XRP Lawyer Urges Investors to Buy Bitcoin at $106,000
John Deaton, a cryptocurrency attorney and XRP advocate, advises investors to maintain a bullish stance on Bitcoin, currently priced around $106,000. He has allocated 80% of his net worth to BTC at an average price below $25,000, arguing that the potential for gains outweighs risks at this price level.
Deaton's Investment Strategy
- Buying Bitcoin at six figures is not too late.
- Current price range offers greater upside than downside risk.
- Holds 80% of wealth in Bitcoin with an average entry cost under $25,000.
Concerns Over Macro Factors
- Highlights issues like rising U.S. national debt and inflation from extensive money printing.
- Believes these factors erode trust in fiat currencies.
- Bitcoin's capped supply at 21 million makes it a hedge against currency depreciation.
Institutional and Government Interest
- MicroStrategy holds over 200,000 BTC, valued in billions.
- 16 companies have added Bitcoin to their balance sheets recently.
- Proposed U.S. legislation aims to create a Strategic Bitcoin Reserve.
- Countries such as Pakistan and Ukraine explore Bitcoin for foreign exchange stability.
Criticism and Caution
- Economist Peter Schiff criticizes Bitcoin's value and volatility.
- Deaton acknowledges his biases but defends Bitcoin as a store of value in economic uncertainty.
- Advises against investing money one cannot afford to lose.
Investors should focus on long-term trends rather than short-term price fluctuations, especially if they share concerns about the U.S. dollar and institutional adoption of Bitcoin.