Pro-XRP lawyer and top crypto advocate John Deaton sees Michael Saylor and MicroStrategy buying Bitcoin (BTC) at $100,000 on grounds the firm believes the coin will touch a $1 million valuation.
Deaton’s eulogy for MicroStrategy’s Bitcoin bet comes despite challenging some of the key positions of Michael Saylor on what assets meet the Howey Test. Michael Saylor maintains the position that only Bitcoin meets the conditions to satisfy the prongs of the Howey Test.
In his recent remarks, Deaton commended the consistency in MicroStrategy’s Bitcoin accumulation moves, noting that the firm remains unbothered by what price it buys the coin so long it keeps increasing its holdings.
Let it be known, let it be written:@saylor & @MicroStrategy will ? buy your #Bitcoin from you, whether at $20K, $30K, $50K. This Dude does not worry about at what price he buys. Does anyone have any doubt that Saylor will buy more #BTC at $100K? Say what you want about him -… https://t.co/BKtOPYUY3N
— John E Deaton (@JohnEDeaton1) November 30, 2023
MicroStrategy Makes New Acquisition
The crypto lawyer’s eulogy came as a direct response to the announcement made by Saylor that the company has completed another acquisition of 16,130 BTC for approximately $593.3 million at an average price of $36,785 per Bitcoin.
MicroStrategy officially acquired its first Bitcoin as a company in August 2020 and since then, it has not backtracked on its commitment. The firm holds Bitcoin based on its belief that the asset is immune to inflation and is a better store of value compared to cash or other assets.
MicroStrategy has purchased Bitcoin almost every quarter with a series of accumulations made this year alone. Based on the latest announcement from Saylor, as of November 29, MicroStrategy now HODLs a total of 174,530 BTC acquired for approximately $5.28 billion at an average price of $30,252 per bitcoin.
This average price for its entire Bitcoin stack shows the company is in profit, a trend that has trickled down to its stock which has notably outperformed legacy assets since it adopted its Bitcoin strategy.
Bitcoin to $1 Million?
Michael Saylor has often reiterated that the company has no plans to sell its Bitcoin stack for now, John Deaton holds the opinion that this is possibly because he believes BTC will soar to $1 million in the future.
Based on this assumption, John Deaton projects that MicroStrategy will still consider a $100,000 BTC price a massive discount, and as such, the company may not pause on its accumulation moves in the short term.