- Peter Schiff promotes his “Golden Triumph” Bitcoin Ordinals collection.
- Bitcoiners express disbelief in Schiff peddling BTC-based NFTs.
- Rumors Schiff is a Bitcoin maxi in denial revive.
Bitcoin mania is back in full force as the leading cryptocurrency soared to new all-time highs (ATHs) this week, igniting speculative frenzies and FOMO. However, few could have predicted that notorious Bitcoin cynic Peter Schiff would be the latest personality to take the orange pill and climb aboard the BTC hype train.
As the BTC price continues to show strength, the vocal gold bug is now fervently promoting his “Golden Triumph” Ordinals NFT collection, which hasn’t gone down well with Bitcoiners who accuse Schiff of stunning hypocrisy.
“Give Me More Bitcoin”
Bitcoiners were quick to call out Schiff for plugging his Ordinals collection, and podcaster Walker highlighted the hypocrisy of bashing Bitcoin yet pushing the hard sell on Golden Triumph NFTs.
Echoing Walker’s sentiments, researcher Dylan LeClair playfully reminded us of Schiff’s past musings on Bitcoin. In them, he gave Bitcoin the side-eye for not being an effective medium of exchange or unit of account, which contradicts his current endeavors to accumulate more BTC.
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The brazen and uncharacteristic promotion had some wondering if scammers had taken over Schiff’s X account, with influencer “Salomondrin” asking, “They hacked this guy, right?”
Schiff’s “Golden Triumph” collection features 51 identical pictures of a hand clutching a gold bar against a floral backdrop, differentiated only by unique numbering in the top right corner. The collection was minted in June 2023 and hit an ATH price floor of 0.7 BTC ($46,690) on March 6, but has a current price floor of 0.2545 BTC ($16,900).
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While Schiff made a killing with his Ordinals sales, he cannot hide his continued public disdain for Bitcoin.
Is Schiff a Secret Bitcoiner?
Despite his current embrace of Ordinals, Schiff continues to express disdain for Bitcoin. Commenting on BTC’s sell-off after hitting a new ATH on Tuesday, Schiff turned the screws, stating that it fails as a safe haven asset and store of value.
In 2023, Schiff went so far as to label Bitcoin a Ponzi scheme, claiming “No one needs Bitcoin,” people only buy it after being convinced by others, similar to a cult.
Regardless of Schiff’s public anti-Bitcoin stance, some believe he may be a “closet Bitcoiner” who has yet to come out. A popular Reddit theory suggests he has finally grasped Bitcoin’s “engineering beauty.”
The theory contends that Schiff is now caught in a tough spot. Admitting his admiration for BTC after years of bashing it would lead to a loss of face and having to admit he was wrong.
On the Flipside
- Bitcoin purists maintain the network is for financial transactions only, not for NFTs or other Inscription-based use cases.
- Gold hit a new ATH of $2,100 on Monday.
- Rising prices in alternative assets, such as gold and BTC, do not bode well for legacy markets.
Why This Matters
Regardless of Schiff’s motivations, his antics highlight Bitcoin’s continually broadening usability beyond its origins as digital money. By embracing Ordinals, Schiff spotlights Bitcoin’s growing capacity to digitally represent value and property rights.
Read about Bitcoin’s potential foray into state pension investments here:
Arizona Senate Mulls Over Bitcoin Exposure in State Pensions
Find out more about Willy Woo’s thoughts on the USDT stablecoin here:
