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Economist Peter Schiff Surprises Critics, Dives Into Bitcoin-Backed NFT Market Skip to main content

Economist Peter Schiff Surprises Critics, Dives Into Bitcoin-Backed NFT Market

Economist Peter Schiff Surprises Critics, Dives Into Bitcoin-Backed NFT Market

Economist and ardent gold advocate Peter Schiff caused a stir on Friday by announcing his participation in an upcoming art sale featuring non-fungible tokens (NFTs). These unique digital collectibles will be minted on the Bitcoin blockchain using Ordinal inscription technology. Schiff’s surprising entry into the NFT market through Bitcoin has piqued the curiosity of onlookers, prompting them to speculate whether the once vocal Bitcoin critic has experienced a change of perspective.

Schiff: ‘I’m Still Not a Member of That Club’

For a very long time, Peter Schiff has been a vocal critic of bitcoin (BTC), repeatedly asserting that the cryptocurrency’s value would eventually plummet to zero. He has engaged in numerous debates where he consistently highlighted BTC’s perceived lack of intrinsic value as one of its fundamental vulnerabilities. However, despite his longstanding stance, Schiff is now venturing into the realm of non-fungible tokens (NFTs), conducting a sale that will utilize the very blockchain technology he has criticized over the years.

“I’m pleased to announce an art project with one of my favorite artists, Market Price,” Schiff stated on Twitter. “This collaboration features the original painting “Golden Triumph” as well as a series of prints and Ordinals inscribed on the Bitcoin blockchain,” the economist added. Schiff also shared a website showcasing the NFT collection created by Market Price.

Derived from a painting called “Golden Triumph,” the collaborative artwork has given rise to a limited edition of 50 prints, each with the signatures of Schiff and the artist. Every print will possess its own exclusive Ordinal inscription on the Bitcoin blockchain, adding a touch of digital uniqueness. The collection will be unveiled through a two-part auction, set to commence on June 2, with the conclusion on June 9. Schiff and the artist will be present in person at the event taking place in the city of New York.

Udi Wertheimer, a prominent advocate of Ordinals and Taproot Wizard, expressed immense satisfaction at the successful influence of Ordinals supporters in swaying Schiff towards embracing the Bitcoin movement. After Schiff’s announcement, Wertheimer declared, “Breaking — Ordinals enjoyers manage to on-board Peter Schiff to Bitcoin in 3 months; laser-eyes seething after failing to get him to join for 10 years.”

Notably, Bitcoin proponent Layah Heilpern seized the opportunity to respond to Schiff’s tweet about his NFT collection. With conviction, Heilpern tweeted, “You’ve always loved Bitcoin; you pretend otherwise for clout.” Unable to resist the conversation, Schiff took the opportunity to address Heilpern’s tweet directly. He stated:

This is art, and it’s a tribute to gold. But there is something here for Bitcoiners as well. But I’m still not a member of that club.

What are your thoughts on Peter Schiff’s unexpected leap into the NFT market? Share your thoughts and opinions about this subject in the comments section below.

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