Crypto Hater Peter Schiff To Drop Bitcoin Ordinals NFT Art Collection

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In what appears to be a travesty but isn’t, economist, gold proponent, and crypto-skeptic enthusiast Peter Schiff unveiled a collaborative art collection of non-fungible tokens (NFTs) on Bitcoin that will be auctioned soon.

Reaction from the crypto community has been mixed, with people generally baffled, amused, particularly welcoming ordinal proponents, or eager to point out the apparent hypocrisy.

For years, Schiff has actively criticized crypto, especially Bitcoin (BTC) at every opportunity, his arguments essentially revolving around the fact that BTC is a Ponzi scheme that has no inherent value.

Despite all of this, Schiff unveiled the Golden Triumph collection via a Twitter feed on May 27, in collaboration with one of his favorite artists who goes by the handle Market Price.

This collaboration includes the original Golden Triumph painting as well as a series of prints and ordinals inscribed on the Bitcoin blockchain, he wrote.

Golden Triumph consists of a physical painting on oiled linen of a human hand holding a gold bar, 50 archival paper prints of the same image, and 50 digital versions listed as ordinal NFTs on Bitcoin.

The collection will be sold via a two-part auction beginning June 2 and ending June 9. For ordinals, the highest bidder will receive number 1 in the collection, with the next 49 highest bidders receiving numbers 2 through 50 in descending order. order.

It seems, however, that Schiff hasn’t made a complete U-turn on BTC, and has instead woken up with a use case for blockchain technology; verifiable ownership of assets such as art via NFTs.

Commenting on Schiffs’ Twitter post, user @LoneStartBitcoin asked: So…it’s valuable to put your gold listings on bitcoin, but bitcoin [BTC] itself is not valuable?.

Right, Schiff replied.

Related: Peter Schiff Blames Too Much Government Regulation For Worsening Financial Crisis

Along with his disdain for crypto, Schiff has also criticized NFTs many times in the past.

For example, in a March 2021 blog post, Schiff described NFTs as bogus assets that offer nothing but ownership of a digital image that can be reproduced endlessly online.

But even as the owner of the image, you will not be able to control access to it. The file has been copied thousands of times, so anyone with internet access can view it as much as you can, he wrote.

The drastic shift in sentiment follows a similar vein to former US President Donald Trump, who also aggressively criticized crypto on several occasions before getting involved in NFTs.

In December, Trump teased a major announcement that MAGA supporters believed was politically linked, before unveiling the licensed collection of Trump digital trading cards.

Magazine: NFT Creator: Top 10 Crypto Artists Trevor Jones on Being Rich, Rekt, and Rich Again

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