Bitcoin’s $82K Peak Has Schiff Hawking His Ordinals, Agai

Peter Schiff has long built his brand on criticizing Bitcoin, calling it a bubble driven by the “greater fool theory” and dismissing it as having no practical use, unlike real-world commodities.

Yet, as Bitcoin surged over the weekend, Schiff reminded followers of his “Golden Triumph” Ordinals NFT collections, fueling suspicions that, despite his anti-Bitcoin stance, he may be more invested in BTC than he lets on.

Bitcoin Euphoria

Donald Trump’s victory in the US election triggered a surge in crypto markets, drawing over $400 billion in inflows since the results. Bitcoin, riding the wave, is now in price discovery mode, having blown past resistance and its prior all-time high.

With crypto sentiment high and the incoming administration expressing crypto-friendliness, Schiff seized the moment to promote his “Golden Triumph” NFTs. He stated that only 50 of these NFTs exist compared to Bitcoin’s 21 million supply, remarking, “It’s clear which one is more valuable. You can’t argue with math.”

Golden Triumph is Not Popular

The Golden Triumph Ordinals collection consists of 51 NFTs depicting an arm holding a gold bar against a floral backdrop, each with a unique number in the top right corner. 

On-chain data shows limited interest in the collection. The last sale was in March when Golden Triumph #24 sold for under 0.3 BTC ($18.8k at the time).

The collection’s price floor has seen little movement over its lifetime, reflecting consistently low activity. After an initial rise from 0.059 BTC to a peak of 0.7 BTC on March 6, the floor price has since retraced and is currently at 0.125 BTC ($10.2k).

Golden Triumph price floor chart, per Magic Eden

Schiff’s last promotional tweet for Golden Triumph coincided with Bitcoin’s climb to its previous all-time high of $74,000 in mid-March.

Schiff: I Don’t Have a Bitcoin Wallet

Schiff’s Golden Triumph promotion sparked mixed reactions. Many were amused by the irony of his endorsement of Bitcoin-derived products. Others, however, accused him of trying to ‘scam’ buyers into giving up their Bitcoin.

Schiff responded to the criticism, defending his position by clarifying that he wouldn’t profit from any sales since all NFTs are held by secondary buyers, adding, “I don’t even have a wallet.”

Nonetheless, Schiff’s defense was met with skepticism. Crypto investor ‘SharkDog Crypto’ tried to coax a confession from the gold bug, admitting that he holds gold and crypto as part of his diversified portfolio.

Rumors of Schiff being a “secret Bitcoiner” have circulated for years, as Bitcoin’s libertarian ideals align closely with Schiff’s advocacy for free markets and minimal government. 

Adding to the speculation, Schiff’s company, SchiffGold, began accepting Bitcoin, Bitcoin Cash, and Ethereum for gold and silver purchases as early as 2014.