The Pro-XRP lawyer has explained why he acquired XRP.
In a tweet yesterday, CryptoLaw founder and pro-XRP lawyer John Deaton explains what prompted his decision to purchase XRP, the sixth-largest cryptocurrency by market capitalization.
According to attorney Deaton, he purchased his first XRP coins in 2016 due to the asset’s use for cross-border payments and settlements. The crypto advocate asserted that he increased his XRP holdings in 2019 when San Francisco-based exchange Coinbase listed XRP and highlighted it as a suitable cryptocurrency for cross-border transactions.
Deaton attached an image from Coinbase, where the crypto exchange promoted XRP and USDC as digital currencies that allow people to send and receive money across borders, including Mexico, the Philippines, and India.
The XRP advocate made this known while reacting to reports that the Chinese Yuan has overtaken the United States dollar as the most-used currency in China’s cross-border transactions.
Reacting to the report, Deaton said while China reduces demand for banknotes through its monetary policies, “the United States is attacking not embracing the crypto’s utility.”
The reason I acquired XRP in 2016 was b/c of its use case for cross-border payments. Truth be told, I bought more in 2019 when Coinbase not only listed XRP, but highlighted its utility. While China reduces demand for the ? the U.S. is attacking not embracing the crypto’s utility https://t.co/X1xEnDuVXE pic.twitter.com/hxIW3b5gbd
— John E Deaton (@JohnEDeaton1) April 26, 2023
A Crypto User Doubts Deaton’s Claims
Meanwhile, a cryptocurrency enthusiast refused to believe Deaton purchased his first XRP coins in 2016. The user who doubts Deaton’s claim said the CryptoLaw founder “got into the market only a few years ago.”
Responding to this allegation, Deaton recommended that the user check his first interview, where he noted that he bought his first Bitcoin (BTC), Ethereum (ETH), and XRP in 2016.
“I also said that I personally didn’t lose any money on XRP when I filed the case vs. the SEC when guys like you called me a disgruntled investor,” Deaton adds.
It bears mentioning that XRP traded below $0.001 for the most part of 2016, as the entire crypto market was still struggling to go mainstream.
Interestingly, XRP became famous in 2017 as more retail investors joined the market. In 2018, XRP surged to an all-time high of $3.4 on January 7, 2018, according to data from Coingecko. At press time, XRP is changing hands at $0.46, down 1.3% in the past 24 hours.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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