As a researcher, I’ve noticed an intriguing comparison made by Tim Draper, a renowned venture capitalist, likening Bitcoin to Netflix on social media.
Blockbuster was the go-to movie rental chain in the 90s with thousands of stores around the globe.
However, due to the rapid emergence of the internet, Blockbuster struggled to remain relevant.
In the early 2000s, when Netflix was just a lesser-known DVD rental service, Blockbuster executives dismissed an offer to purchase it for $50 million, a decision that has since become iconic. Reed Hastings and Marc Randolph, the founders of Netflix, were met with ridicule by Blockbuster executives at that time.
Nevertheless, Netflix quickly eroded its market dominance upon introducing its streaming service in 2007. Unfortunately, Blockbuster was unable to adapt to this shift in trends, and its antiquated business strategy ultimately led to its downfall.
Back in 2010, the widely known video rental store chain went bankrupt. A few years after that, it shut down the rest of its retail locations.
In the meantime, the market cap of Netflix currently stands at nearly $380 billion.
Draper strongly believes that Bitcoin could perform the same function as conventional banks do.
In simpler terms, an influential figure in finance, famous for investing in firms like Skype before they became big, recently expressed his view that even after a significant surge in 2024, the cost of Bitcoin remains “affordable” compared to its potential value.
The wealthy investment tycoon anticipates the value might soar up to an impressive $3 million in the future.
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2025-01-07 11:15