April 14, 2021

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Netflix may invest in bitcoin

2 min read

According to Tim Draper, Netflix could be the next big company to invest in bitcoin.

In fact, during the latest episode of The Unstoppable Podcast entitled “Building a Freer World on Blockchain”, the well-known investor answered a question from Unstoppable Domains co-founder and CEO Matthew Gould about which Fortune 500 company might be the next to add bitcoin to its balance sheet.

Draper isn’t usually greedy with predictions, so after a moment’s thought, he said he thinks it could be a company with an innovative founder, but not Facebook, because of the ongoing issues between the company and the US government. 

In fact, he believes that bitcoin could provide a hedge against the inflationary risks of “funny money dollars”, at which point it occurred to him that Netflix founder Reed Hastings might be the ideal candidate to make a similar choice. 

Draper says that Hastings is a very innovative person with a lot of creative ideas, and since he still holds the power in the company, this could allow him to make a decision like investing some of the cash in BTC.

Not just Netflix: others who could invest in Bitcoin

However, he then also added that Google could do something, but he believes it is more likely that companies like Google, Facebook or Apple would prefer to create their own centralized currencies, rather than rely on bitcoin. 

However, he also believes that Amazon may soon decide to accept bitcoin as a payment method, as it is already possible to use BTC to make purchases on Amazon using third-party features that instantly convert bitcoin into fiat currency. 

Draper, however, adds another consideration about investing in bitcoin as a possible hedge against inflationary risks. 

He believes that pension funds, or those who manage other people’s money, might decide to invest in BTCs as a way of hedging against inflationary risks, and since they are forced to watch the evolution of the markets, to see where there may be potential gains or losses. 

In this regard, he mentions Blackrock, but especially Fidelity, which has been active in the crypto market for some time and which has a partnership with Tim Draper’s son, Adam. 

In truth, the company profile described by Draper as a potential bitcoin investor also fits many other companies besides Netflix, although they are generally much smaller and much less known.

The post Netflix may invest in bitcoin appeared first on The Cryptonomist.





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