I have always admired Peter Schiff for his boldness and standing before all the entrenched special interests that have been destroying our country through generations of unsound money policy. Mr. Schiff, like Ron Paul, worked courageously in the main stream and trying to get sanity back into fiscal policy when he ran for Senator in Connecticut. He is a frequent and outspoken guest on many financial news shows such as CNBC, MSNBC, Fox, etc. He is an author, having written books on the economy. Particularly noteworthy was “Crash Proof” where he acquired significant fame for correctly predicting (between 2005-2007) the collapse in U.S. housing prices that would occur in 2008 and the ensuing global financial crisis. He hosts the The Peter Schiff Show, an audio show broadcast on terrestrial and internet radio and was formerly host of an internet podcast called Wall Street Unspun (now archived as podcasts).
But perhaps of most interest to those interested in Bitcoin is to watch his transformation and the transition of his scepticism. Mr. Schiff (if you ever read this), realize that you are not the only one to have been skeptical of Bitcoin at first. It is the more common story and is shared by most (including yours truly). There is a Youtube video of Peter discussing Bitcoin with Stephen Molyneux and, obviously, Mr. Schiff’s scepticism is genuine. And then there is another YouYube video of his discussions with Erik Vorhees (equally as sceptical) on Peter’s own show. He even ran a show solely about Bitcoin.
But Peter Schiff is to be commended. I think Peter Schiff will, again, be noted as a leader in a manner similar to what happened when he published his book “Crash Proof”. Maybe he won’t feel so alone and isolated this time as there is a growing Bitcoin community that is with him. But within the gold community, he is among the first to be won over (James Turk of GoldMoney fame) was quite a number of months ahead but he established an early type of digital currency himself). Peter Schiff is among the most notable “gold bugs” to let Bitcoin sink in.
I don’t think he will be the last, either, as gold and Bitcoin are NOT competing currencies and are, instead, rather complementary and symbiotic. They share a number of great features and among the most treasured is freedom. There is no government forcing anyone to invest in either and both are purchase freely when parties believe in them more than they do the fiat currencies of governments. As fiat currencies inflate away their value by “quantitative easing” there will come a time that the ONLY thing someone would be willing to “cash” their Bitcoin in for will be silver or gold.
But if the SHTF (and fiat currencies crash) Bitcoin means we don’t have to go back to the dark ages. Bitcoin is the perfect partner to silver and gold for sending their value long distances. That was the idea behind James Turk’s GoldMoney. It’s problem, though, was that it was centralized and could be squashed by the existing banking cartel. Bitcoin fixed that problem (just as BitTorrent fixed the same problem for file sharing).
So welcome aboard, Peter Schiff and the rest at Euro Pacific.
They now have a new website http://schiffgold.com/ where you can buy gold with Bitcoin.