Peter Schiff, Unexpectedly Embracing Bitcoin, Unveils NFT Collection on Magic Eden
Renowned economist and global strategist at Europac, Peter Schiff, has recently announced his support for Bitcoin (BTC). In a statement made on Wednesday, Schiff revealed that he had listed 50 Bitcoin-based non-fungible tokens (NFTs) on the Solana-based Magic Eden NFT marketplace.
The NFTs, known as Golden Triumph Ordinals, currently have a floor price of approximately 0.2545 BTC. At present, the Golden Triumph Ordinals have a total trading volume of around 1.287 Bitcoins. It is worth noting that these NFTs have 50 unique owners.
For many years, Schiff has been a staunch advocate for gold and has held a skeptical view towards Bitcoin and the altcoin industry. However, with Bitcoin surpassing gold as a preferred store of value over the past decade, Schiff has now shifted his allegiance to Bitcoin as a standard investment.
In a recent tweet, Schiff expressed his excitement for the growing NFT market, stating that a second Golden Triumph Ordinal was sold for almost $10,000, which is double the price of the previous sale. He also mentioned that if the 45th NFT sells at the current offer, it would amount to almost $50,000.
The approval of spot Bitcoin exchange-traded funds (ETFs) in the United States earlier this year has led to an increasing number of Wall Street firms turning to Bitcoin for investment. As a result, the demand for Bitcoin has exceeded the supply from miners by a significant margin. Spot Bitcoin ETFs are consuming an average of 10,000 BTC per day, while miners currently produce only 900 coins per day. With the Bitcoin halving event approaching, the supply-demand imbalance is expected to worsen in the coming months.
Consequently, the price of Bitcoin has experienced a staggering rally of over 613,000 percent since its inception in 2009, and further gains are expected in the future. In contrast, the price of gold against the US dollar has only increased by around 200 percent since 2009, with it currently trading around $2,156 on Thursday.