Schiff is a famous gold proponent and investor, and more recently he has become known for his hatred of bitcoin. That is why it may seem odd that Schiff's Euro Pacific Precious Metals has announced that it is pairing with bitcoin payment processor BitPay in order to allow investors to buy gold and silver through Euro Pacific by using the digital currency.
In a November 2013 appearance on CNBC's "Futures Now," Schiff, chairman of Euro Pacific, declared that bitcoin was in a bubble that resembles "modern-day tulip mania." He added that "I don't think it's going to end up being a source of commerce for the world."
On Wednesday, BitPay announced that it was partnering with Euro Pacific in an arrangement that will allow customers to spend bitcoin in exchange for precious metals. But Schiff maintains that there has been no change in his thinking.
"I haven't changed my views. I still think that there is a bubble in bitcoin, and I don't think that we've seen the lows yet," Schiff said on Thursday's Futures Now. For that very reason, "I certainly want people who own bitcoins to buy precious metals, which I see as a much more secure and reliable source of value."