In what appears to be a parody, but isn’t, economist, gold advocate, and avid crypto skeptic Peter Schiff has unveiled a collaborative art collection of non-fungible tokens (NFT) on Bitcoin that is set to be auctioned soon.
The reaction from the crypto community was mixed: people were generally stunned, amused, applauded — particularly ordinal proponents — or eager to point out the apparent hypocrisy.
For years, Schiff has actively criticized cryptocurrencies – particularly Bitcoin (BTC) – at every opportunity, with his arguments essentially revolving around BTC being a Ponzi scheme that has no inherent value.
Despite all that, on May 27, Schiff introduced the “Golden Triumph” collection in a Twitter thread, in collaboration with one of his “favorite artists” who goes by the pseudonym Market Price.
“This collaboration includes the original painting ‘Golden Triumph,’ as well as a series of prints and ordinal numbers engraved on the Bitcoin blockchain,” he wrote.
Golden Triumph consists of a physical painting on an oil and linen canvas depicting a human hand holding a gold bar, 50 prints on archival paper showing the same image, and 50 digital versions inscribed as ordinal NFTs on Bitcoin .
The collection will be sold through a two-part auction beginning June 2nd and ending June 9th. In the Ordinals, the highest bidder gets #1 of the collection, while the next highest 49 bidders get #2 through #50 in descending order.
However, it appears that Schiff has not made a complete U-turn on BTC, instead recognizing a use case for blockchain technology; verifiable ownership of assets such as art via NFTs.
Commenting on Schiff’s Twitter post, user @LoneStartBitcoin asked, “So it’s valuable to put ‘gold’ on bitcoin, but bitcoin.” [BTC] itself is not valuable?”
“Right,” Schiff replied.
Related: Peter Schiff blames “too much government regulation” for the worsening of the financial crisis
In addition to his disdain for cryptocurrencies, Schiff has also been critical of NFTs on a number of occasions in the past.
For example, in a March 2021 blog post, Schiff described NFTs as “fake assets” that offer nothing more than possession of a digital image that can be “repeated endlessly” online.
“But even as the owner of the image, you cannot control access to it. The file has been copied thousands of times, so anyone with internet access can view it as many times as you can,” he wrote.
The sharp shift in sentiment follows a trend similar to that of former US President Donald Trump, who also aggressively criticized cryptocurrencies on multiple occasions before delving into NFTs.
Back in December, Trump made a “big announcement” that MAGA supporters felt was politically relevant, before revealing the licensed Trump Digital Trading Cards collection.
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