Renowned economist and global strategist at Europac, Peter Schiff, has surprised many by embracing Bitcoin. Breaking away from his long-standing support for gold, Schiff recently announced his backing for the leading cryptocurrency. In an exciting move, he unveiled 50 unique Bitcoin-based NFTs called the Golden Triumph Ordinals on the Solana-based Magic Eden NFT marketplace.
Schiff’s NFTs, the Golden Triumph Ordinals, are causing a stir in the crypto world. Each NFT, with a floor price of approximately 0.2545 BTC, has already seen a total trading volume of around 1.287 Bitcoins.
What makes them special is that they have 50 distinct owners, adding an exclusive touch to these digital assets.
Schiff’s Move from Gold to Bitcoin
For years, Schiff championed gold, expressing skepticism towards Bitcoin. However, with Bitcoin’s rise overshadowing gold as a store of value, Schiff has pivoted. He now sees Bitcoin as the new standard for investment, marking a significant shift in his stance.
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Supply-Demand Challenge
The approval of spot Bitcoin exchange-traded funds (ETFs) in the United States has led to a surge in Wall Street’s interest in Bitcoin. This has created a demand that far exceeds the daily supply from miners. Spot Bitcoin ETFs consume an average of 10,000 BTCs daily, while miners emit only 900 coins per day.
With the upcoming Bitcoin halving, the expected supply-demand shock is set to intensify in the coming quarters.
Bitcoin’s Remarkable Journey
Fuelled by institutional interest and changing dynamics, Bitcoin has experienced an astounding rally of over 613,000% since its inception in 2009. Its decentralized nature and resilience have positioned it as a promising asset with optimistic prospects for future gains.
Gold’s Modest Growth: A 200% Rise Since 2009
In contrast, gold’s performance against the US dollar has been more modest, seeing a 200% increase in price since 2009, reaching approximately $2,156 on Thursday. As Bitcoin gains prominence, the traditional narrative of gold as the ultimate safe haven is undergoing a transformation.
Peter Schiff’s move towards Bitcoin signals a broader acceptance of the cryptocurrency. As the traditional and crypto markets continue to intersect, Schiff’s endorsement may well mark a turning point in the broader industry’s perspective.
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