Peter Schiff, who is famously critical of Bitcoin, surprised Twitter users with his recent statement, leading to widespread astonishment.
Peter Schiff, a famous critic of Bitcoin (BTC), shocked his followers with his recent social media post.
Schiff revealed a new art project in collaboration with Market Price, an artist he admires, that incorporates the Bitcoin blockchain.
Peter Schiff Plans to Sell Artwork Using Bitcoin Network
Schiff, the CEO of Euro Pacific Capital and a strong supporter of gold, has been expressing negative views about Bitcoin for a long time. He has called it a digital pyramid scheme, a bubble, and a worthless investment. Interestingly, his own son, Spencer Schiff, is involved in Bitcoin investment, leading to disagreements between them.
In a surprising turn of events, Schiff shared on Twitter that he has teamed up with Market Price, an artist known for creating artwork inspired by financial markets. Their collaboration involves a special project featuring the original “Golden Triumph” chart, along with a collection of prints and Ordinals inscribed on the Bitcoin blockchain.
I'm pleased to announce an art project with one of my favorite artists, Market Price. This collaboration features the original painting “Golden Triumph” as well as a series of prints and Ordinals inscribed on the #Bitcoin blockchain. For information go to https://t.co/lEFJmgYTCk pic.twitter.com/vyoErYv39q
— Peter Schiff (@PeterSchiff) May 26, 2023
Ordinals are a method used to give unique characteristics to individual satoshis, which are the smallest units of Bitcoin. This is achieved by adding additional information or data to them.
Ordinals are made possible through the Counterparty protocol, which enables users to create their own private tokens on the Bitcoin network. In the context of Peter Schiff’s art project with Market Price, ordinals can be utilized to indicate ownership of physical artworks. This concept also relates to the logic behind non-fungible tokens (NFTs).
Ordinals were also employed for mining meme tokens on the Bitcoin network. This means that they were utilized as part of the process to create and distribute meme-based cryptocurrencies.
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Schiff announced that the project will have two auctions concluding on June 9, 2023. The first auction will include the original painting and an unnumbered Ordinal connected to the painting. The second auction will offer 50 prints along with their corresponding Ordinals numbered from 1 to 50.
Schiff did not provide a clear explanation for his decision to participate in an art project using the BTC blockchain, despite his previous criticism of Bitcoin as being worthless and insecure. Some of his followers speculated that he may have had a change of heart regarding Bitcoin or that he was attempting to appeal to a different group of people.
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.