Schiff: Bitcoin resembles tulip bubble

The Winklevoss twins call bitcoin "gold 2.0," but longtime gold investor Peter Schiff laughs at the comparision. With CNBC's Jackie DeAngelis and the "Futures Now" traders.

To be sure, the partnership does not mean that Euro Pacific is taking any direct position in bitcoin. BitPay converts the bitcoins from customers into the U.S. dollars in which Euro Pacific will be paid.

"By partnering up with BitPay, I'm not actually accepting bitcoins," Schiff said. "It's just that if you do have bitcoins, you can make the exchange using BitPay. You give BitPay your bitcoins, they'll turn around and give me dollars, and then I'll ship you your gold."

But it's more than a mere marriage of convenience. For Schiff, bitcoin investors make for natural gold investors.

"The people who have bitcoins, they're worried about central banks, they're worried about fiat currency, they're worried about inflation, and so they bought bitcoins to protect themselves. I think it's a very fertile market for precious metals. I think somebody who's already worried about these things is more likely to want to buy gold than someone who doesn't have any bitcoins."

That's why it could make a good deal of sense for Euro Pacific to pair with BitPay.

"Why wouldn't I want people who have bitcoins to be able to use their bitcoins to buy gold or silver through my precious metals company? I mean, it doesn't cost me anything to pair up with [BitPay] so there's no downside to me. Maybe I get some extra business, and maybe some people preserve their gains," Schiff said.

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Bitcoin hater Schiff now selling gold for bitcoins