Attorney Deaton is confident that thousands of investors purchased XRP for the first time without knowing about Ripple.
Attorney John Deaton, the founder of CryptoLaw, asserted that many first-time investors purchased XRP without knowing about Ripple.
Deaton made the remark after communicating with over 10K XRP holders via email, phone calls, Zoom, and private meetings. Per Deaton, 52% of these investors confirmed that they were unaware of Ripple when they purchased their first XRP.
Deaton and Hynes Debate
The pro-XRP lawyer made the revelation while reacting to a tweet by Seedstarter founder Jesse Hynes. Notably, Hynes claimed he conducted adequate research for two months before purchasing XRP.
Hynes said he bought his first XRP several years back when the coin had little utility. However, he claimed he knew Ripple was building utility for XRP, and he expected the efforts to increase the coin’s price.
After Hynes’ comment, several investors told him they were unaware of Ripple during their first XRP purchase. Reacting to the comment, Hynes said:
“I don’t know whether to be surprised, confused, sad, or happy with this information (maybe all of it). I did two months of research before I bought in.”
In response, Deaton said 52% of the 10K XRP investors he communicated with were unaware of Ripple when they first bought the coin.
Although these investors may know about Ripple’s name, Deaton said they may not have known the blockchain company sold software to banks when they first purchased XRP.
Attorney Deaton added that some developers who built on XRP Ledger (XRPL) first acquired XRP without knowing about Ripple’s existence.
“Many people get surprised by this fact, and some claim they don’t believe it, but I 100% believe it,” he added.
I can tell you that after communicating with over 10K XRPHolders primarily via email, but also zoom, meetings at my office and phone calls, the majority of first time acquirers (over 52%) of XRP were unaware of a company called Ripple. They may have been aware of the name Ripple…
— John E Deaton (@JohnEDeaton1) June 23, 2023
Interestingly, Hynes was still in shock despite Deaton’s assertions. The Seedstarter founder said many researchers on Twitter shared enormous crypto-related information.
Hynes stated that he could not understand why many people cannot remember buying XRP based on the information shared. However, Deaton said those who purchased XRP via the information could be in the 48% he communicated with.
The pro-XRP lawyer, who also owns XRP, narrated how his daughter also bought XRP without knowing about Ripple. He explained that his daughter acquired $5K worth of XRP because it was among the top three crypto assets then.
Maybe those people on Twitter you’re remembering aren’t in the 52% and are in the 48%. I don’t think anyone would deny that many first time XRP holders did know about Ripple. I’m just reporting what people swore to in affidavits and claim. My daughter was one who bought XRP and…
— John E Deaton (@JohnEDeaton1) June 23, 2023
Deaton Explains Further
Furthermore, Deaton expressed confidence that many XRP holders learned about Ripple and Brad Garlinghouse because of the SEC lawsuit.
“There are more than 4M XRP addresses. There are people in this world who own XRP today and still don’t know about @Ripple,” he added.
Deaton also shared a conversation he had with a lawyer. Deaton said the lawyer expressed surprise that many investors purchased XRP after the SEC lawsuit.
In response, he told the lawyer that many of these investors are in other countries. He added that not everyone cares about the SEC or the United States.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
