- Attorney John Deaton, representing XRP token holders, is sharing his predictions about the price of Bitcoin (BTC) and the ideal scenario where it becomes a part of the main asset class.
- Deaton stated that the narrative of Bitcoin providing a store of value and acting like digital gold has given it longevity.
- On October 24, 2023, the U.S. Court of Appeals for the D.C. Circuits ordered the agency to reconsider the application for spot Bitcoin ETF approval.
John Deaton, a lawyer representing XRP token holders, explains his predictions on the Bitcoin price: How many dollars will the target be?
Attorney Representing Ripple Reveals Price Prediction for Bitcoin
Amid Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC), attorney John Deaton, representing XRP token holders, has predicted the ideal scenario where Bitcoin (BTC) joins the main asset class. With the potential for increased liquidity in the coming months and Bitcoin halving, the cryptocurrency theoretically positions itself well for a bull run in the second quarter of 2023.
Deaton stated that the narrative of Bitcoin providing a store of value and acting like digital gold has given it longevity. When it comes to crypto infrastructure, he questioned whether Ethereum is the best. Deaton predicted that the use of BTC as a collateral asset would increase over time. He joined figures like Cathie Wood and Michael Saylor, who have long-term projections for the BTC price, with an estimate of around $1 million.
“I believe the narrative of digital gold, digital property, store of value has won, and I believe Bitcoin is here to stay. I believe the use of BTC as a collateral asset will increase over time. I expect Bitcoin to eventually surpass the market cap of gold and place it at over $500,000.”
The total market value of gold is currently around $13 trillion, and for the BTC price to exceed the market size of gold, it needs to increase 20 times from the current range.
Bitcoin ETF; Heading Towards Regulation
The market is becoming increasingly optimistic about the possibility of the U.S. Securities and Exchange Commission (SEC) approving spot Bitcoin ETF applications, as the agency has an open timeline for decision until January 10, 2024. Previously, COINOTAG reported a 90% chance of the agency approving spot Bitcoin ETF applications by January 10.
Furthermore, the SEC has a legal obligation to rule on Bitcoin ETF approval in the Grayscale case. On October 24, 2023, the U.S. Court of Appeals for the D.C. Circuits ordered the agency to reconsider the application for spot Bitcoin ETF approval.
