In a recent development, Chad Steingraber, a renowned personality in the XRP community, took to Twitter to call on his followers to give one of his previous tweets on XRP second thoughts, noting the potential relevance of the tweet for the token’s future.
A Brief Overview Of Chad Steingraber’s Theory
Back in August 2022, Chad took to Twitter, presenting a well-carved-out thought experiment about XRP’s future. Chad’s thesis revolved around the possibility of XRP trading at $20,000 and evolving into a reserve asset like gold for banking firms and other institutional liquidity providers.
Read Also: Crypto Analyst: Next Bull Run Will Return Shiba Inu (SHIB) to Top 5 and XRP to Top 3
The theory proposed the possibility of banks, particularly Bank of America (BOA), retaining XRP as a reserve for growing businesses. Like how banks hold gold reserves, these banks won’t be eligible to send their XRP holdings anywhere but would rather increase their balance.
Chad wrote, “XRP will become a reserve currency asset. Remember from Ripple “Banks holding XRP, that’s the Holy Grail” Remember XRP can issue any other type of asset, CBDC’s can be issued. That means Bank of America will create BOAcoin on the XRPL”
The renowned XRP community member also introduced a concept, which he termed Institutional Grade Liquidity Providers (IGLPs), which could successfully lock up a balance of XRP and several other crypto assets. With these IGLPs, banks will seamlessly transfer money to other banks.
“The Chad Steingraber Theory” – The Road to a $20K #XRP
A Thread🧵from The Future…I’m going to tell you a story and I’ll spin it so that all you need is an interest to learn what’s in store for all of us.
Grab a drink, grab a snack and let’s take a ride, shall we?
— Chad Steingraber (@ChadSteingraber) August 18, 2022
Banks And IGLPs Will Hoard XRP – Chad
Steingraber believes that XRP will become a business venture and banks and IGLPs will hoard these tokens. Global transfer of money will depend on XRP. Once banks and IGLPs manage to gain possession of XRP’s public supply, the coin is gone forever, Chad remarked.
Read Also: Congressman Claims SEC Won Ripple Lawsuit, Deaton Requests to Testify on Behalf of XRP Holders
In addition, Steingraber maintained that panic XRP purchases could set in soon among the banking industries, noting that these banks will refuse to sell back to the public market because of the insignificant profits associated with such.
Finally, Chad brought the general public’s attention to the fact that XRP’s public supply on exchanges appears to be depleting, noting that the tokens’ supply would decrease further once banks and other outlets start acquiring them.
Follow us on Twitter, Facebook, Telegram, and Google News
