8 months ago
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Euro Pacific Asset Management founder and Gold advocate Peter Schiff has urged Bitcoin (BTC) investors to exchange their BTCs for his exclusive Golden Triumph Ordinals collection, while labeling the crypto asset as “overpriced.”
Peter Schiff Puts His Ordinals Collection Over Bitcoin
The Euro Pacific founder took to the social media platform X (formerly Twitter) to encourage Bitcoin holders to consider switching their coins for a more profitable asset, drawing attention to his rare “Golden Triumph Ordinals Collection.”
In May 2023, Schiff unveiled the set, which includes the original artwork and a limited edition of digital reproductions, which are recorded on the Bitcoin blockchain.
According to the founder, Bitcoin is an “overpriced asset” and one thing anyone could do right now is swap it for his ordinals collection. Schiff is optimistic about the collection as he claims that they are “headed for the moon,” suggesting a significant rise in the coming months.
He also noted that the collection is already live and up for sale. Unlike BTC, which boasts of 21 million circulating supply, the founder’s ordinals only have 50 of these assets in supply.
Peter Schiff further went on to highlight the significance of his collection and how it serves as a better investment than BTC. He noted that a buyer just purchased a piece at 0.068 BTC, at a present market price of $4,500, with the next level price offered for a grab at 0.095 BTC, or approximately $6,500.
Meanwhile, the next sale saw a double of the price of the previous sale, selling for $10,000, affirming that the market is gaining notable steam. With the current offer, Schiff has stated that the 45th piece of the collection could be sold for $50,000.
While noting the availability of just 3 pieces, he claimed that the lowest offered for the ordinals is around 0.2 BTC, valued at $13,500. Schiff appears to be confident in the asset, claiming that they have been performing at the top, most likely throughout the last month.
Furthermore, Schiff asserts that they are currently selling like hotcakes, underscoring that the last piece sold for about $20,000. This is ten times more than what buyers paid the previous year and suggests a better return on investment in comparison to BTC.
The Founder Calls BTC The Ultimate Bubble
Peter Schiff, known for his criticism toward crypto, has called the largest digital asset by market cap the “Ultimate Bubble.” This is because there is absolutely “no value” to the coin.
According to him, there is usually “some underlying value in an overpriced asset when an asset bubble appears.” However, BTC does not present such characteristics as it is an “asset bubble with no real asset.”
Consequently, Peter Schiff believes that it is the ultimate bubble, because of its significant growth over time and how long it has lasted.
Featured image from iStock, chart from Tradingview.com
