Tim Draper Believes Netflix Could be the Next Big Firm to Buy Bitcoin

By Prashant Jha
Published March 3, 2021 Updated March 3, 2021
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Tim Draper Believes Netflix Could be the Next Big Firm to Buy Bitcoin

By Prashant Jha
Published March 3, 2021 Updated March 3, 2021

Tim Draper, the venture capitalist, and a big-time Bitcoin proponent in a recent interview talked about Bitcoin price, growing institutional adoption, and also reinstated his 2019 Bitcoin price target of $250,000 by end of 2022. Draper also said that Netflix could be the next big firm to add Bitcoin to their balance sheet following Tesla and MicroStrategy’s purchase. He said,

“You know who it might be is Netflix. I think [co- CEO] Reed Hastings is a very innovative guy and has a lot of creative thinking… And so I think that might be the next big one to fall.

“Google could do something, but I think Google and Facebook and Apple are seeing if they can create a currency that’s centralized, that’s theirs – and Amazon.”

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Draper’s $250,000 Bitcoin price target which seemed almost laughable only a year ago now seems very possible. The billionaire venture capitalist became an ardent fan of Bitcoin after purchasing a significant amount confiscated from dark web marketplace Silk Road. At the time of his purchase Bitcoin was worth a few hundred dollars apiece and Draper had predicted a price target of $10,000 at the time which came true in the next few years.

Bitcoin Market Cap Can Rise by 100X

Tim Draper is one of the early Bitcoin adopters who realized the potential of decentralized tech and its scarcity, especially after the Mt.Gox hack. Draper claimed that the news of the Mt. Gox hack, the largest bitcoin exchange at the time led to the Bitcoin price fall by nearly 30%, however, the price recovered soon after that made Draper realize the potential that Bitcoin holds as an asset class.

During the interview, Draper said that he won’t be surprised if Bitcoin’s market cap grows by 100 folds from here. He explained,

“The current currency holdings in fiat are about $100 trillion and bitcoin‘s market cap is just reaching $1 trillion now, so there’s no reason it can’t go up 100-fold,”

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1008 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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