Peter Schiff has a reputation for bashing cryptocurrencies, especially Bitcoin. However, a recent report revealed that Schiff has delved into the NFT market, relying on the Bitcoin blockchain. This indeed comes as a surprise to many.
What is Happening with Peter Schiff?
Schiff recently wrote on Twitter that “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.” Many crypto enthusiasts believed Schiff’s foray into Bitcoin NFTs meant the economist was now a Bitcoiner.
The thought of having Schiff in the Bitcoin family excited several Bitcoiners. But Schiff recently offered more clarity on his relationship with Bitcoin. He recently spoke in an interview with Bitcoin investor Anthony Pompliano. Schiff, in the interview, maintained his long-held belief that Bitcoin was the most speculative asset and lacked intrinsic value.
Schiff is not a Bitcoiner
Pompliano quizzed Schiff on his sudden support and promotion of the Bitcoin blockchain. He asked, “Why is Peter Schiff now a Bitcoiner?” Schiff once again maintained that he was “not a bitcoiner and now under the delusion that Bitcoin is some digital version of gold.”
Schiff claimed that the Bitcoin community was “desperate for his approval.” He claimed that “any little thing I do in the direction of Bitcoin gets blown out of proportion because it’s like you guys are a bunch of little kids trying to win my approval.”
Schiff referred to himself as the single best-known Bitcoin critic. And when asked if he was proud of that title, the 60-year-old said “Yes I am proud of that”.” While Schiff’s Bitcoin NFTs seemed like a positive sign, it appears the economist is simply using the technology but does not believe in the cryptocurrency.
Asides from his criticism of Bitcoin, Schiff previously claimed NFTs are fake assets that only provide ownership of digital images that can be “infinitely copied” online. Many see Schiff’s embrace of Bitcoin NFTs as similar to former US President Donald Trump, who harshly condemned cryptocurrency before becoming involved with NFTs.
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