Gold prices soared to new heights Monday, and renowned economist Peter Schiff marked the occasion by promoting his Bitcoin BTC/USD non-fungible tokens.
What Happened: Gold bug Schiff took to X to celebrate a historic moment in the bullion market.
“Today spot gold closed above $3,000 for the first time ever,” he wrote. He added that the yellow metal hit $2,000 on Aug. 5, 2020, and that the next $1,000 increase “won’t take nearly as long.”
Schiff encouraged his followers to “commemorate” the occasion with his Golden Triumph Ordinals, a collection of Bitcoin NFTs. “They are far more scarce than Bitcoin,” Schiff said, poking fun at the apex cryptocurrency’s deflationary characteristics.
Bitcoin Ordinals are inscriptions of data on Bitcoin’s blockchain, commonly referencing digital collectibles or art. In terms of NFT sales volume, Bitcoin was the second-largest blockchain after Ethereum ETH/USD over the last month, according to the NFT market tracker Cryptoslam.
As of this writing, Schiff’s collection had a floor price of 0.139 BTCs, worth around $11,594 at the current market price.
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Why It Matters: This was not the first time Schiff promoted his blockchain-inscribed artwork. He marketed the NFTs in November of last year, during Bitcoin’s record-breaking rally.
Schiff launched the Ordinals collection in May 2023, featuring the original painting “Golden Triumph” and a series of prints and Ordinals on Bitcoin. His argument is—Ordinals add more value to an existing art than Ordinals independently possessing any value.
Schiff has been a vocal critic of Bitcoin, often highlighting the benefits of gold over the apex cryptocurrency. He recently asserted that selling gold for Bitcoin was the “worst-timed trade in history.”
Price Action: At the time of writing, Bitcoin was exchanging hands at $83,297.96, up 0.28% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the cryptocurrency has fallen 10.94%.
Spot gold traded at $3,011.77 per ounce as of this writing, with year-to-date gains of 14.7%.
Image via Shutterstock
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