Peter Schiff’s Dramatic Shift: A Bitcoin Skeptic Embraces Ordinals And NFTs

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Peter Schiff, a widely known critic of cryptocurrencies and non-fungible tokens (NFTs), is taking a surprising turn. Known for his years-long disdain for crypto, Schiff recently surprised the industry with announcing his own NFT art collection, established on the Bitcoin platform.

Troll Or Legitimate?

This unexpected move isn’t a parody, though it might appear so. Schiff, a prominent economist, gold advocate, and crypto-skeptic, has launched a unique NFT art collection, “Golden Triumph,” on the Bitcoin blockchain, set to go live at auction soon.

The crypto community’s reaction to this development has varied from bemusement to astonishment. Naturally, there’s a sense of disbelief, but some have also responded with a cautious welcome, particularly supporters of NFTs. Others, meanwhile, are eager to highlight the seemingly contradictory stance of Schiff’s move.

The Gold Proponent and His Stance on Crypto

For years, Schiff has been a vocal detractor of cryptocurrencies, particularly Bitcoin. His critique often centers around the assertion that Bitcoin is nothing more than a Ponzi scheme, devoid of inherent value. Yet, despite this enduring skepticism, Schiff has now presented “Golden Triumph,” his own NFT collection on the Bitcoin blockchain.

The announcement of the collection, made via a Twitter thread on May 27, signifies a partnership with an artist known as Market Price, whom Schiff identifies as one of his favorites.

Golden Triumph: A Gleaming Merge of Art and Crypto

The “Golden Triumph” collection showcases a remarkable painting titled ‘Golden Triumph,’ supplemented with a series of prints and NFTs encrypted on the Bitcoin blockchain. The painting, rendered in oil on linen canvas, portrays a human hand clasping a gold bar.

The collection includes:

  • This singular physical painting.
  • 50 prints of the same image produced on archival paper.
  • 50 digital variants minted as NFTs on Bitcoin.

These pieces will go under the hammer in a two-stage auction commencing on June 2 and concluding on June 9.

For NFTs, the auction will follow a unique process: the highest bidder will acquire the first piece in the collection, with the subsequent 49 pieces going to the next highest bidders in descending order.

Is Schiff’s Stance on Bitcoin Changing?

Although Schiff has embraced the utility of blockchain technology, it doesn’t suggest a complete shift in his attitude towards Bitcoin. Instead, he seems to have awakened to the potential use case of blockchain technology, specifically the verifiable ownership of assets like art through NFTs.

Schiff’s skeptical stance towards NFTs is well-documented. He has previously criticized NFTs as “fake assets,” asserting that they offer nothing beyond ownership of a digital image that can be copied endlessly online. Despite owning the image, Schiff argued, control over its access could never be truly attained.

However, Schiff’s shift in sentiment echoes other prominent figures like former U.S. President Donald Trump, who had aggressively critiqued cryptocurrencies before venturing into the NFT space.

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