Gold prices reached unprecedented levels on Monday, and famous economist Peter Schiff celebrated the occasion by promoting his Bitcoin BTC/USD non-fungible tokens.
What Happened: Gold enthusiast Schiff took to X to commemorate a landmark moment in the bullion market.
“Today, spot gold closed above $3,000 for the first time ever,” he stated. He noted that the yellow metal had previously hit $2,000 on August 5, 2020, and suggested that the subsequent $1,000 increase “won’t take nearly as long.”
Schiff urged his followers to “celebrate” the milestone with his Golden Triumph Ordinals, a unique collection of Bitcoin NFTs. “They are significantly rarer than Bitcoin,” he quipped, jesting about the leading cryptocurrency’s deflationary traits.
Bitcoin Ordinals are inscriptions on Bitcoin’s blockchain that typically reference digital art or collectibles. According to the NFT market tracker Cryptoslam, Bitcoin ranked as the second-largest blockchain in terms of NFT sales volume, following Ethereum ETH/USD over the past month.
At the time of this writing, Schiff’s collection had a floor price of 0.139 BTC, approximately valued at $11,594 based on current market rates.
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Why It Matters: This isn’t the first occasion Schiff has promoted his blockchain-based artwork. He initially marketed the NFTs last November during Bitcoin’s record-setting surge.
Schiff introduced the Ordinals collection in May 2023, which features the original painting “Golden Triumph” along with a series of prints and Ordinals on Bitcoin. He argues that Ordinals enhance the value of existing art more than the Ordinals themselves carrying any intrinsic value.
Despite being a vocal critic of Bitcoin, Schiff often emphasizes the advantages of gold compared to the leading cryptocurrency. Recently, he stated that exchanging gold for Bitcoin was the “worst-timed trade in history.”
Price Action: At the time of this report, Bitcoin was trading at $83,297.96, reflecting a 0.28% increase in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the cryptocurrency has experienced a decline of 10.94%.
Spot gold was priced at $3,011.77 per ounce at this time, with a year-to-date increase of 14.7%.
Image via Shutterstock
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