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'Gold Bug' Peter Schiff's Company Now Accepts Bitcoin Cash

This week the bitcoin cash community was surprised to hear that the infamous ‘gold bug’ Peter Schiff is now accepting bitcoin cash, joining a number of precious metals businesses that accept BCH. 

Also Read: Study: 70% of Crypto Exchanges Allow Weak Passwords

The Guy Who Calls the Bitcoin Economy ‘Digital Beanie Babies’ Now Accepts Bitcoin Cash

'Gold Bug' Peter Schiff's Company Now Accepts Bitcoin CashThe economist and notorious ‘gold bug’ Peter Schiff has been a ‘bitcoin hater’ for quite some time. Schiff believes that bitcoin is worthless and considers the cryptocurrency to be much like the tulip or Beanie Babies hype. This past summer Schiff debated Max Keiser and said that “cryptocurrency market signals are wrong.” At the time Schiff stated:   

“[Bitcoin] is being created but there is no real value in bitcoin; it’s all based on faith. If somebody doesn’t want your bitcoin there’s nothing you can do with it, right?” asks Schiff during the debate with Keiser.

However, even though Schiff hates bitcoin he still accepts the cryptocurrency through the payment processor Bitpay. During the Libertycon conference in Washington, DC, Schiff told the audience that he immediately cashes out into fiat during his debate with Bitcoin.com’s Communications Ambassador Sterlin Lujan.

'Gold Bug' Peter Schiff's Company Now Accepts Bitcoin Cash
Peter Schiff

Schiff Gold Supports Any Free Market Approach to Money and Barter

Now the economist’s bullion company Schiff Gold accepts the decentralized cryptocurrency bitcoin cash (BCH). Although Schiff Gold accepts BCH through the payment processor Bitpay the company says the firm believes precious metals is the best solution for a safe-haven asset.

“We strongly recommend physical precious metals as the best long-term, safe-haven assets and caution our clients to avoid speculative investments,” explains the company’s website.

However, we also support any free market approach to money and barter and recognize bitcoin as a valid payment system — We are proud to work with Bitpay to process your transaction in bitcoin.

Bitcoin cash supporters were pleased to hear about Schiff Gold accepting BCH, as there are now many precious metals businesses that accept BCH as well. Currently, bullion dealers who accept bitcoin cash include JM Bullion, Silvergoldbull, and Apmex.

What do you think about Schiff Gold accepting bitcoin cash for precious metals? Let us know in the comments below.  

Images via Pixabay, and Github. 

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Tags in this story
Apmex, Beanie Babies, Bitcoin, bitcoin cash, BitPay, Gold Bug, JM Bullion, Libertycon, Max Keiser, N-Featured, Peter Schiff, Schiff Gold, Silvergoldbull, Sterlin Lujan, tulip mania, Washington DC
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Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.