A member of the Las Vegas MIT Blackjack has a wild idea about Ripple’s native cryptocurrency, XRP, that you need to hear.Â
In an interview with Forbes, Steve Wynn said that the digital asset is designed to have a value of $10,000 per coin. Er, what?
XRP Is Designed To Have A $10,000 Value
Steve Wynn is a popular guy in the Las Vegas gambling business. He was a member of the MIT Blackjack team that made great profits back in the day from the Las Vegas 21 tables. Wynn recently had a conversation with Forbes journalist John Navin where they spoke about XRP and other cryptocurrencies in general.
According to Steve, XRP is different from other cryptocurrencies because of its unique design as an instant money transfer tool. At the moment, it takes days for users to send money globally and at high costs using traditional systems like SWIFT. XRP was designed to make these transfers less costly and near-instant.
He is of the opinion that XRP’s price is mostly determined by the demand side of the market at the moment as the money transfer application has not yet gained traction. When this happens, the digital asset will benefit greatly in terms of price gains.
As for his target for the XRP price, Wynn notes that the coin was “designed to have a value of $10,000 per coin”. For starters, this is nowhere close to XRP’s current all-time high of $3.40. In addition, even the king of cryptocurrencies, bitcoin, has been unable to gain a foothold above the $10K level in recent months.
So, What Will Drive The XRP Price To These Astronomical Heights?
Wynn’s theory assumes that “every retail transaction and international currency transfer” leverages XRP. He further explains:
“This is very optimistic and a long way off. As it goes up I will take some profits at certain times, but I don’t have a targeted price to sell all of it.”
The Blackjack pro invested in XRP for the long-term and is planning to hodl his coins for at least five years. He also revealed that he holds a few other cryptos, adding, “I look for value. Each coin has a functional use and that’s what I evaluate”.
The past couple of years have been relentlessly unsettling for XRP holders with the price of the token remaining in the doldrums. While its peers have been attempting meaningful rallies, XRP is still down by around 94% from its ATH despite Ripple inking a slew of partnerships with financial institutions and banks that use its payments network. The company has also dramatically reduced its quarterly XRP sales, in response to investors’ concerns.
Whether it’s only a matter of time before the XRP-based payment solution garners significant traction in the market and boosts the XRP price as Steve Wynn believes remains to be seen. Only time will tell.
