Amidst the intense rivalry between Bitcoin and XRP enthusiasts, Ripple lawyer John Deaton endorsed Bitcoin, foreseeing its bright future. Citing influential US officials’ BTC promotion, Deaton highlighted its potential that should not be ignored. With Bitcoin price at approximately $84,000, Deaton insisted that no prudent financial advisor can afford to have zero Bitcoin allocation in their clients’ investment portfolios.
John Deaton Backs Bitcoin Amid XRP vs BTC War
In a recent X post, XRP lawyer John Deaton surprisingly endorsed Bitcoin, highlighting the cryptocurrency’s potential. Despite the ongoing debate between Bitcoin maxis and XRP supporters, the Ripple lawyer backed BTC, citing influential US officials’ support. In a bold move, John Deaton stated,
Whether you’re a BTC Maxi, XRP Maxi, or other token Maxi, or whether you consider BTC a ponzi, or view it as the of digital assets, if you’re a financial advisor, I do not see how you could advise a client to have no (zero) exposure to Bitcoin. Maybe this changes a year or more from now, but I’m talking about today at $84K.
Key Administrative Figures Endorse Bitcoin: Here’s What You Need To Know
Notably, John Deaton’s post came following Cantor Fitzgerald’s $2 billion Bitcoin financing business. Collaborating with Anchorage Digital and Copper, Cantor Fitzgerald launched Bitcoin-backed lending for institutions.
Reflecting on the key development, the XRP lawyer pointed out that US Commerce Secretary Howard Lutnick is the owner of Cantor Fitzgerald. Lunick’s company manages Tether’s reserves and has a significant stake in the company, holding between 1% and 5% of Tether. According to Deaton, Howard Lutnick holds Bitcoin valued at over tens of millions of dollars, which could potentially skyrocket to billions of dollars in the future.
Another prominent US official is the US Treasury Secretary Scott Bessent. While Bessent remains one of the leading proponents of Bitcoin, he owns significant amounts in the crypto, stated John Deaton.
Most importantly, US President Donald Trump, who once called Bitcoin a scam, has now taken a progressive stance on crypto. He has signed an executive order to establish BTC as a strategic reserve, fueling anticipations of Bitcoin price’s bullish rally. Furthermore, Trump has tasked Howard Lutnick and Scott Bessent with exploring “budget-neutral” methods to acquire more BTC.
Why John Deaton Urges for Bitcoin Investments?
“Regardless of how you feel about Bitcoin, I think a financial advisor who doesn’t recommend, at least a small percentage (1-5%) of exposure to Bitcoin is negligent,” cited John Deaton. The XRP lawyer believes Bitcoin is a legitimate asset worthy of inclusion in any crypto portfolio
Deaton’s comments have sparked intense interest, coming at a time when the Bitcoin and XRP communities are engaged in a fierce debate. This debate intensified after Trump announced to create a US crypto reserve that would include not just Bitcoin, but also XRP and other altcoins.
Aligning with expert predictions, the XRP lawyer believes that the Bitcoin price could reach significant highs in the near future. For instance, Robert Kiyosaki, the author of “Rich Dad, Poor Dad,” predicted that the Bitcoin price could reach $350K by 2025.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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