Renowned economist, gold advocate and cryptocurrency skeptic Peter Schiff has announced that he has launched a collaborative nonfungible token (NFT) art collection on the Bitcoin Blockchain. This bizarre move sparked a lot of backlash within the crypto community, with many pointing to the apparent contradiction in Schiff’s stance. Here are the details…
He was criticizing cryptocurrencies: NFT launched
Known for his consistent criticism of cryptocurrencies, especially Bitcoin (BTC), Schiff has long argued that Bitcoin is a worthless pyramid scheme. Despite his previous claims, on May 27, via a Twitter thread, he unveiled the “Golden Triumph” collection, created in collaboration with an artist he is a fan of and who goes by the alias Market Price. The collection consists of a physical painting on canvas depicting a human hand holding a bar of gold, 50 prints and 50 digital versions inscribed as Ordinal NFT on the Bitcoin Blockchain. Schiff expressed his excitement for the collaboration with these words:
I am pleased to announce an art project with one of my favorite artists, Market Price. This collaboration includes the original painting ‘Golden Triumph’, as well as prints and Ordinals on the #Bitcoin Blockchain.
I'm pleased to announce an art project with one of my favorite artists, Market Price. This collaboration features the original painting “Golden Triumph” as well as a series of prints and Ordinals inscribed on the #Bitcoin blockchain. For information go to https://t.co/lEFJmgYTCk pic.twitter.com/vyoErYv39q
— Peter Schiff (@PeterSchiff) May 26, 2023
Schiff’s move questioned
The two-part auction for the collection will start on June 2 and end on June 9. In the case of ordinal NFTs, the highest bidder will get the number 1 and the next bidders will get the numbers 2 to 50 in descending order. While Schiff’s introduction to the art of NFT on the Bitcoin Blockchain demonstrates recognition of the potential utility of blockchain technology to verify ownership, it does not mean that his stance on Bitcoin itself has been completely reversed. This contradiction has led the crypto community to question the rationale behind Schiff’s actions. A Twitter user, @LoneStartBitcoin, posed a pertinent question in response to Schiff’s announcement:
So… putting ‘gold’ on Bitcoin is valuable, but isn’t Bitcoin itself valuable?
Correct.
— Peter Schiff (@PeterSchiff) May 26, 2023
Schiff’s response was short and somewhat surprising, using only the phrase “True”. Some have embraced Schiff’s initiative, appreciating the potential of blockchain technology in the art world. Others, however, criticized Schiff’s newfound interest in NFTs in Bitcoin as “hypocritical.” Time will tell how Schiff’s NFT art collection on the Bitcoin Blockchain will be received by art enthusiasts and crypto enthusiasts alike, as the auction begins in the coming weeks.
Schiff predicted the 2008 crash
Meanwhile, it’s critical to talk about Schiff’s importance in the world of economics. For cryptocoin.com As we have reported, the economist had predicted the great economic collapse of 2008. For this reason, his comments on Bitcoin and other assets are followed with interest by many. It is worth noting that Schiff is particularly fond of gold.
