In an unexpected turn of events, renowned economist, gold advocate, and notorious crypto skeptic, Peter Schiff, has made headlines with the unveiling of his collaborative nonfungible token (NFT) art collection centred around Bitcoin. This development has sparked a range of reactions within the crypto community, including confusion, amusement, endorsement from Ordinals supporters, and accusations of hypocrisy.
Schiff, known for his continuous criticism of cryptocurrencies, particularly Bitcoin, as a purported Ponzi scheme lacking intrinsic value, revealed the “Golden Triumph” collection through a Twitter thread on May 27. The collection was created by an artist using the pseudonym Market Price, whom Schiff called one of his favourites.
According to Schiff’s announcement, the collection features an original “Golden Triumph” painting displayed on an oil linen canvas, along with 50 prints on archival paper depicting the same image. Additionally, the collection includes 50 digital versions inscribed as Ordinal NFTs on the Bitcoin blockchain, thus utilizing blockchain technology to establish verifiable ownership of the artwork.
The “Golden Triumph” collection is scheduled to be sold through a two-part auction, commencing on June 2 and concluding on June 9. In the case of the Ordinal NFTs, the highest bidder will secure the prestigious #1 spot, while the following 49 highest bidders will acquire numbers #2 to #50 in descending order.
While Schiff’s foray into NFTs and blockchain technology may initially appear contradictory to his long-standing criticisms of Bitcoin, he has recognized the potential value of blockchain in establishing ownership of assets such as art. Responding to a user’s comment on Twitter, Schiff affirmed the value of inscribing “gold” on Bitcoin while maintaining his stance on Bitcoin’s lack of inherent value.
Interestingly, this change in sentiment mirrors the trajectory of former U.S. President Donald Trump, who vehemently criticized cryptocurrencies on numerous occasions before diving into the world of NFTs. In December, Trump surprised supporters with a “major announcement,” introducing the licensed Trump Digital Trading Cards collection.
Schiff’s venture into the world of NFTs represents a notable shift in his perspective, aligning with a growing trend of prominent figures exploring blockchain technology and digital assets. However, it remains to be seen whether Schiff’s embrace of NFTs will lead to a reevaluation of his broader views on cryptocurrencies as a whole. Nonetheless, this surprising move by the economist highlights the expanding influence and potential of NFTs in the art world and beyond.
In a world where opinions on cryptocurrencies are often polarized, individuals like Schiff and Trump demonstrate that even the most vocal critics can find value in blockchain-based innovations, albeit in unique and unexpected ways. As the auction for Schiff’s “Golden Triumph” collection approaches, the crypto community eagerly awaits the outcome, wondering if this collaboration will mark a turning point in Schiff’s perspective on the digital realm.
