American venture capitalist investor Tim Draper has predicted that there is a high possibility that Netflix will soon join other Fortune-100 companies to add Bitcoin to its investment portfolio, and there is nothing Amazon can do about it.
Tim made this astonishing prediction when he appeared on the “Unstoppable” podcast on the last day of last month. Draper added that he won’t mind hedging Bitcoin against several things if he was a corporate colossus’s CFO.
“Suppose I’m the CFO of any of those popular firms, I’d be saying, “Hey guys, we need to own at least Y% Bitcoin. We can hedge it against other currencies, and its possibility of being a future currency is high.” I believe it also provides a hedge against inflation since the government is yet to stop printing those paper currencies.”
Tim Draper: Netflix “Would Likely Be the Next Big One to Be Trapped by The Bitcoin-Mania”
He went on to say that “NetFlix might be the next big one to join the Bitcoin bandwagon because I believe Reed Hastings still controls NetFlix. He is a very innovative guy who does lots of creative thinking. Google can do something, but it seems it’s attempting a collaboration with Apple and Facebook to develop a centralized currency.”
This prediction might be accurate as there are indications that Bitcoin purchases from traditional investors are yet to stop despite the current prices. The last week has witnessed several large Bitcoin trade deals at Coinbase pro, even at the almost $50K price point. Microstrategy, Square, and other institutional buyers even improved their stakes.
Coinbase pro outflows chart. Source: Ki-Young Ju/Twitter
Draper also predicted that Amazon will is likely to add the option of making payments via Bitcoin in the nearest future. Don’t you love Draper’s optimism? In his words, Draper said, “Amazon might soon start to accept Bitcoin since their customers have been using cryptocurrency to buy products for several years.” Amazon’s current edition of managed blockchain included the availability of Ethereum.
He further said that it is inevitable that most firms will join the Bitcoin movement since they will eventually seek alternative means to their regular responsibilities. “You see all those pension companies, legal trust companies, and others who handle people’s money; they will eventually keep such money in Bitcoin. Since they are fiduciaries, it is their foremost responsibility to understand almost every market to identify possible profits, losses, and profitable hedges.
Bitcoin Price Exceeds Weekly ATH
In the meantime, Bitcoin experienced a significant change of fortunes today as it closes north of $52,000, dumping the $40K range it has been trading in for over a week now. Most traders are even surprised, and as this writing, these high levels are still in position with BTC/USD trading slightly over the $50K range.
BTC/USD 1-hour candle chart. Source: TradingView
Scott Melker’s summary of the overnight activity was in three words; “that went well.”
Melker expatiated by saying, “BTC price disregards the local bull flag and descending channel on its way to a new price. Holding a little above $50,000 seems bullish since it now trades over 50 percent retracement level of its whole move. This pace should continue.” Analysts had earlier suggested that one cause of the short-term profits is the recent lull of the U.S. Dollar.