- Attorney Deaton urges reassessment of Sygnum Bank’s BTC, ETH, XRP recommendation.
- Bitcoin as a store of value; Ethereum for infrastructure; XRP for global payments.
- Ripple’s ODL facilitates cross-border settlements; US banks expected to adopt XRP.
Prominent attorney and founder of Crypto-Law.US, John Deaton, goes down memory lane. He does so by drawing light to a tweet he posted over two years ago. Specifically, he urges the crypto community to reassess Sygnum Bank‘s previous recommendation for investing in cryptos.
In detail, Deaton highlights Sygnum bank’s recommendation of three specific crypto assets. To highlight, these assets include Bitcoin (BTC), Ethereum (ETH), and Ripple’s XRP. Deaton retweets this old tweet and asks the crypto crowd if that advice aged well today.
As we can see from the tweet above, Sygnum Bank’s Head of Management encouraged the public to increase their exposure to “tokens of the future”. At that time, the bank listed BTC, ETH, and XRP as the top three assets deemed to be tokens of the future.
In fact, Bitcoin takes the spot as the future store of value and wealth while Ethereum takes the spot as the future infrastructure asset. Meanwhile, XRP takes the spot as the technology of the future for payments. Now, two years later, Attorney Deaton is calling on crypto enthusiasts to reflect on whether the bank’s recommendations in 2020 still hold true in the current landscape.
This is not the first time Deaton has revisited his original tweet. Last May, he drew attention to the recommendation, noting that it was made in July 2019 and that investors still believed it held merit in May 2022. In response to the post, we see that the old tweet still holds power.
The crypto community chose to respond to Deaton’s recent call positively. In fact, most agree with the bank’s position. However, some express disagreement, but only in regards to Ethereum’s categorization as an infrastructure asset.
Read CRYPTONEWSLAND on
google news
It is important to note that Bitcoin still holds the viewpoint as a store of value. Despite facing criticism due to its volatility, Bitcoin has experienced significant value appreciation since its inception. Presently, it draws interest from financial giants like BlackRock and Fidelity Investments who plan on launching spot Bitcoin exchange-traded funds (ETFs) in the US.
Ethereum, on the other hand, holds the title of a crucial blockchain platform for digital money and dApps. Despite encountering technical issues in the past, Ethereum has successfully transitioned to a Proof-of-Stake (PoS) algorithm with ETH 2.0, attracting a growing user base.
Lastly, XRP continues to serve as a global payment solution for cross-border settlements. Ripple’s On-Demand Liquidity (ODL) leverages XRP as a bridge between fiat currencies during cross-border transactions. After its win against the SEC, it only grows more popular.
Read Also
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
