A prominent crypto lawyer, John Deaton, is betting big on Bitcoin, even with its price near $106,000. He’s incredibly bullish, having invested 80% of his net worth in BTC at an average price well below $25,000. He believes the potential for further gains outweighs the risks.
Deaton’s Bold Bitcoin Strategy
Deaton thinks buying Bitcoin at this price isn’t too late. He sees the current situation as offering more potential upside than downside. Despite his already significant investment, he’s confident Bitcoin has further to climb.
Why the Optimism?
Deaton’s bullishness stems from concerns about the US national debt, lingering effects of past tariffs, and excessive money printing by central banks. He argues these factors erode trust in fiat currencies, making Bitcoin, with its limited supply of 21 million coins, an attractive alternative.
Growing Institutional and Governmental Interest
The adoption of Bitcoin is expanding. Companies like MicroStrategy (now Strategy) hold massive amounts of Bitcoin, and many others are adding it to their balance sheets. Government interest is also growing, with proposals for national Bitcoin reserves being considered in the US and other countries like Pakistan, Ukraine, and Ireland.
The Skeptics’ View
Not everyone shares Deaton’s enthusiasm. Critics like economist Peter Schiff argue Bitcoin is worthless and too volatile to be a safe haven. They see the current price surge as mere hype.
Deaton’s Response and Advice
Deaton acknowledges his own biases but maintains that Bitcoin is the best store of value in the current economic climate. He strongly cautions against investing money you can’t afford to lose, advising against risky moves like taking out loans to buy Bitcoin. His core message is to consider the bigger picture: the future of global finance and the potential for continued institutional adoption. While he’s optimistic, he stresses the inherent volatility of Bitcoin and the importance of only investing what you can comfortably risk.
