Last updated on September 23rd, 2016 at 04:54 pm
Euro Pacific Precious Metals will now be accepting Bitcoin as payment for purchases of precious metals. The company will be using BitPay, an online Bitcoin payment service. However, Euro Pacific precious Metals only accept orders by phone or email, so purchasing gold with Bitcoin from Euro Pacific may not be as seamless as purchasing an item from a company such as Overstock.com, which conducts all transactions online.
Peter Schiff, a gold-bug and a prominent member of the libertarian community, has been a long time skeptic of Bitcoin. Schiff has had several debates with Stefan Molyneux, a popular name in the Bitcoin community, over whether or not Bitcoin has any “intrinsic” value. Peter Schiff has used the same argument as Senator Rand Paul, stating that Bitcoin needs to have some type of tangible value in order to become a viable medium of exchange. Because of these anti-Bitcoin arguments, this development comes as a surprise.
Euro Pacific Precious Metals is now the largest gold seller in the world that accepts Bitcoin. Following in the footsteps of Amagi Metals, another precious metal seller that accepts Bitocin, Euro Pacific’s adoption of Bitcoin will make it much easier for individuals to protect their savings from any government-induced economic disasters. Being able to buy gold and silver with Bitcoin allows people to trade in their fiat money for Bitcoin and then use some of their coins to purchase gold, giving them a two-tier hedge against inflation. While we hope that Bitcoin will eventually surpass gold– and even fiat currency– as the worlds default medium of exchange, gold is still a very smart investment for an individual who is looking to protect his or her wealth against the depreciation that inflation brings about.
Could Peter Schiff finally be coming around to the idea of Bitcoin becoming society’s new money? Being such a harsh skeptic of Bitcoin for years, it seems hard to believe that Schiff truly believes in the merits of crypto-currency. If he does not really believe in Bitcoin’s viability as a money, it is likely that this adoption of Bitcoin could be a marketing tactic to draw in pro-Bitcoin libertarians that are also interested in holding a stock of gold. However, that isn’t necessarily a bad thing. If Euro Pacific is adopting Bitcoin as a libertarian marketing scheme, so what? The company is still a large precious metal seller, and they now accept Bitcoin for payment. That means that there is one more company that will take our bitcoins, thereby expanding Bitcoin as a medium of exchange. Regardless of the intentions of Peter Schiff and his business partners, they have given Bitcoin another dose of fairly mainstream attention.