Despite hating cryptocurrencies for years and calling NFTs worthless and easy to copy two years ago, Peter Schiff is still preparing to release an NFT art collection on Bitcoin.
Economist, gold proponent and avid cryptocurrency skeptic Peter Schiff has launched a collaborative Bitcoin-based non-fungible token (NFT) art collection that looks like a copycat , but in reality it is not, and the collection will soon be auctioned off.
Reactions from the cryptocurrency community have been mixed, with people generally bewildered, amused, welcomed — especially by supporters of Ordinals — or keen to point out apparent hypocrisy.
It’s hacking right?
Am I just teleported to a different timeline?
I’m confused
— Deezy (@CryptoDmack) May 26, 2023
For years, Schiff has aggressively bashed cryptocurrencies—particularly Bitcoin (BTC)—at every opportunity he got, and his arguments have largely revolved around BTC being a Ponzi scheme with no intrinsic value.
Still, Schiff released the “Golden Triumph” collection, which collaborates with one of his “favorite artists” under the pseudonym “Market Price,” via a May 27 Twitter thread.
“The collaboration features the original painting ‘Golden Victory’ along with a series of lithographs and serial numbers printed on the Bitcoin blockchain,” he wrote.
pic.twitter.com/wgCUVQ1WIz
– Eric Wall ♂️ Taproot Wizard #2 (@ercwl) May 26, 2023
The Golden Triumph includes a physical painting depicting a human hand holding a gold bar on a linen canvas, 50 archival paper prints depicting the same image, and 50 Crypto versions engraved on Bitcoin as Ordinal NFTs.
The collection will be sold through a two-part auction starting June 2 and ending June 9. For ordinal numbers, the highest bidder will receive first place in the series, and the next 49 highest bidders will receive descending orders from second to fiftieth.
However, rather than turning BTC around entirely, Schiff seems to have realized a use case for blockchain technology; verifiable ownership of assets such as artwork through NFTs.
Commenting on Schiff’s Twitter post, user @LoneStartBitcoin asked: “So… putting your ‘gold’ inscription on Bitcoin is valuable, but Bitcoin [BTC] Worthless in itself? “
“Correct,” Schiff replied.
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In addition to his disdain for crypto, Schiff has criticized NFTs several times in the past.
For example, in a March 2021 blog post, Schiff described NFTs as “false assets” that offer nothing but ownership of Crypto images that can be “infinitely reproduced” online.
“But even as the owner of the image, you have no control over access to it. The file has been copied thousands of times, so anyone with internet access can view it as well as you,” he wrote.
1) What pic.twitter.com/TsBqaRJnPI
— wab.eth (@wabdoteth) May 26, 2023
The sharp change in sentiment is similar to that of former U.S. President Donald Trump, who also aggressively criticized cryptocurrencies on several occasions before getting involved with NFTs.
Back in December, Trump made a “major announcement” that MAGA supporters believed had to do with politics before unveiling the licensed collection of Trump’s Crypto trading cards.
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