Rumour: Is streaming service Netflix investing in bitcoin?
According to billionaire Tim Draper, Netflix is likely to be the next giant looking to help itself to the Bitcoin pie.
Will it soon be „Bitcoin and Chill“? Yes, at least according to investor and billionaire Tim Draper. So he predicted in a podcast on YouTube that the streaming service could be the next big company to succumb to the charms of bitcoin. However, before giving his tip, Draper first described the core characteristic that the future investor would Bitcoin Pro need to have. For example, an innovative CEO at the helm of the company is crucial for a Bitcoin entry, he said. So Draper initially tipped Mark Zuckerberg of Facebook, but then changed his mind and tipped Reed Hastings, the founder and CEO of Netflix.
I think Reed Hastings is a very innovative guy who does a lot of creative thinking. I think that he still holds the reins at Netflix. That’s why I say they’re going to be next.
Tim Draper in „The Unstoppable Podcast“
Draper also estimated a possible price cap for Bitcoin in the post, saying, „You know, foreign exchange holdings in US dollars are currently about 100 trillion. Bitcoin’s market cap only recently reached one trillion US dollars. So there’s no reason why it shouldn’t increase a hundredfold.“
Investment volume if Netflix goes all-in on Bitcoin
Whether Netflix will now go all-in on Bitcoin is unclear. In a thought experiment, BTC-ECHO calculated how many BTC major NASDAQ companies could buy into if they converted all their cash reserves into Bitcoin. Netflix is among the few crisis winners in the pandemic. Because of the global lockdown, many more users are spending their time on the streaming platform. Of course, Netflix is happy about this from a financial point of view. For example, the US company reported over 8.2 billion US dollars in cash reserves at the end of 2020. If the streaming service were to invest this cash completely in Bitcoin under current market conditions (BTC exchange rate of 50,600 US dollars and BTC in circulation of 18.62 million), Netflix would receive about 162,055 BTC. This would mean that the company would hold about 0.87 per cent of all Bitcoin worldwide.