Bitrue, a well-known cryptocurrency exchange that supports XRP, has put forth a thought-provoking question to the crypto community. They asked whether investors would choose to invest $1 million in XRP or use the profits to purchase a Tesla, the electric car produced by Elon Musk’s company. The community’s response to this query has been significant, with the post garnering over 106.7K views within just 24 hours.
One prominent commenter, King Solomon, who is the CEO of Generation Infinity, jokingly stated that he would not consider either option in this scenario. This suggests that he is not inclined towards investing in more XRP or buying a Tesla.
Another user, CoreumPower, questioned the logic behind selling XRP tokens to obtain the $1 million sum, let alone buying a car. Mickle, a notable figure in the XRP community, echoed this sentiment and pointed out that selling XRP would create an unnecessary taxable event. He also questioned why one would sell XRP only to buy more of it later.
Yet another user, Zach Scott, believes that it is unwise to liquidate a large number of tokens to obtain $1 million. Scott’s goal is to generate passive income from his crypto investments, allowing him to have more leisure time.
Interestingly, some commenters interpreted Bitrue’s post as a potential hint at developments that could significantly impact the value of XRP, potentially making some individuals millionaires.
To provide some perspective, on October 9, 2014, Tesla launched a revised version of its Model S, priced at $69,900. On that date, XRP was trading at $0.00486. If an investor had chosen to invest in XRP instead, they would have obtained approximately 14.38 million XRP. With XRP’s current price of $0.5757, that XRP portfolio would now be worth a staggering $8.28 million. This calculation suggests that investing in digital assets like XRP could be more profitable than buying tangible assets like a Tesla car.
However, skeptics like Jödes hinted that generating $1 million from XRP is a far-fetched dream. They humorously stated that one would have to hold 2 million XRP, acquired at $0.5 each, for about two decades to achieve this. Similarly, another user named Hodlmonkey expressed skepticism, suggesting that one could make $1 million from XRP by first buying $2 million worth of it and then waiting for some time.
These commentaries reflect doubts regarding XRP’s potential to generate significant returns for investors. They highlight the broader sentiment that XRP is an underperforming asset despite its utility.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The views expressed here are solely the author’s and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.