Peter Schiff’s Bold Pivot: Ordinals Reign Supreme Over Gold
Peter Schiff, a well-known crypto-skeptic, economist, and fervent advocate for gold, has shocked the crypto world with a surprising twist. Despite his public opposition to Bitcoin, Schiff has launched his own NFT collection on the Bitcoin protocol, Ordinals.
On this page
Initially, let's explore a bit of the backstory. Peter Schiff, the founder of the investment firm Pacific Capital, is known for his long-standing negative outlook on digital assets and the digital economy as a whole. His persistent advocation for exchanging BTC for gold, coupled with his predictions of the premier cryptocurrency's price drop to $10,000, have made him an easy bullseye for Bitcoin maximalists.
Yet, this Bitcoin hater has recently made a startling move:
announcing the issuance of his own Ordinals.
His collection, dubbed “Golden Triumph,” is set to be auctioned at two separate events on June 2 and June 9. The first auction will showcase NFTs, while the second will feature physical art pieces.
Having shared this news on Twitter, the renowned investor saw hundreds of retweets and comments from the crypto community. The community somewhat sarcastically welcomed into their fold the man who once referred to Bitcoin as a “Ponzi scheme.”
The tweet that stirred quite the buzz. Source: Twitter
Even the CEO of Binance chimed in. “I'm happy that Schiff also took the side of bitcoin,” CZ responded to the infamous crypto critic's tweet.
Caught off guard by the response, Schiff tried to maintain his stance and clarified that he remains indifferent to Bitcoin. He pretended his sole focus was on issues of art and copyright.
“I haven't converted. I think the value is in the art. An original oil painting and limited edition signed prints. The Ordinals help add value to the art by making it easier to prove authenticity.”
Peter McCormack, a widely respected British figure in the world of crypto podcasting, also joined the conversation, wryly commenting, “So, you think that the protocol is only valuable because it helps to verify the work of art… Come on, you're so close!”
Schiff endeavored to elucidate that his interest lay solely in Satoshis, not BTC, underscoring the token's essential role in establishing ownership rights. McCormack, demonstrating patience, explained that Satoshis, in this particular context, are in fact Bitcoin, leading to the unintended concession from Schiff that Bitcoin does hold value. Schiff, nevertheless, remained obstinately insistent that Satoshis are not money, merely a proof of ownership.
Following his declaration that “Satoshis aren't money”, it was glaringly apparent to all that Schiff had spent years criticizing something he scarcely comprehended.
Not all of Schiff's followers demonstrated the same patience as McCormack. A majority of readers took great pleasure in deriding the Bitcoin skeptic who awkwardly tried to juggle two conflicting stances simultaneously. Hardly surprising, considering the highly publicized NFT collection sale is bound to net the seasoned investor a sizable profit.
Members of the crypto community mocked Schiff. Source: Twitter
Some even speculated that Schiff might opt out of the auction entirely to maintain his dignity. Whether Schiff will openly admit his mistake or prefer to reap profits from the Ordinal sale while resuming his discourse about “Dutch tulips” and “Bitcoin bubbles” remains uncertain.
But one thing is crystal clear: this enlightening tale is certainly worth remembering.
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
