XRP Lawyer urges followers to purchase Bitcoin at $106K

John Deaton, a prominent cryptocurrency lawyer and vocal XRP supporter, is sending a powerful signal to investors: Bitcoin is still a buy — even at $106,000.

On social media platform X, Deaton recently sought to explain why he thinks today’s lofty prices carry more opportunity than risks. His approach flies in the face of the notion that one should “buy low.” He makes the case, by contrast, that macro conditions and long-term potential count for more than short-term price tags.

Deaton disclosed that 80% of his net worth is in BTC, and his average purchase cost is less than $25,000. Nonetheless, he does not think the current six-figure range is too late. Instead, he says they’re “more asymmetrical,” meaning there’s more upside based on what he deems are more potential gains versus potential losses—despite the more expensive price.

He said this in response to Bitcoin Magazine CEO David Bailey’s appeal for people to find some money and purchase BTC today. Deaton also echoed Bailey’s call but cautioned that citizens living paycheck-to-paycheck should not risk their homes or take out loans to spend money to invest in crypto. Regardless, he maintains that Bitcoin is one of the best current stores for value.

Deaton’s criticisms are rooted in larger concerns about the global economy. He cited growing national debt levels in the US, the re-imposition of Trump-era tariffs, and endless money printing from central banks as major red signs. In his view, these are gradually undermining confidence in fiat currencies.

For Deaton, BTC is the answer. It’s decentralized, with only 21 million coins ever to be produced, and it can’t be manipulated by governments or printed into infinity. “Bitcoin is a hedge against the collapse of fiat,” Deaton said in a podcast interview last month.

Institutions and countries are jumping in

Another element of Deaton’s argument is the wave of institutional and even state adoption of Bitcoin.

Strategy (formerly known as MicroStrategy) is leading the charge. The company has been in the news for its aggressive purchase of BTC. The firm now owns more than 200,000 BTC, the equivalent of tens of billions of dollars, and is adding to its holdings each week.

In the last seven days alone,16 companies have been added to an expanding list of businesses incorporating Bitcoin into their corporate treasury.

But businesses are not the only ones being buoyed. Governments are also starting to take Bitcoin more seriously. Rep.Tim Burchett introduced a bill in Congress to codify Trump’s executive order into a law that created a US Strategic Bitcoin Reserve.

Countries such as Pakistan, Ukraine, and Ireland are also eyeing similar proposals and exploring the possibility of utilizing BTC n their reserves or foreign exchange plans.

Critics groan as studies take off

But not everyone is as sanguine as Deaton, even as the movement gathers steam.

Dr. Peter Schiff, economist, gold supporter, and outspoken critic of Bitcoin, argued on Twitter that Bitcoin’s moonshot is nothing more than hype. He thinks it still has no inherent value and is far too erratic to be a true haven.

But Deaton isn’t fazed. He acknowledges that he has “confirmation and wealth-preservation bias.” Still, he maintains that Bitcoin is the most secure long-term asset in our current political instability and economic storm world.

Deaton tells investors to look past price charts. He says they should instead wonder: Where is the world headed? The solution, according to Deaton, is none other than BTC.

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