John Deaton Predicts Elon Musk & Tesla Could Buy More Bitcoin

Highlights

John Deaton said that he won't be surprised if Elon Musk and Tesla buy more Bitcoin.
His statement came following Musk's criticism of the spending bill.
The XRP lawyer remarked that the bill "walking billboard and advertisement for buying Bitcoin."

Pro-XRP lawyer John Deaton has made an interesting prediction about Elon Musk and Tesla in relation to their Bitcoin ownership. His prediction comes amid the dispute over the proposed spending bill, with the world’s richest man calling out lawmakers who voted in support of the bill.

John Deaton Predicts Elon Musk & Tesla To Buy More Bitcoin

In an X post, the XRP lawyer stated that he wouldn’t be surprised to see Elon Musk and Tesla buy more Bitcoin. He added that the ‘Big Beautiful Bill’ is a “walking billboard and advertisement for buying Bitcoin.”

Deaton’s comment came following Musk’s criticism of the bill. In an X post, the world’s richest man described the “massive, outrageous, pork-filled Congressional spending bill” as a “disgusting abomination.” He further stated that shame on those who voted for it despite knowing that they made the wrong move.

The Big Beautiful bill increases funding for certain sectors, such as defense, while also including provisions to raise the debt ceiling, with the US debt at risk of reaching $4 trillion. This suggests that the current administration might move to print more money, a move that makes a strong case for a limited asset like Bitcoin, which John Deaton was hinting at.

As CoinGape reported, Elon Musk and Tesla already own over 11,000 BTC. Meanwhile, based on Deaton’s prediction, they could move to acquire more BTC as a hedge against government spending. Interestingly, Musk recently alluded to Bitcoin when he announced XChat, which boasts Rust and Bitcoin-grade security.

In an X post, BitMEX co-founder Arthur Hayes echoed the XRP lawyer’s sentiment. He advised Elon Musk to buy Bitcoin, noting that the “growing complex adaptive organism, the government, never stops eating.”

Comment On Saylor & Strategy’s Latest Bitcoin Move

In an X post, John Deaton also commented on Michael Saylor and Strategy’s STRD stock offering to buy more Bitcoin. As CoinGape reported, Strategy is offering a 10% dividend rate on this proposed stock sale.

The XRP lawyer cautioned that with the company getting to a point of offering 10% interest to buy more Bitcoin, it is difficult not to fear that BTC maximalists are getting ahead of themselves and setting people up for bad outcomes down the road.

Deaton added that he realizes that the runway for these bad outcomes may be several years away, but someone warned that someone may lose big time at some point. Meanwhile, he disclosed that he has 80% of his net worth in Bitcoin.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

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