Peter Schiff of Wall Street Makes Bitcoin Bet with NFT Debut on Magic Eden
Peter Schiff, a well-known advocate for gold and critic of Bitcoin, has surprised the crypto world by embracing the leading cryptocurrency. In a significant shift from his previous stance, Schiff has listed 50 Bitcoin-based non-fungible tokens (NFTs) on the Solana-based Magic Eden NFT marketplace.
These NFTs, known as the Golden Triumph Ordinals, have already generated significant trading volume. Each NFT, with a floor price of approximately 0.2545 BTC, has seen a total trading volume of around 1.287 BTC. What sets these NFTs apart is that they have 50 distinct owners, making them exclusive digital assets.
Schiff’s move from gold to Bitcoin is a reflection of the changing dynamics in the investment landscape. While he had been a strong advocate for gold in the past, he now sees Bitcoin as the new standard for investment. This shift in perspective comes as Bitcoin has outperformed gold as a store of value in recent years.
The approval of spot Bitcoin exchange-traded funds (ETFs) in the United States has also contributed to the growing institutional interest in Bitcoin. This has created a demand for Bitcoin that exceeds the daily supply from miners. Spot Bitcoin ETFs consume an average of 10,000 BTCs daily, while miners only emit 900 coins per day. With the upcoming Bitcoin halving, which will reduce the rate at which new Bitcoins are created, the supply-demand dynamics are expected to intensify further.
Bitcoin’s remarkable journey, fueled by institutional interest and its decentralized nature, has led to an astounding rally of over 613,000% since its inception in 2009. This performance has positioned Bitcoin as a promising asset with optimistic prospects for future gains.
In contrast, gold has experienced more modest growth, with a 200% increase in price against the US dollar since 2009. As Bitcoin gains prominence, the traditional narrative of gold as the ultimate safe haven is undergoing a transformation.
Peter Schiff’s endorsement of Bitcoin signifies a broader acceptance of the cryptocurrency. As the traditional and crypto markets continue to intersect, Schiff’s move may mark a turning point in the broader industry’s perspective.
In other news, the Securities and Exchange Commission (SEC) has delayed the approval of BlackRock’s Ethereum ETF to further examine legal and policy issues surrounding it.