Bitcoin Critic Peter Schiff Uses Ordinals for Art Project
Crypto critic Peter Schiff, known for his disdain towards cryptocurrencies and NFTs, has surprisingly revealed plans to launch his own NFT art collection based on Bitcoin. The economist and vocal crypto skeptic announced the collaboration in a Twitter thread, showcasing the “Golden Triumph” collection created in partnership with an artist known as “Market Price.” The collection includes a physical painting, 50 prints, and 50 digital versions inscribed as Ordinal NFTs on the Bitcoin blockchain. The news has left the crypto community divided, with some expressing bewilderment and amusement, while others are welcoming the unexpected turn of events as they also highlight the perceived hypocrisy in Schiff’s actions.
Despite Schiff’s long-standing criticism of cryptocurrencies, particularly Bitcoin, which he has referred to as a Ponzi scheme with no intrinsic value, his foray into NFTs suggests a newfound appreciation for blockchain technology and its potential for verifying asset ownership, such as art. The upcoming two-part auction for the “Golden Triumph” collection is scheduled to begin on June 2 and end on June 9. Interestingly, while Schiff recognizes the value of inscribing “gold” on Bitcoin through the Ordinal NFTs, he maintains his belief that Bitcoin itself lacks value. This sharp shift in sentiment echoes the surprising involvement of former U.S. President Donald Trump, who, despite his prior criticism of crypto, ventured into NFTs with the launch of the Trump Digital Trading Cards collection in December 2022.