Tim Draper, one of the most prominent venture capitalists of all time, recently compared 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.
The company famously rejected an offer to buy Netflix for $50 million in the early 2000s when it was still a little-known DVD-by-mail service. Netflix co-founders, Reed Hastings and Marc Randolph, were laughed out of the room by Blockbuster executives back then.
However, Netflix managed to swiftly chip away at its market share by launching its streaming service in 2007. Blockbuster failed to catch up with the trend, and its outdated business model has proven to be fatal.
The once-ubiquitous movie rental chain ended up filing for bankruptcy in 2010. It then closed its remaining stores a few years later.
In the meantime, the market cap of Netflix currently stands at nearly $380 billion.
Draper is convinced that Bitcoin will also be able to replace traditional banking institutions in a similar way.
The legendary investor, who is known for his early bets on such companies as Skype, recently opined that the price of Bitcoin was still “cheap” despite seeing a massive rally in 2024.
The billionaire venture capitalist has predicted that its price could eventually surge to as high as $3 million.
