BITCOIN

Peter Schiff, a prominent gold bull who has criticized Bitcoin and NFTs in the past, launches NFT project "Golden Triumph."

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Peter Schiff, a prominent gold bull who has criticized Bitcoin and NFTs in the past, launches NFT project "Golden Triumph."

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Golden Triumph

Peter Schiff announced on May 27 that he is collaborating with an artist to launch an NFT collection titled "Golden Triumph" in Ordinals form on Bitcoin.

In his tweet, he mentioned that the collaboration includes the original artwork "Golden Triumph" along with a series of Ordinals NFTs.

Both the physical artwork and NFT consist of 50 images of hands holding gold bars, with the highest bidder receiving the top-ranking numbers 1-50 during the auction period from June 2 to June 9.

Has Peter Schiff Changed His Mind?

Peter Schiff has long criticized Bitcoin using terms like Ponzi scheme and bubble. When the community questioned if he had changed his stance, he vehemently denied it.

Twitter user LoneStartBitcoin asked:

So, putting "gold" on Bitcoin is valuable, but Bitcoin itself has no value?

Peter Schiff responded, "Correct." He also mentioned:

This is art and a tribute to gold. It is a collectible suitable for Bitcoin supporters, but I am still not one of them.

Peter Schiff Once Predicted NFTs Would Crash Cryptocurrencies

Perhaps Peter Schiff issuing on Ethereum won't be controversial, but aside from this strange turn, in March 2021, he also published a lengthy article criticizing NFTs.

He pointed out that NFTs are just a further iteration of cryptocurrencies and even more absurd, as the public may already be starting to view the US dollar without intrinsic value since the end of the gold standard, leading to widespread acceptance of cryptocurrencies.

However, he emphasized that compared to the rise of cryptocurrencies, the lifecycle of NFTs should be shorter. NFTs themselves, apart from a digital image that can be infinitely copied, have no value and could potentially lead to a crash in the market, further causing a collapse in the cryptocurrency market, bringing the crypto space to the end of a bubble.