Renowned economist and staunch Bitcoin BTC/USD critic Peter Schiff is promoting his Ordinals non-fungible token (NFT) collection amid the leading cryptocurrency’s record-breaking rally.
What Happened: On Sunday, Schiff took to X, encouraging his followers and the broader cryptocurrency community to bag the blockchain-inscribed artwork called “Golden Triumph.”
He compared the digital currency’s worth to his Golden Triumph ordinals, asserting that the latter held more value due to its limited quantity.
“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 said in a fresh attempt to downplay Bitcoin’s success.
Why It Matters: Schiff launched the Ordinals collection in May last year, featuring the original painting “Golden Triumph” and a series of prints and Ordinals that will be inscribed on the Bitcoin blockchain.
Denying a change of heart, Schiff had said that the foray had more to do with the Ordinals adding more value to an existing art than Ordinals independently possessing any value.
Bitcoin Ordinals are inscriptions of data on Bitcoin’s blockchain, commonly referencing digital collectibles or art. The concept of NFTs allows for the tokenization of various digital or physical assets, creating scarcity, provenance, and verifiable ownership on Bitcoin's blockchain.
As of this writing, Schiff’s collection had a floor price of 0.1245 BTCs, worth $10,141 at current market price.
Price Action: At the time of writing, Bitcoin was trading at $81,466, up 5.61% in the last 24 hours, according to Benzinga Pro.
Read Next:
Photo courtesy: Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
