Peter Schiff Encourages Bitcoin Holders to Trade for Golden Triumph Ordinals Collection
Euro Pacific Asset Management founder and gold advocate Peter Schiff has taken to social media to urge Bitcoin investors to exchange their BTC for his exclusive Golden Triumph Ordinals collection. According to Schiff, Bitcoin is an overpriced asset, and he believes that his collection is a better investment option with the potential for significant growth in the coming months.
Schiff unveiled the Golden Triumph Ordinals collection in May 2023, which includes original artwork and limited edition digital reproductions recorded on the Bitcoin blockchain. He emphasizes that unlike Bitcoin’s circulating supply of 21 million, there are only 50 assets available in his ordinals collection.
In recent sales, Schiff revealed that a piece from his collection was purchased for 0.068 BTC, equivalent to $4,500 at the current market price. The next level price offered for another piece is 0.095 BTC or approximately $6,500. The value of the collection is increasing rapidly, with the last sale reaching $10,000. Schiff claims that the 45th piece of the collection could potentially be sold for $50,000.
With only three pieces remaining, Schiff states that the lowest offer for his ordinals is around 0.2 BTC or $13,500. He expresses confidence in the performance of his asset and highlights its popularity among buyers. The last piece sold for about $20,000, ten times more than what buyers paid the previous year.
Peter Schiff Labels Bitcoin as the Ultimate Bubble
Peter Schiff has gained notoriety for his criticism of cryptocurrencies and has labeled Bitcoin as the “Ultimate Bubble.” He argues that unlike other overpriced assets in a bubble scenario that usually have some underlying value, Bitcoin lacks any real asset value.
Schiff believes that Bitcoin’s significant growth over time and its longevity contribute to its status as the ultimate bubble. He asserts that the cryptocurrency’s price is not justified by any fundamental value, making it a risky investment.
Hot Take: Is Schiff’s Golden Triumph Ordinals Collection Worth Considering?
While Peter Schiff promotes his Golden Triumph Ordinals collection as a better investment option than Bitcoin, it is essential to evaluate the merits of his claims:
Advantages of the Golden Triumph Ordinals Collection:
- Limited Supply: With only 50 assets available, the scarcity of the collection could potentially drive up its value over time.
- Artistic Value: The collection includes original artwork and limited edition digital reproductions, which may appeal to art enthusiasts and collectors.
- Recorded on the Bitcoin Blockchain: The use of blockchain technology adds an element of transparency and security to the collection.
Potential Concerns:
- Subjectivity of Value: The value of artwork can be subjective and influenced by individual preferences, making it difficult to predict future appreciation accurately.
- Lack of Established Market: Unlike Bitcoin, which has a well-established market and liquidity, the Golden Triumph Ordinals collection may face challenges in finding buyers willing to pay the desired prices.
- Volatility Risk: While Bitcoin is known for its volatility, the art market can also experience significant price fluctuations, potentially impacting the value of the collection.
It is crucial for crypto investors to carefully consider their investment options and conduct thorough research before making any decisions. While Peter Schiff presents his Golden Triumph Ordinals collection as an alternative to Bitcoin, individuals should assess their own risk tolerance and investment goals before diversifying their portfolio.
Ultimately, the decision between investing in Bitcoin or Schiff’s collection depends on an individual’s perspective and assessment of the potential risks and rewards associated with each asset.
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