Bitrue, a well-known cryptocurrency exchange that supports XRP, recently posed an interesting question to crypto enthusiasts: if they made $1 million from XRP, would they choose to invest more in XRP or buy a Tesla car? The post quickly gained attention, receiving over 106.7K views within 24 hours.
One commenter, King Solomon, the CEO of Generation Infinity, humorously stated that he wouldn’t consider either option in this scenario. This suggests that he has a different preference altogether.
Another user, CoreumPower, questioned the logic behind selling XRP tokens to obtain the $1 million, let alone using it to buy a car. Mickle, a notable figure in the XRP community, echoed this sentiment and asked why someone would sell XRP just to buy more XRP when they could have simply kept it. He also pointed out that these sales would create unnecessary taxable events.
Zach Scott, another user, believes in not liquidating too many tokens to reach the $1 million mark. Scott’s goal is to generate passive income from his crypto investments, allowing him to have more free time for leisure activities.
Interestingly, some commenters interpreted Bitrue’s post as a hint towards potential developments that could greatly impact the value of XRP, potentially making some individuals millionaires.
It is worth noting that investing in XRP in 2014 could have been more profitable than buying a Tesla car. Back then, XRP was trading at $0.00486, and if someone had invested in it instead of buying a Tesla Model S priced at $69,900, their XRP portfolio would now be worth a staggering $8.28 million, given the current price of $0.5757.
However, skeptics like Jödes believe that making $1 million from XRP is a far-fetched dream. They humorously suggest that one would have to wait about two decades, holding 2 million XRP acquired at $0.5 each, to reach that milestone. Similarly, Hodlmonkey commented that one could make $1 million from XRP by buying $2 million worth and simply waiting for some time.
These skeptical views reflect the general sentiment that XRP is an underperforming asset, despite its utility.
It’s important to note that the content of this article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are the author’s own and do not reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses that may occur.