NFT

Crypto Critics Peter Schiff To Launch Bitcoin Ordinals NFT Collection

Key Points:

Ban backer and Bitcoin critic Peter Schiff, CEO of Euro Pacific Capital, said on Twitter on May 27 that the Bitcoin Ordinals NFT art collection would be released and auctioned off on June 2nd.
Finer Schiff revealed that the Golden Triumph was produced in partnership with his favorite artist.

Peter Schiff, an economist, gold supporter, and crypto skeptic, has announced a collaborative nonfungible token (NFT) art collection on Bitcoin that will soon be auctioned off.

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The crypto community’s response has been divided, with individuals usually perplexed, amused, and welcome, particularly Ordinals supporters or those willing to point out the obvious hypocrisy.

For years, Schiff has openly criticized cryptocurrency, particularly Bitcoin, at every opportunity, with his arguments largely focusing on BTC being a Ponzi scheme with no intrinsic value.

Despite this, Schiff launched the “Golden Victory” collection on May 27 through a Twitter thread co-created with one of his 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,” he said.

The Golden Victory features the original painting (oil on linen – 48 x 60 inches) signed by both artists and copies numbered 1 through 50, according to the link given by Peter Schiff. Each print has a one-of-a-kind Signature etched on the Bitcoin blockchain.

The auction will begin on June 2 and conclude on June 9. The first auction is for originals, while the second is for both originals and copies. On June 9, Peter and the artist attended the New York auction (295 Madison Ave, NY).

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In addition to criticizing Bitcoin, Peter Schiff pointed out two years ago that NFTs are fictitious assets that provide nothing more than ownership of digital pictures that may be “infinitely copied” online.

He replied “Correct” to the question in a comment on Twitter” “So… it’s valuable to put your “gold” inscriptions on #Bitcoin, but bitcoin itself is not valuable?.”

The quick shift in perception is comparable to that of former US President Donald Trump, who vigorously criticized crypto before becoming engaged with NFTs. Previously, before revealing the licensed Trump Digital Trading Cards collection, Trump promised a big surprise, which MAGA fans mistook for a political statement.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.