Popular Bitcoin critic and gold advocate, Peter Schiff, has once again stirred reactions across the crypto community after expressing faith in the long-term value of his digital art collection, compared to Bitcoin.
Schiff made the move as he flaunted gold’s new all-time high of $3,726 in the faces of Bitcoiners, seizing the opportunity to promote his Golden Triumph Ordinals Set. Notably, Schiff claimed that the art collection is more scarce and valuable than the world’s largest cryptocurrency by market capitalization, Bitcoin.
Schiff’s Golden Triumph Ordinals vs. Bitcoin
The Golden Triumph Ordinals is a blockchain-based digital art collection of 50 one-of-a-kind digital inscriptions, launched on the popular NFT platform, Magic Eden.
With Schiff refusing to back down on his long-standing skeptical stance on Bitcoin, his decision to launch a digital art collection based particularly on the Bitcoin blockchain has raised eyebrows among crypto users.
During the initial launch of the NFT collection, crypto users had suggested that Schiff might already be softening his stance on the leading cryptocurrency. However, his recent post further affirms that Schiff might never accept the idea behind Bitcoin’s invention.
According to his post, Peter Schiff downplayed Bitcoin’s scarcity, noting that Bitcoin’s total supply, which is divisible across the global population, makes it accessible to everyone on the planet. As such, he emphasized that the digital art product is more scarce and valuable than Bitcoin, as only 50 Golden Triumph Ordinals will ever exist.
As always, the Bitcoin skeptic issued an unsurprising piece of advice to the Bitcoin community, urging Bitcoiners to consider selling portions of their depreciating BTC to acquire the ordinals — a move that, according to him, could propel physical gold to more upsurge.
Nonetheless, Schiff’s selective support of blockchain-based gold collectibles, as opposed to the first blockchain-based digital asset, has received criticism and displeasure among commentators, who argued that Schiff is promoting “shitcoins” over a long-viable cryptocurrency.
The commentators find it inappropriate for Schiff to condemn blockchain when it supports Bitcoin, but praise it when it amplifies his pro-gold stance. Hence, many believe that Schiff might need to rethink his resentment towards Bitcoin.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team