Lawyers predict that Musk and TSL will increase their holdings in Bitcoin due to the "Great Beautiful Act".

Gate News bot news, lawyer John Deaton, who supports XRP, stated that he would not be surprised if Elon Musk and TSL bought more Bitcoin. He also added that the “Great Beauty Act” is a “mobile billboard promoting the purchase of Bitcoin.”

Deaton’s comments came after Musk criticized the bill. In a post on X, Musk described the “massive, outrageous, politically funded congressional spending bill” as an “ugly disgusting thing.” He also stated that it is shameful for those who knowingly voted in favor of the bill.

The “Great Beauty Act” increased funding for certain areas (such as defense) while also including provisions to raise the debt ceiling, as the United States is currently facing a severe debt crisis. This indicates that the current government may ramp up its money printing efforts, which undoubtedly provides strong support for limited assets like Bitcoin, reinforcing Deaton’s viewpoint.

Arthur Hayes echoed Deaton’s views in a post on XChat, while suggesting that Musk should buy Bitcoin.

Additionally, Deaton also commented on Michael Saylor and Strategy’s move to increase their Bitcoin holdings through the issuance of STRD stock. It has been reported that Strategy will provide a 10% dividend for this planned stock sale.

Deaton warns that it’s hard not to worry that BTC extremists may act too hastily, bringing negative consequences for people’s futures. It may take a few more years, but some individuals could suffer heavy losses at some point.

At the same time, Deaton revealed that 80% of his net worth is invested in Bitcoin.

Source: CoinGape