Peter Schiff, a well-known economist and investor, now supports blockchain technology and non-fungible tokens (NFTs). Considering his previous stance on digital assets, mainly Bitcoin, Schiff unexpectedly turned to Twitter on May 27 to express his enthusiasm for a planned art endeavor.
Peter Schiff Collaborates To Release Art Project On Bitcoin
Tweeting on May 27, Schiff expressed his excitement about working with one of his favorite painters, Market Price, on a collaborative artwork that would combine the conventional elements of art with blockchain.
The focus of this group effort is a unique work of art called “Golden Triumph.” Art lovers and collectors will also be able to purchase a set of prints and Ordinals that have been permanently recorded on the Bitcoin blockchain.
Given Schiff’s long-standing distrust of blockchain technology and cryptocurrencies, this news came as a shock to many. His support of Bitcoin shows how his views on the convergence of art, technology, and investing are shifting.
In several instances, Schiff has said Bitcoin is a “bubble” that has no intrinsic value that will soon crash. The economist asserts that Bitcoin and most crypto assets are not real currencies and are too volatile.
Schiff’s recent tweets on blockchain and NFTs seem to contradict his previous stance. In 2021, he questioned the worth of owning an NFT digital picture.
His tweet brought attention to the blurring of lines between legitimate ownership of a non-fungible token-authenticated digital artwork and the easy duplication of the same picture online.
Adoption And Ordinals
The fact that Schiff is now involved in an art piece that used blockchain technology is proof that he has developed an appreciation for the technology’s unique characteristics and practical applications.
In this cooperation, the immutability and transparency of the Bitcoin blockchain are put to use to ensure the originality and provenance of both the physical and digital artworks that are involved. Specifically, the authenticity of the digital artworks will be determined by the Bitcoin blockchain.
It remains to be seen how Schiff’s followers and the art world will respond. Even so, his move illustrates the fluid nature of the art market and the growing interest in Bitcoin and blockchain among creatives.
While NFTs on Bitcoin are seen as a cheaper option, Ordinals, the platform enabling the attachment of files on the smallest satoshis, have been blamed for spamming Bitcoin blocks and making transacting on the network expensive.
-Feature Image from Canva, Chart From TradingView