Much to the amazement of Binance CEO Changpeng Zhao (CZ), longtime crypto critic Peter Schiff has made an unexpected entry into the realm of cryptocurrencies and non-fungible tokens (NFTs).
Schiff’s conversion was cheerfully hailed by CZ in a recent tweet, which said, “Seeing Peter Schiff convert makes me happy.”
The initiative to distribute an NFT art collection on the Bitcoin blockchain was unveiled by Schiff, a consistent opponent of Bitcoin and the larger cryptocurrency sector.
Schiff tweeted that he was working with Market Price, one of his favourite artists, to create a series of Ordinals, which are digital assets akin to NFTs. The “Golden Triumph” original artwork, a number of prints, and Ordinals with Bitcoin network inscriptions will all be included in the collection.
Despite Schiff’s claim that he hasn’t “arrived” in the world of cryptocurrencies yet, his new business implies that he now recognises the worth and promise of the sector he once disparaged.
Ordinals are a sort of digital asset encoded on a satoshi, the smallest unit of currency in the Bitcoin network and the most recent trend to sweep the network.
The Taproot update, which was introduced to the Bitcoin network in November 2021, has made the spike in Ordinals feasible. It let users to save a variety of stuff on Satoshi, including photographs and video games.
Users are actively participating in this new project, breaking the daily record for Ordinals inscriptions four times in April.
CZ’s joyous response mirrored the reactions of the larger crypto community to Schiff’s surprising flip. A well-known Bitcoin supporter named Anthony Pompliano tweeted, “We have been anticipating your arrival,” to greet Schiff.
