Crypto Critic Peter Schiff Embraces Cryptocurrencies and NFTs, Delighting Binance CEO
Peter Schiff, a well-known critic of cryptocurrencies, has surprised many by venturing into the world of digital currencies and non-fungible tokens (NFTs). This unexpected move has brought a smile to the face of Binance CEO Changpeng Zhao (CZ). CZ expressed his joy in a tweet, happily welcoming Schiff’s change of heart, saying, “I am glad to see Peter Schiff converting.”
Notably, Schiff, who has consistently criticized Bitcoin and the overall cryptocurrency market, recently shared plans to create an art collection using NFTs on the Bitcoin blockchain.
In his tweet, Schiff mentioned that he is working together with an artist he really likes, Market Price, to create a collection called Ordinals. These are digital assets similar to NFTs. The collection will include an original painting called “Golden Triumph” as well as a series of prints and Ordinals that will be recorded on the Bitcoin blockchain.
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Although Schiff acknowledges that he is still learning about the crypto world, his new project indicates a recognition of the industry’s worth and potential, even though he previously criticized it. The latest trend on the Bitcoin network is the rise of Ordinals, which are digital assets tied to the smallest unit of Bitcoin called a satoshi. It seems Schiff is embracing this trend and exploring its possibilities.
The popularity of Ordinals is on the rise, thanks to an upgrade called Taproot introduced to the Bitcoin network in November 2021. This upgrade allows users to embed various types of content, such as images and video games, onto individual satoshis. Since its introduction, this exciting development has attracted a lot of user attention. In fact, the daily record for creating inscriptions using Ordinals was broken four times in April alone. People are actively engaging with this new feature and exploring its creative possibilities.
CZ’s joyful reaction represents how the wider crypto community feels about Schiff’s unexpected change of heart. Anthony Pompliano, a well-known supporter of Bitcoin, also expressed his welcome to Schiff by tweeting, “We have been excitedly waiting for you to join us.” It shows that many in the crypto community are happy to see Schiff embracing cryptocurrencies.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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