Bitcoin Sceptic Peter Schiff Has an Ordinal Revelation

In a turn of events that not many had on their 2023 bingo card, notorious Bitcoin sceptic Peter Schiff has announced his re-entry into the world of digital assets with the upcoming release of an NFT art collection on Ordinals.

Schiff vs Bitcoin: A Legendary Feud

If you’re unfamiliar with Schiff’s feelings on Bitcoin; for years, Schiff has often referred to crypto – specifically Bitcoin – as a Ponzi scheme with no intrinsic value. Furthermore, he has shown little love towards NFTs, saying they can be easily replicated. Instead, Schiff’s affinity lies with gold and takes every opportunity to remind his detractors why it has been such a valuable commodity for centuries.

During the 2020-2021 bull run, Schiff’s tweets became the stuff of legends. He persistently labelled crypto as worthless, even as its value soared to unprecedented heights. However, Schiff’s revenge came during the bear market. He gleefully took delight with an onslaught of “told you so” tweet attacks directed at frustrated crypto investors who had previously mocked him when the good times were still rolling.

It also came to light that Schiff did once dabble with Bitcoin, however he is unable to access his wallet due to “the software forgetting his password.” To clarify, Schiff says it was not he who forgot the password, which he describes as “impossible” – but the wallet itself sentiently did.

It’s maybe fair to assume that he says outlandish things such as these to press the buttons of his opponents. All the same, let’s not completely disregard the theory that the machine magically grew a brain and a sense of humor just to annoy Schiff.

A Change Of Heart?

However, in a recent Twitter announcement, he unveiled a collaborative NFT art collection, created in partnership with the artist “Market Price.”

The collection features an original painting called “Golden Triumph,” along with 50 prints on archival paper, and with each print there are 50 digital versions inscribed as Ordinals on Bitcoin.

Yes, Peter Schiff is using Bitcoin!

The artwork depicts a human hand holding a bar of gold, emphasizing Schiff’s love for the precious metal. One could also interpret it as a representation of the weapon which Schiff has used to beat us all with since the crypto downturn began in February 2022.

Schiff’s unexpected announcement has generated mixed reactions, with many expressing amusement, others claiming victory against him, but also a lot of well-wishers and welcome notes being sent to the once “never-Bitcoiner.”

Schiff has clarified that his interest lies primarily in the art and the use of blockchain technology to establish verifiable ownership through NFTs. A change of heart does seem to have taken place, but I don’t think we can expect Schiff to be evangelizing “there is no second best!” like Michael Saylor any time soon. 

The Ordinals Effect

Schiff’s recent exploration of Ordinals highlights its growing recognition since launching at the start of the year. It also demonstrates the significant impact Ordinals has had on the Bitcoin culture. For years, Schiff consistently criticized Bitcoin and refused to engage with it, aside from repeatedly stating its inferiority to gold. However, it was eventually Ordinals that managed the difficult task of softening his stance.

There’s a widely held theory that NFTs will be the catalyst for mass adoption of Web3. This theory suggests that digital assets like artwork, in-game items, and membership passes can resonate more easily with the general public compared to complex crypto systems like DeFi, staking, wallet security, and the concept of achieving financial sovereignty independent of traditional financial institutions. 

Before Ordinals, Bitcoin advocates often used this latter argument as a unique selling point for onboarding new users. While it’s a valid argument—I personally found it compelling and I credit it with leading me into this space—it simply hasn’t resonated with everyone as hoped.

It took NFTs to force the reluctant Schiff into a backstep on his stance, and so it certainly lends credibility to the theory.

There’s still a long way to go, but perhaps that mass onboarding event is much closer than we realize?

The “Golden Triumph” NFT collection will be auctioned off in two parts, beginning on June 2 and concluding on June 9. The highest bidder for the Ordinal NFTs will receive #1 of the collection, while the subsequent 49 highest bidders will receive numbers #2 to #50 in descending order.

Full details can be found here.