Bitcoin Critic Peter Schiff Launches Ordinals Collection, Clarifies He Hasn't 'Converted' — Binance CEO Responds

Gold bull Peter Schiff, has drawn the attention of the cryptocurrency community by announcing his foray into the realm of non-fungible tokens (NFTs). 

What Happened: Schiff, who has been a vocal opponent of Bitcoin BTC/USD on Saturday said that he will be releasing an Ordinal art collection.

His collection will feature the original painting "Golden Triumph" and a series of prints and Ordinals that will be inscribed on the Bitcoin blockchain.

See More: A Stay At The Floating Palace From James Bond's ‘Octopussy’

Why It Matters: It should be noted that Schiff is well-known for his belief that Bitcoin lacks intrinsic value and utility, often comparing it unfavorably to gold, which he views as a more reliable store of wealth.

Binance CEO Changpeng Zhao, expressed his amusement at Schiff's recent announcement, tweeting, "Seeing Peter Schiff convert makes me happy."

Schiff was quick to clarify, stating, "I haven’t converted. I think the value is in the art. An original oil painting and limited edition signed prints. The Ordinals help add value to the art by making it easier to prove authenticity. The Ordinals themselves could have extra value if it turns out I’m wrong on Bitcoin."

Crypto podcaster Peter McCormack, chimed in, attempting to persuade Schiff to connect the dots regarding the value of blockchain technology, to which Schiff responded, "I have a love/hate relationship with the Bitcoin community. So maybe this is a bit of an olive branch. But it’s not without meaning that the art depicts a bar of gold."

Price Action: At the time of writing, Bitcoin was trading at $28,125 up 3.83% in the last 24 hours, according to Benzinga Pro.

Read Next: Bitcoin Flirts With $28K, Ethereum, Dogecoin Rise Too On Debt-Ceiling Deal: Analyst Known For Calling Bottom Sees Apex Crypto At $29K — But There’s A Catch