Deaton shifts crypto strategy favoring XRP, anticipates BTC market cap to surpass gold By Investing.com

John Deaton, a prominent attorney and founder of CryptoLaw, revealed a significant shift in his cryptocurrency investment strategy on Wednesday. Initially holding a portfolio primarily composed of (BTC) and (ETH), Deaton has increased his investment in ‘s XRP, reflecting his confidence in the digital asset amidst his ongoing legal battle against the U.S. Securities and Exchange Commission (SEC).

Previously, Deaton’s BTC holdings were ten times more than his XRP investments, and ETH four times more. Now, he leans more towards XRP due to his belief in its potential growth. This shift seems to be emotionally driven, fueled by his confidence in a legal victory against the SEC.

Deaton remains optimistic about Bitcoin’s future, anticipating that its market cap will surpass that of gold. This prediction suggests a potential price surge beyond $500,000 per unit for the leading cryptocurrency.

Furthermore, Deaton perceives XRP as an integral part of the rapidly growing cross-border payments sector. In 2021, customer-to-business cross-border payments reached $2.8 trillion, while business-to-business intercontinental payments exceeded $150 trillion. Already in 2023, global payment transactions have reached $190 trillion and are projected to hit $290 trillion by 2030. Deaton’s increased investment in XRP stems from its potential share in this vast market.

Despite this shift towards XRP, Deaton also voiced concerns over Ethereum’s “regulatory advantage”, critiquing Ethereum co-founder Joseph Lubin and investor Mike Novogratz for praising the SEC while condemning similar practices in other projects. He called for scrutiny of changes made to former SEC official William Hinman’s speech on Ethereum’s decentralization after Hinman’s meeting with Ethereum co-founder Vitalik Buterin.

While Deaton expressed skepticism towards overly optimistic XRP price predictions, he humorously added that he would be delighted if they come true. His investment approach and legal battles against the SEC continue to shape his cryptocurrency portfolio, reflecting not only market trends but also the influence of regulatory decisions on digital assets.

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