Peter Schiff, a prominent critic of cryptocurrencies and NFTs, has taken to Twitter and announced his NFT art collection called “Golden Triumph,” which will be auctioned on the 1Marketprice platform, starting on June 2 and concluding on June 9.
In partnership with the artist Market Price, the collection comprises a physical painting and accompanying NFT, as well as 50 prints and 50 digital versions of the same artwork. The NFTs are represented as Ordinals on the Bitcoin blockchain.
The auction will be divided into two parts. In the first phase, the aforementioned painting, a one-of-a-kind artwork created on an oil linen canvas, will be offered for sale, along with its accompanying NFT.
The second phase will auction the 50 limited prints and their corresponding digital version. The highest bidder will be awarded NFT No. 1, while the subsequent 49 highest bidders will receive NFTs No. 2 to 50 in descending order.
I'm pleased to announce an art project with one of my favorite artists, Market Price. This collaboration features the original painting “Golden Triumph” as well as a series of prints and Ordinals inscribed on the #Bitcoin blockchain. For information go to https://t.co/lEFJmgYTCk pic.twitter.com/vyoErYv39q
— Peter Schiff (@PeterSchiff) May 26, 2023
Schiff remains skeptical of Bitcoin
Despite Schiff’s decision to launch an NFT collection, he remains skeptical about the overall concept of Bitcoin.
When questioned about his commitment to Bitcoin in the comments section, he said, “There is something here for Bitcoiners. But I’m still not a member of that club.”
In response to Schiff’s announcement, Binance CEO Changpeng Zhao voiced his delight on Twitter, saying, “Seeing Peter Schiff convert makes me happy.”
Seeing Peter Schiff convert makes me happy. 😂
— CZ 🔶 Binance (@cz_binance) May 27, 2023
“I haven’t converted,” Schiff replied, clarifying that his focus remains on the value of the art itself. He further explained the significance of an original oil painting and limited edition signed prints, with the Ordinals playing a role in enhancing the artwork’s value by simplifying the authentication process.
“The Ordinals themselves could have extra value if it turns out I’m wrong on Bitcoin,” he said.
Prominent crypto podcaster Peter McCormack joined the conversation to convince Schiff about the value of blockchain technology. In response, Schiff acknowledged his mixed feelings towards the Bitcoin community, describing it as a “love/hate relationship.”
I haven't converted. I think the value is in the art. An original oil painting and limited edition signed prints. The Ordinals help add value to the art by making it easier to prove authenticity. The Ordinals themselves could have extra value if it turns out I'm wrong on Bitcoin.
— Peter Schiff (@PeterSchiff) May 28, 2023
Criticisms on cryptocurrencies
Schiff, the CEO and chief strategist of Euro Pacific Capital, has been very vocal in his criticism of cryptocurrencies. He has often called cryptocurrencies, especially Bitcoin, a valueless Ponzi scheme.
On January 12, when Bitcoin’s price rose above $18,000, Schiff saw it as an “excellent opportunity” for HODLers (long-term holders) to sell their holdings. His consistent stance remained that investing in gold is a far superior option.
However, Bitcoin’s upward trend persisted following Schiff’s suggestion to sell holdings, reaching a five-month high of nearly $23,300 on January 21, or a 30 percent increase in price.
In a March 2021 blog post, Schiff described NFTs as “fake assets” that provide no value beyond ownership of a digital image, which can be endlessly duplicated and shared online.
So… it's valuable to put your "gold" inscriptions on #Bitcoin, but bitcoin itself is not valuable?
— Philip Marlowe ⚡️ (@LoneStarBitcoin) May 26, 2023
He also said that despite owning the image, one would lack control over its accessibility. Due to the extensive copying of the file, it can be viewed by anyone with internet access, just like the owner.
Schiff’s sudden change in attitude mirrors a move by former U.S. President Donald Trump, who entered the NFT space by launching the Trump Digital Trading Cards collection in December 2022 despite his criticism of cryptocurrencies.
In contrast to Schiff and Trump, CNBC’s Mad Money host Jim Cramer has turned from a staunch supporter of the industry to a vocal critic. However, Cramer’s predictions in the crypto space, which have often been proven wrong, have led to him being mocked by the community.