In what seems like an irony, top Bitcoin (BTC) critic Peter Schiff is requesting payment in BTC for his newly launched gold ordinals.
Is Peter Schiff Changing His Bitcoin Stance?
On Wednesday, Peter Schiff encouraged his followers to purchase his Bitcoin Ordinals called “Golden Triumph” with their “overpriced” Bitcoin.
These Ordinals are a set of collaborative Non-fungible token (NFT) art collections on the Bitcoin network that he introduced last year. He tried to tout the Ordinals as more important than Bitcoin, citing that there were only 50 pieces of the digital collectibles up for grabs as compared to the 21 million Bitcoin supply.
His post has sparked reactions from crypto X community members with Adam Back, Blockstream CEO also lending his voice.
Back attempted to give him a taste of his medicine by pointing out how Bitcoin generally demonetizes Gold. He cited how Bitcoin ETF inflows have outweighed that of gold ETFs in recent weeks.
as #bitcoin demonetizes gold we can use the gold bricks as shiny table weights and door stops. take a look at gold ETF outflows vs bitcoin ETF inflows. (nearly $1bil yesterday into US bitcoin ETFs).
— Adam Back (@adam3us) March 6, 2024
Despite the criticism of Peter Schiff’s assets, Back is generally in support of Bitcoin Ordinals.
Peter Schiff and the Bitcoin Criticism
Over time, Peter Schiff has constantly criticized Bitcoin, giving the leading digital assets all sorts of tags.
In the wake of the launch of spot Bitcoin ETFs, he bluntly described the flagship cryptocurrency as a failed digital asset with emphasis on its speculative nature. He further claimed that having the United States SEC approve several Bitcoin ETFs was not enough to substantiate the legitimacy of the coin.
In the days that followed the spot Bitcoin ETF approval, Schiff predicted that Bitcoin would have a tough time. Coincidentally, the price of BTC was having a terrible momentum at about the same time. As the market value of the coin kept falling, Peter Schiff pointed out that those who were among the first to invest in these Bitcoin ETFs are likely facing regret.
However, Bitcoin price picked up in no time, reaching new levels that had not been seen in a long time and even retesting its All-Time High (ATH) lately. As someone who likes to have an opinion in matters concerning cryptocurrencies, Schiff was quick to tell his community that the Bitcoin rally was nothing short of “another classic pump and dump”.
By his recent request on the Gold Ordinals, one would believe that he has had a change of stance towards Bitcoin and other crypto. The coming days would be the true ‘revealer’ of how Schiff feels about the flagship cryptocurrency.
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