Prominent pro-XRP crypto exchange Bitrue has asked crypto enthusiasts to choose between investing $1 million in XRP or buying a Tesla.
In a recent post on X, Bitrue sought the crypto community’s view about their best choice should they somehow make $1 million from XRP.
Specifically, the exchange asked if investors would prefer procuring more XRP with their newfound $1 million or simply walk away with the profit and acquire an electric car from the Elon Musk-led automobile company Tesla.
“You just made $1 million from XRP. Do you buy more XRP or a Tesla,” Bitrue curiously inquired.
You just made $1 million from #XRP. Do you buy more #XRP or a #Tesla? 👇
— Bitrue (@BitrueOfficial) April 3, 2024
Community Reacts
This post has sparked significant reactions from community members, with over 106.7K views within 24 hours.
One of the leading commenters, King Solomon, CEO of Generation Infinity, humorously remarked that the last thing he would consider in such a scenario is buying a Tesla or investing in more XRP assets. This suggests an inclination toward neither option.
X user CoreumPower questioned the rationale behind selling one’s XRP tokens to realize the $1 million sum, much less buying a car. Mickle, a notable figure in the XRP Army, echoed a similar sentiment, asking:
“Why would I sell XRP just to buy more XRP when I could have just kept the XRP?” Moreover, Mickle pointed out that the sales create an avoidable taxable event.
Why would I sell XRP just to buy more XRP when I could have just kept the XRP? 😭 Just to create a taxable event? lol https://t.co/RJaZpejZNy
— mickle (@xrpmickle) April 3, 2024
Also, X user Zach Scott believes in not liquidating too many tokens to realize $1 million. Scott noted that his goal from crypto investments is passive income, which will help him generate more free time for leisure activities.
Remarkably, a few commenters even interpreted Bitrue’s post as hinting at possible developments that could significantly impact the value of XRP, potentially leading to some individuals becoming millionaires.
Invest in XRP or Tesla?
On October 9, 2014, Tesla launched the revised version of its best-selling Model S at $69,900. On this date, XRP traded at $0.00486 per historical data from CoinGecko. If an investor instead acquired XRP assets on this day, they would get about 14.38 million XRP.
With XRP’s current price of $0.5757, the 2014 XRP portfolio would be worth a staggering $8.28 million. This hypothetical calculation suggests that investing in digital assets like XRP could be more profitable than buying liability assets like a Tesla Car.
$1M From XRP: Skepticism Abounds
Meanwhile, skeptics such as Jödes hinted that generating $1 million from XRP is a far-fetched dream. In particular, Jödes humorously stated that one would have to wait about two decades, holding 2 million XRP acquired at $0.5 each.
Similarly, X user Hodlmonkey remarked: “You make $1 million from XRP by buying $2 million worth and then just wait a little while.”
Essentially, these commentaries express skepticism regarding the potential of XRP to generate $1 million for an investor. The views reflect the broader sentiment that XRP is an underperforming asset despite its utility.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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