John Deaton, a lawyer known for supporting Ripple, recently revealed that he owns ten times more Bitcoin (BTC) than XRP, Ripple’s native cryptocurrency.
Ripple Lawyer Maintains Major Bitcoin and Ethereum Investments Over XRP
John Deaton has revealed a significant detail about his personal cryptocurrency portfolio. Despite his active legal advocacy for Ripple, Deaton owns ten times more BTC than XRP, Ripple’s native cryptocurrency.
This information surfaced during the intensifying legal battle between Ripple Labs and the SEC, in which Deaton has been a key figure, representing over 75,000 XRP holders.
Deaton shared this revelation through a tweet on Sunday, stating, he never moved on from Bitcoin and owned 10X more in BTC and 4X more in ETH than in XRP as at the time he sued the SEC.
This statement was not just a personal financial disclosure but also a rebuttal to claims made by Bitcoin advocate and Custodia Bank founder Caitlin Long.
Long had previously suggested in an interview that Deaton shifted his focus away from Bitcoin due to concerns over its scalability. However, Deaton’s revelation directly contradicts this assertion, underscoring his ongoing commitment to Bitcoin, and highlights the inaccuracy of Long’s claims.
Additionally, Deaton addressed the SEC’s portrayal of him during the lawsuit, where he was depicted as a disgruntled XRP investor who had made a poor investment choice and faced financial losses.
Contrary to the SEC lawyer’s portrayal, Deaton clarified that XRP was, in fact, his smallest investment at the time he initiated the lawsuit against the SEC.
Moreover, he emphasized that he had already reaped substantial profits from his XRP holdings, further challenging the narrative presented by the SEC in the legal proceedings.
Deaton’s Investment Insights and Predictions for Bitcoin ETF Impact
Continuing his discussion, Deaton, known for his involvement in the Ripple-SEC lawsuit, shared further insights into his investment strategy and views on the cryptocurrency market. He asserted that, contrary to the SEC’s portrayal, he had already profited from his XRP holdings when the lawsuit was filed.
Despite XRP being his smallest investment compared to Bitcoin and Ethereum, Deaton increased his XRP holdings after the lawsuit, confident in a favorable outcome.
On the subject of a Bitcoin ETF, Deaton expressed optimism about its potential approval. He predicted a possible short-term sell-off following the approval but anticipated a subsequent upward trend in Bitcoin’s value.
He also speculated that the approval of multiple Spot ETFs by major financial institutions could significantly increase Bitcoin demand.
Deaton touched upon the unique dynamics of the Bitcoin market. He noted that a large portion of Bitcoin remains unmoved and that the decreasing daily supply, coupled with increasing institutional interest, could contribute to a rise in Bitcoin prices.