In a recent public statement, John E Deaton, a popular legal expert and cryptocurrency advocate, labeled Bitcoin, the largest digital asset, is a symbol of financial freedom and a key tool in the fight against centralized financial control by major figures such as US Senator Elizabeth Warren. Deaton’s praise for Bitcoin points to its decentralized nature, which he believes empowers people by offering them an alternative to established banking institutions and government-imposed financial regulations.
Bitcoin is financial freedom
The expert shared his insights during a podcast with SkyBridge Capital founder Anthony Scaramucci, when he was asked what was the first word that came to his mind when he heard Bitcoin. John Deatonknown for his legal defense in the digital asset world, responded by saying that Bitcoin means freedom.
Deaton then based his perspective on his lifelong self-determination in the United States. “The America I grew up in and the America I defended in the Marine Corps is a country where your birth and the circumstances of your childhood do not determine your destiny. In the America I love, your destiny is self-determined,” he declared.
While Deaton argues that individuals should be able to determine their own destiny, he noted that U.S. Senator Elizabeth Warren believes that people should all live in a patronizing state, where those in power, including themselves, dictate how people should live their lives.
The message read:
Warren, on the other hand, believes in a Nanny State, where Elites like her get to tell us how to live our lives. They think they know what’s best for us. Warren thinks Bitcoin is a terrible investment. Okay, maybe it is, maybe it isn’t. She has the freedom not to invest. But that’s not enough for her. She believes she needs to protect us from making a bad investment.
According to the expert, Warren thinks she knows what’s best for the general public, as she claims that investing in Bitcoin is a terrible investment. He argued that Warren sees it as her responsibility to protect individuals from bad investments, but that this protection comes at the expense of personal liberty.
Deaton further compared her position to a scenario with Apple in 1980, when state regulators prohibited the general public from purchasing Apple stock in its Initial Public Offering (IPO). While Deaton stressed that state regulators at the time prevented individuals from investing in a potential investment like Apple Stock, he believes Warren wants to follow suit with Bitcoin.
BTC Stabilizes Inflation and Deficit Spending
Deaton’s perspective is a response to Coinbase‘s co-founder and Chief Executive Officer (CEO) Brain Armstrong’s post highlights BTC’s role as a counterbalance to inflation and deficit spending. “Bitcoin is an important check and balance to inflation and deficit spending,” he stated.
Related reading: John E. Deaton Criticized US Government’s Bitcoin Transaction With Coinbase. Here’s Why
At a time when broad fiscal policy measures are making traditional fiat currencies more vulnerable to inflationary pressures, Armstrong argues that Bitcoin stands apart as a way to preserve value. Armstrong further noted that the digital asset has the potential to expand both the American experiment and Western civilization, as he believes owning Bitcoin is pro-American.
Main image of X, chart from Tradingview.com