Renowned economist and Bitcoin critic Peter Schiff is making headlines by promoting his Ordinals non-fungible token (NFT) collection during a remarkable rally in the cryptocurrency market, where Bitcoin recently surged past $81,000.
What Happened
On Sunday, Schiff took to X to encourage his followers and the wider cryptocurrency community to purchase his blockchain-inscribed artwork titled “Golden Triumph.” He boldly claimed that the value of his digital artwork surpasses that of Bitcoin due to its limited supply.
“There’s 21 million Bitcoin but only 50 Golden Triumph ordinals. It’s clear which one is more valuable. You can’t argue with math,” Schiff stated, attempting to diminish Bitcoin’s achievements.
Why It Matters
Schiff launched the Ordinals collection back in May of last year, featuring the original painting “Golden Triumph” along with a series of prints and inscriptions on the Bitcoin blockchain. He maintains that this endeavor is more about enhancing the existing art's value than any intrinsic worth of the Ordinals themselves.
Bitcoin Ordinals represent inscriptions of data on the Bitcoin blockchain, often linked to digital collectibles or art. This NFT concept allows for the tokenization of both digital and physical assets, fostering scarcity, provenance, and verifiable ownership on the blockchain.
As of now, Schiff’s collection is valued at a floor price of 0.1245 BTC, approximately $10,141 at current market rates.
Price Action
At the time of writing, Bitcoin was trading at $81,466, reflecting a 5.61% increase in the last 24 hours, according to Benzinga Pro.
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