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Peter Schiff, a Critic of Crypto, Releases Bitcoin Ordinals NFT Art Collection

Key Takeaways
  • Economist Peter Schiff, a crypto critic, launches NFT Art Collection on Bitcoin.
  • "Golden Triumph" collection includes painting and digital NFTs, up for auction in June.
  • Schiff's unexpected shift in stance raises questions about his views on blockchain and crypto.
27-May-2023 By: Sudeep Saxena
Peter Schiff, a Crit

Peter Schiff is a renowned economist and vocal critic of cryptocurrencies. 

He has made a surprising announcement by revealing his collaboration in launching a non-fungible token (NFT) art collection on the Bitcoin blockchain. The crypto community has responded with a range of mixed reactions, from confusion and amusement to pointing out the apparent inconsistency in Schiff's previous anti-crypto stance.

For years, Schiff has been an outspoken detractor of Bitcoin, frequently labeling it as a Ponzi scheme devoid of any intrinsic value. Despite his long-standing criticisms, Schiff has now unveiled the "Golden Triumph" collection, created in collaboration with the artist Market Price. The collection features an original painting depicting a human hand holding a gold bar, along with prints and digital versions inscribed as Ordinal NFTs on the Bitcoin blockchain.

The collection will be up for auction in two parts, commencing on June 2 and concluding on June 9. The highest bidder for the Ordinal NFTs will secure the coveted #1 position in the collection, while subsequent bidders will be assigned numbers #2 to #50. Schiff's decision to participate in this endeavor suggests a recognition of the value of blockchain technology in establishing verifiable ownership of assets, such as art, through NFTs.

This unexpected change in sentiment has left the crypto community intrigued. One Twitter user pointed out the inconsistency in Schiff's views, questioning why he perceives it as valuable to inscribe "gold" on Bitcoin while simultaneously asserting that Bitcoin lacks intrinsic value. Schiff openly acknowledged the contradiction, admitting the disparity in his perspective.

Schiff's U-turn: Critic-turned-creator Enters NFT World with Bitcoin Art Collection

Notably, Schiff has previously voiced criticism of NFTs. In a blog post from March 2021, he dismissed NFTs as "fake assets," contending that they merely offer ownership of a digital image that can be replicated endlessly online. Schiff emphasized the inability to control access to the file, given its widespread duplication.

Schiff's surprising embrace of crypto and NFTs mirrors the trajectory of former U.S. President Donald Trump. Trump, known for his strong disapproval of cryptocurrencies, ventured into the NFT space by launching the Trump Digital Trading Cards collection, much to the surprise of his followers.

In conclusion, Peter Schiff's decision to release an NFT art collection on the Bitcoin blockchain represents a noteworthy shift in his longstanding anti-crypto stance. The diverse reactions within the crypto community reflect a mix of surprise, amusement, and curiosity regarding Schiff's unexpected foray into the world of NFTs. This move raises questions about Schiff's evolving perspective on the value and potential of blockchain technology, leaving many observers intrigued by his newfound engagement in the crypto space.

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