Crypto Analyst Who Said in July That His Long-Term Target for XRP Is $8-10 Explains Why He Just Spent 8 Bitcoins to Buy His Latest Watch
There are several points of intersection and similarities between the cryptocurrency market and the luxury watch market:
- Alternative Investment Class: Both cryptocurrencies and luxury watches can be considered alternative investments outside of traditional assets like stocks, bonds, or real estate. Investors often look to these alternatives for diversification, potential high returns, or as a hedge against inflation and market volatility.
- Value Preservation and Appreciation: High-end luxury watches, much like certain cryptocurrencies, are often seen as a store of value. Some luxury watches, especially rare or limited-edition pieces, can appreciate over time, similar to how some investors view Bitcoin and other cryptocurrencies.
- Market Sentiment and Speculation: Both markets are influenced significantly by investor sentiment and can be subject to speculative bubbles. Prices can be driven by hype, brand reputation, perceived scarcity, and investor behavior, rather than just fundamental value.
- Use in Transactions: There’s a growing trend of using cryptocurrencies for purchasing luxury goods, including watches. Some high-end watch dealers and auction houses have started accepting Bitcoin and other cryptocurrencies as payment, recognizing the growing intersection between crypto wealth and luxury asset acquisition.
- Collector’s Mindset: Both luxury watches and certain cryptocurrencies appeal to collectors and enthusiasts. For watches, it’s about craftsmanship, brand legacy, and design. For crypto, it’s often about the technology, the vision of decentralization, and being part of a new financial paradigm.
- Volatility and Risk: Both markets can exhibit high volatility. The value of luxury watches can fluctuate based on trends, brand status, and economic conditions, while cryptocurrencies are known for their rapid price changes.
Earlier today, highly respected trader, educator, and crypto analyst Thomas Kralow, who revealed in July that his long-term price target for XRP is $8-10, released a YouTube video in which he told the 409K subscribers of his channel why he had just spent nine bitcoins to buy his latest watch.
Kralow is a prominent figure in the world of cryptocurrency trading and education. With a rich background in finance and trading, Kralow has established himself as a respected crypto analyst and educator. His journey in the financial markets began over a decade ago, and since then, he has accumulated a wealth of experience trading a variety of financial instruments. Kralow’s expertise particularly shines in the world of cryptocurrencies, where he has been actively involved for several years.
Kralow is widely recognized for his educational initiatives in the crypto space. He has developed comprehensive training programs aimed at demystifying the complex world of cryptocurrencies for beginners and advanced traders alike. His courses cover a range of topics, from basic trading principles to advanced strategies and market analysis. Kralow’s approach to education is grounded in practicality and real-world experience, making his content highly valued among aspiring traders and investors in the crypto community. His insights and predictions about the crypto market, including notable price targets for cryptocurrencies like XRP, have garnered significant attention and respect within the industry.
In a YouTube video he released shortly after Judge Torres’s landmark ruling in the SEC v. Ripple case came out, Kralow began by discussing Ripple’s recent lawsuit victory against the SEC. He viewed this not just as a partial win but as a complete triumph for Ripple. The SEC had accused Ripple of offering unregistered securities to institutions, but Kralow believed that Ripple would likely settle for a fine, effectively ending the matter.
This victory, he noted, had far-reaching implications for the entire cryptocurrency market, leading to a surge not only in XRP but also in other cryptocurrencies like Cardano and Solana. Kralow was convinced that this victory had paved the way for XRP in the bull market, suggesting that significant legal hurdles for XRP in the coming years were unlikely.
Regarding Ripple’s Future Prospects: He acknowledged Ripple’s interesting projects and its status as a strong company. However, he saw a disconnect between Ripple and XRP itself, leading him to question the fundamental reasons for holding XRP.
Despite this, Kralow did not advocate selling XRP. He recognized concerns that Ripple’s victory might be short-lived if the SEC appealed and won. However, he believed that any such appeal process would be lengthy, possibly outlasting Gary Gensler’s tenure as the head of the SEC, thus not posing a significant short-term risk to XRP.
Kralow observed that XRP had recently experienced a remarkable “mini pump.” He highlighted that XRP had broken through a significant resistance level that had been in place since 2018. A closure above this level with substantial volume, he suggested, could signal a bullish trend for the cryptocurrency. He was optimistic about XRP’s future, noting that it had underperformed in the previous bull market due to the SEC lawsuit. With the lawsuit resolved, he considered XRP undervalued. His price target for XRP in the next bull market, around 2025-2026, was approximately $8 to $10.
Here are some Insights from the video he released earlier today:
Luxury Watch Investment:
- Kralow discussed the potential of luxury watches as an investment, drawing parallels with the crypto market.
- His visit to a watch dealer was initially casual, but he was open to investment opportunities due to available funds.
Physical and Mental Fitness:
- He emphasized the importance of maintaining physical and mental fitness, especially before making significant investment decisions.
Promotion of Bybit Exchange:
- Kralow promoted Bybit, crypto exchange on which he says he currently has a $1 million short bet on Bitcoin.
Views on Fiat Currency and Alternative Investments:
- Expressing skepticism about fiat currencies like the dollar, Kralow advocated for investment in limited assets like watches.
Specific Watch Investments:
- He shared his experience with investing in watches, such as the “AP Brick” (aka the all-gold Audemars Piguet Royal Oak Offshore Chronograph reference 26470OR.OO.1000OR.01), which he bought for around $68,000 and plans to sell for about $100,000.
Correlation Between Crypto and Watch Markets:
- Kralow noted a direct correlation between the crypto market and the watch market, with prices in both markets moving in tandem.
Purchase of a Richard Mille Watch:
- Kralow decided to purchase a Richard Mille RM 11-03 watch for $310,000, which he paid for in cryptocurrency (USDT).
- He explained his rationale for the purchase, considering it a good investment due to the watch’s rarity and potential for appreciation.
Final Thoughts and Investment Strategy:
- Kralow concluded by reflecting on his investment strategy, emphasizing the importance of diversifying investments and considering alternative assets like luxury watches.