In a recent public statement, John E Deaton, a popular legal expert and cryptocurrency advocate has labeled Bitcoin, the largest digital asset, as a symbol of financial freedom and a key tool in the struggle against centralized financial control from major figures like the United States Senator Elizabeth Warren. Deaton’s commendation toward Bitcoin points to its decentralized nature, which is believed to empower individuals since it offers them an alternative to established banking institutions and government-mandated financial regulations.
Bitcoin Is Financial Freedom
The expert revealed his insights during a podcast with SkyBridge Capital founder, Anthony Scaramucci when asked the first word that comes to his mind when he hears Bitcoin. John Deaton, well-known for his legal defense in the digital asset space answered by saying Bitcoin is freedom.
Deaton then based his perspective on his life-long self-determination in the US. “The America I grew up in, and the America I joined the Marine Corps to defend, is a country where your birth and circumstances of your childhood do not dictate your destiny. In the America I love, your destiny is self-determined,” he stated.
Although Deaton contends that individuals ought to be able to shape their own destiny, he noted that US Senator Elizabeth Warren maintains that people should all live in a Nanny State, where those in power, including her, dictate how people should conduct their lives.
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Warren on the other hand believes in a Nanny State, where the Elites, like her, get to tell us how to live our lives. They believe 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 must protect us from making a bad investment.
According to the expert, Warren thinks she knows what is in the best interest of the general public, as she claims investing in Bitcoin is a terrible choice of investment. He stated that Warrens feels it is her responsibility to protect individuals from investing poorly, however, this protection is at the detriment of personal freedom.
Deaton further likened her position to a scenario with Apple in 1980 when the state regulator forbade the general public from purchasing Apple stock at the Initial Public Offering (IPO). While Deaton highlighted that the state regulators prevented individuals from a potential investment like Apple Stock back then, he believes that Warren desires to follow suit with Bitcoin.
BTC Stabilizes Inflation And Deficit Spending
Deaton’s perspective comes in response to Coinbase‘s co-founder and Chief Executive Officer (CEO) Brain Armstrong’s post emphasizing BTC’s role as a counterbalance to inflation and deficit spending. “Bitcoin is an important check and balance on inflation and deficit spending.,” he stated.
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In a period when broad fiscal policies are making traditional fiat currencies more vulnerable to inflationary pressures, Armstrong contends that Bitcoin stands apart as a means of protecting value. Armstrong further noted that the digital asset can potentially expand both the American experiment and Western civilization, as he believes owning Bitcoin is pro-America.