John Deaton, Counsel for Ripple, Has Publicly Voiced His Support for Bitcoin

John Deaton, counsel for Ripple, has publicly voiced his support for Bitcoin, generating notable interest within the cryptocurrency sphere.

John Deaton, commonly known for his legal work with Ripple, has expressed his support for Bitcoin, sparking discussion within the cryptocurrency community.

Deaton’s optimistic outlook on Bitcoin contrasts with the usual friction between BTC and XRP supporters. He highlighted the possibility of financial advisors missing out by disregarding Bitcoin’s investment potential, especially with signals of support from high-level US officials. In his view, this scenario could leave clients at a disadvantage.

Moreover, Cantor Fitzgerald's venture into Bitcoin-backed lending has been a subject of discussion, with the firm partnering with Anchorage Digital and Copper. The move, pointed out by Deaton, showcases institutional acceptance of Bitcoin, an aspect highlighted by Deaton. He noted the dedication shown by Cantor Fitzgerald's leadership, particularly Howard Lutnick, throughout this process.

An Unexpected Announcement

"Any financial consultant who is advising a client to have no (zero) exposure to Bitcoin is incompetent and should have their license revoked. Unbelievable!", John Deaton stated on X.

Deaton’s support for Bitcoin comes amid the “BTC vs. XRP” debate, where different factions tend to argue for one digital asset over the other. However, highlighting Bitcoin’s increasing institutional adoption and appeal to broader audiences, Deaton agrees with the common sentiment that BTC is shifting away from purely speculative trading to a more respectable asset held worldwide.

"Those who fail to keep pace with the times will be left behind. Ben Franklin. Financial institutions are waking up to the fact that they can't afford to ignore the largest generation in history - Gen X and Millenials - who are all in on crypto.", Deaton added.

How Cantor Fitzgerald’s $2 Billion Bet Could Skyrocket Bitcoin Prices

The recent Cantor Fitzgerald Bitcoin investment heavily influenced Deaton’s support for the cryptocurrency. The company, respected in institutional finance circles, launched a $2 billion lending program secured by BTC, working with Anchorage Digital and Copper. The goal of the initiative is to broaden institutional access to Bitcoin-based products and, as a result, further legitimize BTC as an established asset class.

The influence of Cantor Fitzgerald's owner, Howard Lutnick, constitutes another important element of the expansion. As a major traditional finance actor with reported considerable holdings in Tether and Bitcoin, Lutnick’s involvement suggests expanding institutional confidence in cryptocurrency. Many consider Lutnick’s approach to be positioning BTC for continued price increases.

What’s Ahead for Bitcoin and Institutional Adoption

Increasing involvement from institutions and support through government programs paints an optimistic picture of Bitcoin. Observers and analysts foresee notable price appreciation in the near future. For instance, Robert Kiyosaki has suggested that BTC could hit $350,000 by 2025, an estimate echoing Cantor Fitzgerald's bullish sentiment.

This outlook, supported by endorsements like Deaton's, suggests Bitcoin's image is transitioning away from speculative interest towards established finance. Bolstered by growing institutional adoption and a more clearly defined regulatory environment, BTC's prominence within financial systems looks to grow, with the potential to restructure segments of the global economy.