Bitcoin Critic Peter Schiff Launches ‘Golden Triumph Ordinals’ as Bitcoin Hits New Highs

As Bitcoin prices surge to unprecedented levels, noted Bitcoin skeptic and financial commentator Peter Schiff is seizing the opportunity to promote his limited-edition Ordinals collection, “Golden Triumph,” on the Magic Eden marketplace.

Despite his longstanding criticism of Bitcoin, Schiff recently announced the launch of his “Golden Triumph Ordinals Set” on X (formerly Twitter). The 51-piece collection, available on Magic Eden, features individual inscriptions on satoshis, the smallest unit of Bitcoin. Each Ordinal, similar to a non-fungible token (NFT), acts as a unique digital collectible recorded on the Bitcoin blockchain.

Schiff’s announcement coincided with Bitcoin’s rally past $80,000, reaching $87,000 on Sunday following recent election results that have bolstered confidence in crypto markets. Schiff, traditionally a proponent of gold as a hedge, took the opportunity to emphasize the scarcity of his collection in comparison to Bitcoin, stating, “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.”

The Golden Triumph Ordinals Set was launched in 2023 and is priced with a floor value of 0.1245 BTC, or approximately $10,774 per item, according to Magic Eden data. The collection’s value has appreciated significantly since its original price of 0.05 BTC (around $1,885), rising 149% over the past year despite low trading volumes.

However, Schiff maintains that he does not hold a Bitcoin wallet or own any part of the collection himself, raising questions about his involvement.

When asked about why collectors might choose to trade Bitcoin for his digital collectibles, Schiff pointed to their unique scarcity.

Schiff’s move to capitalize on Bitcoin’s recent highs has sparked a mix of surprise and skepticism across social media, where users have questioned his motives. Crypto enthusiasts have reacted with curiosity about whether the outspoken Bitcoin skeptic’s entry into the digital collectibles space might indicate a shift in perspective, even if only to benefit from Bitcoin’s current bullish run.

Bitcoin Critic Peter Schiff Launches 'Golden Triumph Ordinals' Collection Amid Bitcoin's Record-Breaking Surge

As Bitcoin skyrockets past its previous all-time high, hitting $87,000, one of its most outspoken critics, Peter Schiff, has joined the hype—launching his own Bitcoin-based digital collectibles collection. Schiff, a well-known financial commentator and advocate of gold as a primary asset, announced the release of his “Golden Triumph Ordinals Set,” offering it for sale on the Magic Eden marketplace.

Peter Schiff’s name has long been synonymous with skepticism toward Bitcoin. A prominent “gold bug” and critic of cryptocurrencies, Schiff has frequently questioned Bitcoin’s utility as an asset, even amidst its strong performances in recent years. However, in a surprise move, he recently took to X (formerly Twitter) to promote his limited-edition Ordinals collection on the Bitcoin blockchain, a project that puts him squarely within the realm of digital collectibles.

The timing of Schiff’s announcement aligns with Bitcoin’s unprecedented rise to $87,000, a surge widely attributed to optimism surrounding pro-crypto policy sentiments following the recent U.S. election. Schiff’s collection, called the “Golden Triumph Ordinals Set,” features 51 unique inscriptions on satoshis, the smallest units of Bitcoin. The Ordinals, somewhat like non-fungible tokens (NFTs), are permanent inscriptions that mark each satoshi with text, images, or other media, transforming them into unique digital artifacts.

The Appeal and Value of Bitcoin Ordinals

Launched in 2023, Schiff’s Ordinals collection taps into the growing trend of Bitcoin Ordinals, which have gained popularity as a new form of digital collectible, blending aspects of NFTs with the Bitcoin blockchain. Each Ordinal in the Golden Triumph set is a one-of-a-kind piece, intended to represent a “golden triumph” in the world of digital assets. These inscriptions are permanently etched on individual satoshis, adding value to each as a digital asset.

According to Magic Eden data, the current floor price for one of the Schiff Ordinals is 0.1245 BTC, equivalent to approximately $10,774 per collectible at Bitcoin’s latest valuation. Despite relatively low trading volumes, Schiff’s collection has seen considerable appreciation since its debut, rising 149% in price over the past year from an original price of 0.05 BTC (around $1,885 at the time).

Schiff himself highlighted the scarcity of his collection, stating, “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.” This statement has stirred conversation on social media, where many users have commented on the irony of Schiff—a longtime Bitcoin skeptic—now appealing to the scarcity argument often used by Bitcoin proponents.

Bitcoin’s Record-Breaking Rally and Schiff’s Unexpected Pivot

Bitcoin’s recent surge to an all-time high has invigorated interest in the crypto market, drawing renewed attention from both long-time supporters and former critics. The digital currency’s jump to $87,000 reflects the market’s enthusiasm following the election of a pro-crypto administration in the U.S., with investors betting on the potential for more favorable regulatory developments. Schiff’s decision to release the Golden Triumph Ordinals Set during this high point has raised questions about whether even the most vocal critics of Bitcoin are shifting their perspectives.

Although Schiff promotes his Ordinals collection, he asserts that he does not personally own a Bitcoin wallet or any part of the collection itself. When pressed on why collectors might choose to exchange their increasingly valuable Bitcoin for one of his digital collectibles, Schiff pointed to their unique scarcity and historical significance. Despite these claims, his involvement in Bitcoin Ordinals has prompted mixed reactions from the crypto community, with some viewing it as a savvy business move and others as a contradiction of his previous anti-Bitcoin stance.

The Growing Interest in Bitcoin Ordinals and Digital Collectibles

Ordinals have gained traction on the Bitcoin network, partly due to their integration with the blockchain’s established security and permanence. Each Ordinal, much like an NFT on Ethereum, serves as a unique digital asset, and they range from simple inscriptions to more elaborate media, including video clips and interactive content. Bitcoin Ordinals are becoming an increasingly popular way for creators to explore Bitcoin beyond traditional financial applications.

Schiff’s Ordinals collection, though separate from Bitcoin’s core functions, exemplifies a new dimension of blockchain use and provides a case study in how digital assets are expanding into different forms of cultural expression. Magic Eden, the marketplace hosting Schiff’s collection, has reported increased interest in Bitcoin Ordinals over the past year, positioning them as a distinct and growing subset of digital collectibles.

A Mixed Reception from Crypto Twitter

Schiff’s promotion of the Golden Triumph collection has ignited responses across social media, particularly from “Crypto Twitter,” where users expressed a mix of surprise, skepticism, and amusement. Some noted the irony of Schiff now monetizing Bitcoin-based collectibles after years of denouncing the asset. Others suggested it was a shrewd move to leverage the current wave of Bitcoin enthusiasm, even if Schiff’s stance on the cryptocurrency remains unchanged.

The financial commentator has not yet provided a direct statement regarding his motivation behind the Ordinals release, and as of now, he has not clarified if he intends to become more involved in the crypto space. However, Schiff’s entry into the world of Bitcoin Ordinals has undoubtedly added a new layer to his complex relationship with Bitcoin.