The price of gold has reached a new all-time high, surpassing $3,000 per ounce for the first time. Renowned crypto critic and economist Peter Schiff seized the opportunity to highlight this milestone while also reminding his followers about his NFT collection minted on the Bitcoin blockchain.
Gold Hits $3,000 — Schiff Predicts Faster Growth Ahead
In a post on X, Schiff emphasized that gold first hit $2,000 per ounce in August 2020 and expressed confidence that the next $1,000 increase would take significantly less time.
“Today, the spot price of gold closed above $3,000 for the first time,” Schiff wrote, calling it a historic moment for the precious metals market.
Schiff’s Bitcoin NFTs – Golden Triumph Ordinals
Alongside celebrating gold’s price surge, Schiff promoted his NFT collection, "Golden Triumph Ordinals," minted on the Bitcoin blockchain. He even suggested that these digital collectibles were “rarer than Bitcoin,” subtly hinting at their potential value.
Bitcoin Ordinals are inscriptions on the Bitcoin blockchain, allowing users to create unique digital artifacts, typically used for NFT-like assets.
Interest in Bitcoin Ordinals has surged in recent months. According to data from The Block, trading volumes for Ordinals on Magic Eden skyrocketed in early March, reaching record-breaking levels.
- In the last week of February, the daily average trading volume of Ordinals on Magic Eden was only $1.76 million.
- On the following day, it surged by over 1,200%, reaching $15.5 million.
- Over the next eight days, daily trading volumes averaged $50 million, with weekly sales exceeding $448 million.
Despite the hype, other Bitcoin Ordinals marketplaces did not experience similar growth. However, on March 9, Magic Eden's trading activity suddenly collapsed — with daily volumes plummeting 95% from the previous day.
At the time of writing, the floor price for Schiff’s "Golden Triumph Ordinals" collection is 0.139 BTC (~$11,559 at current rates).
Schiff’s Love-Hate Relationship with Bitcoin
Although Peter Schiff has long been a vocal critic of Bitcoin, this is not his first foray into blockchain technology for promotional purposes.
He first introduced his NFT collection in May 2023, featuring his painting "Golden Triumph," along with digital replicas and Bitcoin-engraved NFTs. According to Schiff, these tokens enhance the value of existing artwork rather than holding intrinsic value on their own.
Despite engaging with the NFT space, Schiff continues to criticize Bitcoin. In the past, he called selling gold for Bitcoin "the worst trade in history." He has repeatedly emphasized that gold outperforms cryptocurrency as a long-term store of value.
Crypto vs. Gold Performance
According to CoinMarketCap, as of publication Bitcoin is trading at $83 161, marking a 14,42% decline over the past two months.
Gold, in contrast, has surged 14,7% since the beginning of the year, outperforming the crypto market.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.