Renowned economist, gold advocate, and persistent crypto skeptic, Peter Schiff, has announced the launch of his collaborative nonfungible token (NFT) art collection on the Bitcoin blockchain. This peculiar move has sparked a range of reactions within the crypto community, ranging from amusement to bewilderment, with many pointing out the apparent contradiction in Schiff’s stance.
Known for his consistent criticism of cryptocurrencies, particularly Bitcoin (BTC), Schiff has long held the view that Bitcoin is a valueless Ponzi scheme. Despite his previous assertions, he introduced the “Golden Triumph” collection via a Twitter thread on May 27, created in collaboration with an artist he admires, who goes by the pseudonym Market Price.
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
The collection comprises of a physical painting on an oil linen canvas depicting a human hand holding a bar of gold, accompanied by 50 prints on archival paper, and 50 digital versions inscribed as Ordinal NFTs on the Bitcoin blockchain.
Schiff expressed his enthusiasm about the collaboration, stating, “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.”
The two-part auction for the collection is set to begin on June 2 and conclude on June 9. In the case of the Ordinal NFTs, the highest bidder will secure the coveted #1, with subsequent bidders receiving numbers #2 to #50 in descending order.
While Schiff’s foray into NFT art on the Bitcoin blockchain suggests an acknowledgment of the potential utility of blockchain technology for verifying ownership, it does not signify a complete reversal of his stance on Bitcoin itself. This contradiction has prompted the crypto community to question the rationale behind Schiff’s actions.
One Twitter user, @LoneStartBitcoin, raised a pertinent question in response to Schiff’s announcement: “So… it’s valuable to put your ‘gold’ inscriptions on Bitcoin, but bitcoin [BTC] itself is not valuable?”
Schiff’s response was concise and somewhat perplexing: “Correct.”
The mixed reactions within the crypto community reflect the ambiguity surrounding Schiff’s motives and highlight the broader debate around the intersection of traditional finance, precious metals, and digital assets. Some individuals have embraced Schiff’s venture, appreciating the potential of blockchain technology in the art world. Others, however, have been quick to criticize the perceived hypocrisy inherent in Schiff’s newfound appreciation for NFTs on Bitcoin.
As the auction commences in the coming weeks, it remains to be seen how Schiff’s NFT art collection on the Bitcoin blockchain will be received by both art enthusiasts and crypto enthusiasts alike. Regardless of the outcome, this unconventional move has undoubtedly ignited a thought-provoking discussion regarding the evolving landscape of digital assets and their intersection with traditional investments.
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