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- Formerly notorious blackjack player and businessman, Steve Wynn predicts that XRP is designed to reach a value of $10,000 per token.
- According to Wynn, XRP can reach that price if it’s used for every retail transaction and cross-border currency transfer.
Steve Wynn, one of the most successful businessmen in the gambling world and former operator of well-known casino hotels in Las Vegas, spoke in an interview with Forbes about the potential of the cryptocurrency XRP and made an astronomically high price prediction.
Wynn was once a member of the infamous MIT Blackjack Team, a group of former Harvard students who used card-counting techniques to beat casinos at blackjack worldwide. He also played a key role in the revitalization and expansion of the Las Vegas Strip in the 1990s, founding the Mirage Resort.
XRP is designed to rise to $10,000
In an interview with Forbes’ John Navin, Wynn directed the conversation to Ripple’s XRP. Referring to the differences between XRP and other cryptocurrencies, the real estate businessman explained that XRP is designed for instant money transfer and tries to handle all retail transactions and international money transfers. According to Wynn, this results in an inherent value:
XRP is instant and at a very low cost. In short, it has a functional use. Right now price is increasing on demand alone and its application has not been adopted to any great degree. When this happens there will be significant gains.
When asked about a price target for XRP, Wynn stated that the price of XRP will only increase based on demand. If XRP is used for every retail transaction and every cross-border currency transfer, it can reach a value of 10,000 USD:
It’s designed to have a value of 10,000 per coin. This assumes every retail transaction and international currency transfer uses XRP. 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.
When asked about his stop loss prices for XRP, Wynn said that like any investment, this depends on the investor’s current financial situation. At the moment, however, he is in “wait and see” mode. This view was also reflected in the answer to the question of how long he wants to hold XRP. Wynn said he has plans to hold the XRP token for the long term, no less than 5 years.
When I made the purchase of the coins I was in to for the long term. At least 5 years.
Apart from XRP, Wynn also holds other cryptocurrencies. As he noted, each cryptocurrency has its own use, whose value he determines and evaluates. On this basis he makes his investment decision:
I do hold a few other crypto currencies. In short I look for value. Each coin has a functional use and that’s what I evaluate. How will the technology play into the future is what I ask my self. It sounds nuts but I like to watch futuristic movies from the 80s and 90s and if I see the tech there … it gives me the impression that people expect to see it in the future.
Regarding his investment strategy in general, the American business tycoon said that he has converted most of his assets into cash and is waiting for the climate to “calm down” before he re-enters traditional markets.
Last updated on July 14, 2020