Bitcoin Rises Amid Comments From Proponents John Deaton And Grant Cardone

Bitcoin BTC/USD is trading at $105,696.38 with 0.63% growth over the past week. The recent climb comes as Pro-XRP attorney John Deaton recommended buying Bitcoin, while real estate investor and entrepreneur Grant Cordone advocated combining Bitcoin with real estate.

Deaton recently posted on X that buying Bitcoin now is safer than buying it at $25,000. He was replying to Bitcoin Magazine CEO, David Bailey, who had earlier posted about accumulating as much Bitcoin as possible.

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While advising against going into debt or taking high risks on financial safety to buy the cryptocurrency, Deaton confirmed that the majority of his net worth is in Bitcoin. His post comes at a time when Bitcoin price is surging and the market is facing a bullish trend.

Grant Cardone, founder and CEO of property investment company Cardone Capital, also voiced his support for Bitcoin by suggesting that investors combine it with institutional real estate. He highlighted making use of Bitcoin's quick liquidity to offset real estate's illiquidity, thus maintaining an equilibrium.

Cardone's support for a blended Bitcoin/real estate strategy is aligned with Cordone Capital's $100 million Bitcoin investment. The asset allocation strategy reflects an overall rising trust in Bitcoin, which could add to factors that may help prices climb higher.

Bitcoin remains above $105,000 after recovering from a sharp drop triggered by a public fallout between Donald Trump and Elon Musk. Despite stabilization, analysts warn the price stands on "fragile" ground. Institutional treasury buys from firms like GameStop Corp GME and Trump Media & Technology Group Inc DJT offer support, but upcoming U.S. inflation data on consumer and wholesale inflation could sway markets. A macroeconomic surprise could tip BTC either way before the June 17 Fed decision on interest rates.

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Meanwhile, Strategy co-founder Michael Saylor dismissed concerns over quantum computing's threat to Bitcoin, stating on CNBC that the Bitcoin network will adapt via software upgrades when needed. He called warnings from firms like BlackRock Inc BLK "marketing hype," adding that companies like Alphabet GOOG wouldn't release tech that breaks global encryption. Proposals for quantum-resistant upgrades are circulating, but Saylor maintained that phishing is the bigger threat.

Decentralized finance platform Alex Protocol faced another exploit. $8.3 million was reportedly drained through the Stacks blockchain, which was developed to bring expansion to Bitcoin's functionality. The breach has sent a shockwave through the DeFi space. While the incident is contained, it raises concerns for risk-averse investors.

The protocol swiftly recognized the attack and ascribed the exploit as a result of a flaw in the smart contract's verification logic. The team has announced plans for reimbursement, where affected users will be compensated via USDC USDC/USD. In May 2024, the platform faced a similar attack.

According to CoinMarketCap, BTC's price surged last week. The technical indicators are in support of the price action, with an RSI value of 63. It indicates that the vocal support and emerging institutional interest have offered a green flag to the market's rise.

While the growing support for Bitcoin highlights the long-term value of the asset, setbacks like the Alex Protocol exploit continue to bring a reminder about the technical concerns that hover over the crypto ecosystem.

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