Category: NFT News

Peter Schiff’s Surprising Embrace of Bitcoin: Launches NFT Collection on Magic Eden

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Veteran economist and global strategist at Europac Peter Schiff has now become a Bitcoin (BTC) supporter. On Wednesday, Schiff announced through X platform that he had listed 50 Bitcoin-based NFTs on the Solana-based Magic Eden NFT marketplace. 

The Schiff-backed NFTs are called Golden Triumph Ordinals and currently have a floor price of around 0.2545 BTC. As of this writing, the Golden Triumph Ordinals had a total trading volume of about 1.287 Bitcoins.

It is worth noting that the Golden Triumph Ordinals had 50 unique owners.

Rival Turned Idol

For the past years since the inception of Bitcoin and the altcoin industry, Schiff has remained a Gold supporter and largely skeptical of the former. However, Gold has largely been outshined as a store of value by Bitcoin in the past decade. Consequently, Shiff has yielded his persuasion on Gold as the standard of investment to Bitcoin.

Bitcoin vs. Gold Performance

Since the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States earlier this year, more Wall Street firms have turned to the flagship coin for investment. As a result, the demand for Bitcoin on a daily basis has outstripped the supply from miners by a huge margin. 

For instance, spot Bitcoin ETFs have been consuming an average of 10k BTCs per day while miners currently emit 900 coins per day. With Bitcoin halving around the corner, the supply vs demand shock is expected to worsen in the subsequent quarters. 

Consequently, Bitcoin price has rallied more than 613,000 percent since its inception in 2009 and more gains are anticipated in the coming months. 

On the other hand, Gold price against the US dollar has only rallied about 200 percent since 2009 to trade around $2,156 on Thursday.

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