With Bitcoin surpassing record highs by the hour, even noted Bitcoin skeptic Peter Schiff is trying to get in on the action by selling his Ordinals collection.
On Sunday, the financial commentator and radio host on
Bitcoin surged past $80,000 on Sunday in the crypto-optimistic aftermath of Donald Trump’s election victory last week. Since then, the $87,000 mark has been exceeded.
Launched in 2023, the “Golden Triumph Ordinals Set” is a collection of 51 Ordinal inscriptions on the Bitcoin Blockchain. Like a non-fungible token (NFT), a Bitcoin Ordinal is a digital collectible on the Bitcoin blockchain. Each Ordinal is engraved on an individual satoshi, the smallest denomination of a Bitcoin. Ordinals have included text, images, video clips, and even video games on the Bitcoin network.
The current floor price for one of the Schiff NFTs is 0.1245 BTC, about $10,774 for each collectible, according to Magic Eden data. Despite having low trading volume, Schiff NFTs rose 149% last year with an initial price of 0.05 BTC, approximately $1,885.
“There are 21 million Bitcoin, but only 50 Golden Triumph ordinal numbers. It’s clear which one is more valuable,” Schiff tweeted. “You can’t argue about math.”
It is unclear whether Schiff is trying to profit from the Bitcoin mania. The gold bug did not immediately return a request for comment.
Crypto Twitter responded to Schiff’s tweet with a mix of surprise and skepticism.
Peter Schiff promoting Ordinals was not on my 2024 bingo card https://t.co/N2m7pvCDfP
— Chris ☕️ (@ChrisCoffeeEth) November 11, 2024
I’d rather buy a pet rock pic.twitter.com/bVqhBtlaS8
— kat (🪨,🪨) (@0xkitty69) November 10, 2024
Peter, it’s very clear that your bearish sentiment on Bitcoin (which was wrong) is a great engagement farming strategy. I have to give it to you.
But it’s time for you to really participate 🤗
— Jan | BIP-420🐱 (@nonfungible_jan) November 11, 2024
Despite announcing the sale of the Ordinals collection, Schiff did not claim to own a Bitcoin wallet or own the collection.
“The ordinal numbers belong to the people who bought them at the original auction,” he said.
No me. Whoever sells their ordinal gets your Bitcoin. I don’t even have a wallet.
— Peter Schiff (@PeterSchiff) November 10, 2024
When asked why anyone would part with the increasingly valuable Bitcoin for one of his NFTs, Schiff said it was due to scarcity.
“Why is Bitcoin more valuable,” Schiff said. “The Golden Triumph originals are much scarcer than Bitcoin.”
Schiff has consistently argued that gold is a better investment than Bitcoin, compared to the tulip mania.
On Monday, he denounced Trump’s promise to establish a Bitcoin Reserve, predicting such a move would trigger a massive market collapse.
“To maintain the pretense that its Bitcoin reserve has actual value, the US government would be forced to keep buying, destroying the value of the dollar.” he tweeted.
If the US government actually created a #Bitcoin reserve and bought 1 million Bitcoin, it could eventually buy millions more. Because the US government’s purchase of 1 million Bitcoin would drive the price so high, many HODLers, who were worth millions or billions at the time, would eventually…
— Peter Schiff (@PeterSchiff) November 11, 2024
Whatever the case, it looks like Schiff wants a piece of the action after more than a decade of denial. Welcome aboard.
Edited by Sebastian Sinclair and Josh Quittner