Long-time crypto critic Peter Schiff has made an unexpected foray into the world of cryptocurrencies and non-fungible tokens (NFTs), much to the amusement of Binance CEO Changpeng Zhao (CZ).
In a recent tweet, CZ jovially welcomed Schiff's conversion, stating, "Seeing Peter Schiff convert makes me happy."
This comes after Schiff, a steadfast critic of Bitcoin and the wider cryptocurrency market, announced a project to release an NFT art collection on the Bitcoin blockchain.
In his tweet, Schiff stated that he was collaborating with one of his favorite artists, Market Price, to produce a series of Ordinals, which are digital assets similar to NFTs. The collection will feature the original painting "Golden Triumph" and a series of prints and Ordinals inscribed on the Bitcoin blockchain.
Despite Schiff's assertion that he has not "arrived" yet in the world of crypto, his new venture suggests an acknowledgment of the value and potential of the industry he once derided.
Ordinals, the latest trend sweeping the Bitcoin network, are a type of digital asset inscribed on a satoshi, the smallest denomination of Bitcoin.
The surge of Ordinals is possible because of the Taproot upgrade launched on the Bitcoin network in November 2021. It enabled users to inscribe a wide range of content from images to video games on satoshis.
This new development is seeing significant engagement from users, with the daily record for inscriptions using Ordinals broken four times in April.
CZ's celebratory response reflects the broader crypto community's reaction to Schiff's unexpected pivot. Anthony Pompliano, a prominent Bitcoin advocate, also welcomed Schiff, tweeting, "We have been awaiting your arrival."