Peter Schiff has shocked the crypto sector by introducing an NFT collection to be launched on the Bitcoin network. The collection is scheduled to be auctioned soon, eliciting a mixed response from the crypto community. 

Many individuals are perplexed, entertained, or receptive, mainly supporters of Ordinals, and some are quick to highlight the perceived hypocrisy. Schiff has been a prominent advocate of gold and a vocal critic of cryptocurrencies.

For years, Schiff has criticized cryptocurrencies, particularly Bitcoin, consistently arguing that BTC is a Ponzi scheme lacking intrinsic worth. Nevertheless, Schiff surprised many on May 27 by introducing the “Golden Triumph” NFT collection through a Twitter thread. He collaborated with one of his “preferred artists” known as “Market Price”.

In his announcement, Schiff highlighted that this collaboration showcases the original artwork titled “Golden Triumph“. There will also be a collection of prints and Ordinals that are recorded on the Bitcoin blockchain. 

Golden Triumph is a physical painting on an oil linen canvas portraying a human hand grasping a gold bar. It includes 50 prints on archival paper, each showcasing an identical image, and 50 digital versions registered as Ordinal NFTs on Bitcoin.

Golden Triumph
Golden Triumph

A two-part auction for the collection will commence on June 2 and conclude on June 9. In the case of the Ordinals, the highest bidder will secure the coveted #1 of the collection. In descending order, the following 49 highest bidders will be granted #2 to #50.

Schiff’s recent statement suggests that he hasn’t completely changed his stance on BTC. He stated that “There is something here for Bitcoiners. But I’m still not a member of that club.”. 

However, he has recognized a practical application for blockchain technology: Ensuring verifiable ownership of assets like art through NFTs.

A Twitter user named LoneStartBitcoin commented on Schiff’s tweet. The user questioned, “So… it’s valuable to put your ‘gold’ inscriptions on Bitcoin, but Bitcoin [BTC] itself is not valuable?”. Schiff replied, affirming the user’s point, saying “Correct.”.

Schiff Spreads His Dislike for Cryptocurrencies & NFTs

Schiff, known for his intense dislike of crypto, has repeatedly criticized NFTs. In a March 2021 blog post, Schiff characterized NFTs as “artificial assets” that merely grant ownership of a digital image, which can be replicated limitlessly on the internet. 

He pointed out that, even as the possessor of the image, one would lack the ability to control its accessibility. He said the file would have been duplicated countless times, allowing anyone with internet access to view it at will.

Schiff criticizing NFTs
Schiff criticizing NFTs