Euro Pacific Asset Management founder and gold advocate Peter Schiff has urged bitcoin (btc) Investors swapped their btc for its exclusive Golden Triumph Ordinals collection, while labeling the cryptoasset as “overvalued.”
Peter Schiff puts his collection of ordinals on bitcoin
The founder of Euro Pacific took to social media platform X (formerly Twitter) to encourage bitcoin holders should consider exchanging their coins for a more profitable asset, drawing attention to their 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 “overvalued asset” and one thing anyone could do now is exchange it for their collection of ordinals. Schiff is optimistic about the collection, stating that they are “heading for the moon,” suggesting a significant increase in the coming months.
He also noted that the collection is now available and for sale. Unlike btc, which boasts of having 21 million assets in circulation, Founder Ordinals only has 50 of these assets in supply.
Peter Schiff Furthermore, he highlighted the importance of his collection and how it serves as a better investment than btc. He noted that a buyer has just purchased a piece at 0.068 btc, at a current market price of $4,500, and the next level price offered is 0.095 btc, or approximately $6,500.
Meanwhile, the next sale doubled the price of the previous sale, selling for $10,000, affirming that the market is gaining notable strength. At the current bid, Schiff has said the 45th piece in the collection could sell for $50,000.
While highlighting the availability of only 3 pieces, he stated that the lowest price offered for ordinals is around 0.2 btc, valued at $13,500. Schiff seems confident in the asset and claims that he has been performing at the top, probably for the last month.
Furthermore, Schiff states that they are currently selling like hot cakes and highlights that the last piece sold for about $20,000. This is ten times what buyers paid the previous year and suggests a better return on investment compared to btc.
Founder calls btc the ultimate bubble
Peter Schiff, known for his criticism of cryptocurrencies, has called the largest digital asset by market capitalization the “Ultimate Bubble.” This is because the currency “has absolutely no value.”
According to him, when an asset bubble appears there is usually “some underlying value in an overvalued asset.” However, btc does not present such characteristics as it is an “asset bubble without real assets.”
Consequently, Peter Schiff believes that this is the definitive bubble, due to its significant growth over time and its duration.
Featured image from iStock, chart from Tradingview.com
