This is hate turn love story of Peter Schiff who once disliked the concept of digital currency. Now his company ‘Euro Pacific Precious Metals’, one of the world’s largest gold and silver dealers by volume, accepts Bitcoin through merchant Bitcoin processor BitPay. The decision from the famous gold proponent and investor shows that the idea of digital currency has come.
It could be judged from the reactions from the people who came to know about the decision from Peter Schiff. They all showed their doubts to great extent and did not believe it initially; however, when they got the proof they realized that there has been a change of heart in Peter Schiff and he is now realizing that Bitcoin has great prospects.
When the announcement came that Schiff’s Euro Pacific Precious Metals is pairing with Bitcoin payment processor BitPay to allow investors buy gold and silver through Euro Pacific by using the digital currency, everyone was pleasantly surprised. Earlier in November 2013 talking at CNBC’s “Futures Now,” Schiff, had declared that Bitcoin was in a bubble that resembles “modern-day tulip mania.
He had then showed his distrust on the digital currency and said that he did not think it was going to end up being a source of commerce for the world. However, on Wednesday this week his company partnered with BitPay to spend Bitcoin in exchange for precious metals.
Euro Pacific is not taking any Direction Position in Bitcoin
Clarifying the stand taken by his company Peter Schiff said that the partnership does not mean that Euro Pacific is taking any direct position in Bitcoin. According to the company sources BitPay converts the Bitcoins from customers into the USD in which Euro Pacific will be paid. Though there is a slight change in stand of the company, Schiff maintains that there has been no change in his thinking.
Talking with CNBC he said that his views have not evolved. In a statement Michael Finger, director of marketing at Euro Pacific said that the decision from his company means that it has accepted a payment method that allows it to complete the equivalent of credit card transactions, but with a much more efficient process and with a much lower fee.
Michael Finger admitted that Bitcoin facilitates the process, but his company is not speculating on Bitcoin in any way. Thus, it looks it is a sort of arrangement that is being cashed in by Euro Pacific without taking a official stand on the digital currency.
To contact the reporter of this story: Deepak Tiwari at email@example.com